What You Can Expect When You Buy Your Forever Home Now

Hey, I'm Leon with the lending group. I'm a local mortgage lender in the Philadelphia suburbs currently servicing all of Pennsylvania, all of New Jersey, Florida, soon to be in Delaware. And recently we've had a lot of events happening where the interest rates went up, inventory is low. People are panicking, or at least some of my buyers or my realtors are panicking. They don't know what to do.

A lot of people don't realize that the house you're buying hopefully forever, right? Most of us are buying a home with the idea of, Hey, this is my forever home or hopefully it is. But the interest rate, many people don't realize, it's not. You know, like you always marry the house, but date the rate, if you want to, right.

Meaning that you never know what the future holds in store. If the rates go down, you can always refinance. If your equity goes up, you may end up refinancing anyway. You just really don't know. I would say if you can afford the payment, if it's okay with you with your personal financial budget, go for it.

One thing that we cannot control of course is the market. No one can time the market. No one can control the market, at least to my knowledge, right? Sometimes if you need a place to live, the market is what it is. It's kind of like, hate to say it, like the price of gas. It's also been going up, unfortunately, but we're still or at least most of us are still driving. So it's kind of the same concept here.

So keep in mind, don't be afraid. The market should come down. When? I couldn't tell you. And this is what I've been talking to a lot of my recently approved buyers or recently preapproved is everyone, of course, it's a sticker shock - natural emotion. We all go through it.

But at the end of the day, housing is a necessity and rents are of course guaranteed to up forever. I've never seen rents drop, at least not in my market. Every tenant I talk to or every prior tenant that is now a homeowner, I pretty much guarantee you your landlord is never going to lower your rate or lower your rents because the market drop almost never happens.

Interest rates, however, they do fluctuate with the economy. Not to get too deep in this conversation, but it is something to watch out for. Going to be opportunities down the road, that much I promise. If you want to talk about interest rates or if you want to talk more in general about getting approved, you can find me here at the Find My Way Home network.