Here at Scout Mortgage, we work with many of the nation’s largest and most competitive mortgage lenders in order to give you the best possible mortgage rates! Many of the clients coming into our office are concerned about rising Arizona mortgage rates. Homebuyers are concerned, especially as housing prices remain high. In today’s blog post, we’re looking more closely at these rising rates and what they may mean for you. If you’d like to schedule an appointment to discuss your financial plan and mortgage options, contact us today.
Consider Your Budget
If you’re in the process of shopping for a home, it’s important to consider your budget and what you can afford. Rising interest rates may mean that you’ll need to adjust your budget or purchase a less expensive home. It’s important to work with a mortgage lender to get an idea of what your monthly payments might be so that you can be prepared.
Get Pre-Approved for a Mortgage
It’s always a good idea to get pre-approved for a mortgage before you start shopping for homes. This way, you’ll know exactly how much you can afford to spend on a home. Getting pre-approved will also give you an idea of what interest rate you’ll be paying on your mortgage. If Arizona mortgage rates have risen since you got pre-approved, you may need to adjust your budget accordingly.
Lock in Your Rate
If you’re close to making an offer on a home, you may want to consider locking in your interest rate. This way, even if Arizona mortgage rates rise, you’ll still be getting the same interest rate on your mortgage. This can be a good way to protect yourself from rising rates.
Consider Your Mortgage Terms
When you’re getting a mortgage, you’ll need to consider the terms of your loan. The term is the length of time you have to repay your mortgage. Mortgage terms can be anywhere from 15 years to 30 years. A shorter mortgage term will mean higher monthly payments, but you’ll pay less interest over the life of the loan. A longer mortgage term will mean lower monthly payments, but you’ll pay more interest over the life of the loan. If Arizona mortgage rates rise, you may want to consider a shorter mortgage term so that you can pay off your loan more quickly and avoid paying too much interest.
Contact Scout Mortgage Today!
If you’re ready to start shopping for a home, or if you have any questions about Arizona mortgage rates, contact Scout Mortgage today. We can help you find the best mortgage rate and terms for your situation.