As Interest Rates Rise, More Mortgage Lenders Are Offering Alternatives and Incentives to Help Prospective Buyers
DALLAS, TX, January 31, 2023 /24-7PressRelease/ — Global Home Finance, a leading mortgage loan originator serving consumers in Texas, Colorado, Georgia, and Florida understands that rising interest rates have made many prospective home buyers wary of entering the market. However, the company expects rising rates to be a silver lining for at least some buyers, as lenders increasingly offer alternative financing options and incentives to help the economy.
After nearly two years of record-low mortgage rates, 2022 saw rates rise nearly to levels not seen since before the COVID-19 pandemic. Freddie Mac’s 30-year fixed mortgage rate, for example, soared from the high 2% to low 3% range in early January 2022 to an average quoted rate of over 6% as of January 2023 per their weekly survey.
With prospective buyers backing away from the market and refinancing activity now almost non-existent, some lenders are offering alternative mortgages. One incredibly helpful home loan program protects homebuyers from rising interest rates. It even gives them the opportunity to shop around so they’re not rushing into the wrong home purchase. The way the Lock and Shop mortgage works is it allows buyers to lock in the rate now for up to 12 months. This is a great opportunity for homebuyers to move forward without having to worry about Federal Reserve raising mortgage lending rates again.
Homebuyers looking to build their homes can also lock in their interest rate through the One-time Construction Loan program. Acquire land, get construction financing, and lock in the rate up-front before your new home is complete. It’s never been easier to get a construction loan to build that dream home.
The bottom line is, prospective homebuyers should not give up on this market. “With lenders getting creative, it’s definitely worth the effort to explore the offers to help get you into the home of your dreams,” says Brad Cahoone, Mortgage Broker and Banker at Global Home Finance.
To learn more about the affordable mortgage solutions offered by Global Home Finance, please visit https://GlobalHomeFinance.com.
Whether buying your first home or refinancing an existing mortgage, Global Home Finance can help you find the custom mortgage solution that fits your needs. With access to funds from dozens of wholesale and correspondent mortgage lending entities we’ve used for over a decade, expect superior pricing and the most diverse product set under one roof.
We save time, help avoid frustration, and add value to every interaction. Some of our top mortgage solutions include: lock and shop, down payment assistance, NINJA home financing, no closing costs mortgage, zero down home loan, no income verification mortgage, and more in Texas, Georgia, Florida, and Colorado.
Global Home Finance is A+ rated by the Better Business Bureau and has had no complaints filed with the bureau in the last 3+ years! We’re also members of the Mortgage Bankers Association and the Texas Association of Mortgage Professionals.
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