This is a YouTube video titled "Stuck on Affordability?! #interestrate #mortgagerates #mortgage #homeloans #homebuyer" created on November 25, 2023. The content features a single speaker discussing various mortgage interest rate options and strategies to make homeownership more affordable in the current market.
Affordability is probably the biggest deciding factor for today's homeowners. Let's say you're looking at an average $300,000 house, your average lender's interest rates 8%. That's about a $2,600 monthly payment when you factor in everything. Well, we have options where VHA and conventional rates are in the low to mid sevens. That takes that $2,600 down to 2450. Or we have adjustable rate options where interest rates are around the 6.6 to 5. That takes that payment down to $2,300 a month. Or you can even do a 2:1 buy down, get you into the 5%, take the payment out to $2,100 a month. Then when the market cooperates, hopefully next year, you can refinance to a free refi into a long term 5% interest rate, assuming the market cooperates, and keep that $2,100 monthly payment. Lot of ways to find affordability in today's market. We're here to help with that.
