The Fed is likely to raise interest rates in December, which means that mortgage rates will increase. This was entirely expected as the Fed starts to normalize rates in response to inflation keeping with their target, according to Kiplinger.

If you’re looking for a mortgage, there’s obviously an advantage to getting the lending you need before rates increase. However, a slight increase in rates might not end up affecting borrowers as much as some might believe.

Other Factors Might Have More Significant Impacts

The current rates on a 15- or 30-year mortgage might not be the most important factor in what kind of lending is available to you. In fact, for better or worse, your own financial actions in the past and present might have more impact on what kind of a loan you end up with.

There are some things you can do to decrease the cost of borrowing for your home. Fixing your credit score is one of them, of course, but there are other factors that you have more control over than your credit score.

For instance, if you’re working with a loan officer, make sure you have good reasons to trust them. Sometimes, good loan officers have to deliver bad news to applicants, but its’ better to work with someone ethical enough to let their clients know that a house might be out of their price range than it is to work with a lender who will recommend an expensive loan with bad terms just to get a client to sign the papers.

Avoiding those types of problems can often be accomplished by picking the right Realtor.

Good Realtors Listen to You

Have you ever had one of those experiences where you tell someone what you want, they disregard it and then tell you what you actually want? Good Realtors don’t do that. They work with clients to help those clients find a house that’s affordable for them, which is really the number one consideration in making sure you don’t end up taking out a bad loan to afford a house that’s too expensive.

Some experts are also forecasting a good market for buyers this autumn and, if that holds true, sellers might be more willing to wheel and deal, allowing you to get a better deal on your home than you might otherwise expect.

 

Overall, even with interest rates likely to go up, mortgage rates are still low and there’s plenty of Smyrna real estate to choose from at many different price levels.