In today’s real estate market, rising mortgage rates may make homebuyers hesitant to take the plunge. But what if you didn’t have to pay current market interest rates? As a real estate professional, I work with my lender to offer clients solutions that make buying a home more affordable, even in today’s climate. Here’s how we help you secure below-market interest rates and lock in a deal that works for you.
Negotiating Seller Credits to Lower Your Interest Rate
One of the key strategies we employ is negotiating with sellers to secure credits at closing. These credits can then be used to buy down your interest rate, which directly lowers your monthly mortgage payment. Let me walk you through an example to illustrate how this works:
Imagine you and your partner have fallen in love with a $500,000 home. We would offer the full asking price of $500,000 but include a request for a 2% credit from the seller. This amounts to $10,000, which we would apply at closing to buy down your interest rate. This strategy can reduce your rate to a range of 4-5%, bringing your monthly payments to a more comfortable level.
Why Now Is a Great Time to Buy
Despite the rise in mortgage rates, today’s market offers unique advantages. Unlike 2020, when buyers faced intense competition, bidding wars, and skyrocketing home prices, the current market favors buyers. Sellers are more motivated than ever because many potential buyers are sitting on the sidelines, worried about high rates. This puts you in a strong negotiating position to secure seller credits or discounts.
Fast Closings That Motivate Sellers
Working with me and my lender provides additional benefits. Together, we offer strong terms and the ability to close in as quickly as 10 days. This level of efficiency and certainty is highly appealing to sellers, making them more likely to accept your offer and even provide the credits needed to reduce your interest rate.
Let’s Find the Right Payment for You
Ultimately, our goal is to find a monthly payment that fits your budget. Regardless of where interest rates stand, we’ll work together to determine the amount of seller credit needed to bring your payments in line with your financial comfort zone.
The Bottom Line
You don’t have to let today’s mortgage rates stop you from buying the home you’ve always wanted. By leveraging seller credits and working with an experienced team, you can achieve below-market interest rates and enjoy a smoother, more affordable home-buying experience. Click HERE to get pre-qualified with Matt Weaver’s team at Cross Country Mortgage and let’s get started on finding your dream home today!
