I'm sure if you are reading this because you are thinking of buying a home, you are well aware of the crazy ride the interest rates have been on for the past 3 months. We signed our purchase agreement in the middle of May. Rates were 3.25% at that time. In July, after the FED made some statements about changes in their spending and investing, the rates started moving up. Not the usual slow growth like it has happened in the past, but 1.5 points over the last month and a half!
Obviously that adds a major amount to a mortgage payment and we have been discussing our options over the last couple of weeks. Should we just deal with it and carry on? Should we cancel the house and lose our deposit? Is there anything that can be done?
After talking with our loan officer as well as our sales rep, Ryan Homes and NVR put together options for us and presented us with more comfortable numbers. After a few days, we finally locked in our rate on Thursday and we feel comfortable with our choice. We are once again looking forward to closing on our house in 38 days!!!
Follow us while we build our first home... a Ryan Homes' Palermo.
No comments:
Post a Comment