How to Deal with Higher Mortgage Rates

October 5, 2022

Post by Jody Gerut

You have a dream of buying a home, but then interest rates rise, and now you don’t know what to do…right? There are a few important things to keep in mind:

-Other buyers feel the same way and many have stopped looking. Less competition for you.
-If rates decline, you can refinance. If they rise further, you're that much FARTHER away from buying.
-Rent won’t save you. It goes up, too.
-Home prices are stabilizing now.
-Once you’re in the home, you’ll only care about the housewarming party.
-If it’s a 10-year home, you’ll outlast the market cycle. Cycles last seven years, on average.
-You can ask for seller credit to buy down the interest rate!

A $2000/mo. rental after five years (assuming no increases) pays $120,000.00 of someone else’s mortgage. Consider your options, and reach out to Dan (630-776-0297) for additional information. He’s the man 😊.

Jody Gerut
Senior Mortgage Consultant, top 1% Originator, Certified Veteran Lending Specialist
Prosperity Home Mortgage



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