Real Estate Updates You Need to Know About
An increase in interest rates could prevent you from qualifying for the home you were previously qualified for from your lender.
Interest Rates to Increase
By Sandra Kilgore, GRI, ABR, SFR –
Now is the time to pay attention and prepare for the many changes you will soon see in the real estate market this year.
One of the main challenges for many homeowners who have fallen behind on mortgage payments, is how to get things back on track. Please do not delay in reaching out to your lender to explore options available to you.
While in an earlier article I detailed how requesting a forbearance would be a beneficial option to help get through those rough spots, now is the time to reach out to seek more permanent solutions before it is too late. Time is of the essence, especially in light of the announced increase of interest rates that are expected throughout the year. Higher interest rates will in result in significantly increased mortgage payments.
During the pandemic, the Consumer Financial Protection Bureau (CFPD) made it mandatory for lenders to seek out options to assist homeowners affected by Covid-19. However, the rule that effectively prevented mortgage servicers from foreclosing expired January 1, 2022.
For the buyers who are contemplating purchasing a home, now is the the time to get off the fence. The Federal Reserve announced that it is accelerating it’s removal of monetary support for the economy due to the increase in inflation.
In a move to cool growth, the FED, as well as policy makers, are expected to hike interest rates three times in 2022. As many of you are aware, an increase in interest rates could prevent you from qualifying for the home you were previously qualified for from your lender.
Please feel free give me a call if you have additional questions or concerns.
Sandra Kilgore GRI, ABR, SFR
Office: 828-515-1588
Cell: 954-540-5593
