What Do Interest Rate Increases Mean for You?

Selling in Northeast Ohio? Free home value report right here
 Buying in Northeast Ohio? Click here for full MLS access

We all know that interest rates have gone up recently, but how will this change actually affect you? Today I have Don Jarecki of First Federal of Lakewood. He is my mortgage expert, and he'll be helping to explain what you can expect from these recent changes.

Don says that in the short term, it won't have too big of an effect on average home buyers and home sellers. However, by the end of the year, we can expect at least another increase of 0.25% to 0.5%. This is not as drastic as people might think, but it does add up over a 30-year loan. This is why we urge you to lock in a low rate now if you've been waiting to buy. If you've already been qualified for a $200,000 home loan, this small increase in interest rates will impact your affordability.

For home sellers in the area, if you've been wanting to refinance, then now is the time to do so. Interest rates will only continue to increase, so if you're planning on staying in your home for a while (3-5 more years), then we would recommend refinancing.

Please don't hesitate to come to us with any of your questions or concerns. We look forward to helping you!

1 comment :

  1. How I Got My Loan From A Genuine And Reliable Loan Company

    Hello Everybody,
    My name is Mrs.Irene Query. I live in Philippines and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $150,000.00 to start my life all over as i am a single mother with 2 kids I met this honest and GOD fearing man loan lender that help me with a loan of$150,000.00 US. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs.Irene Query, that refer you to him. contact Dr Purva Pius,via email:(urgentloan22@gmail.com) Thank you.

    1. Your Full names:_______
    2. Contact address:_______
    3. Country Of Residence:______
    4. Loan Amount Required:________
    5. Duration:_____
    6. Gender:_____
    7. Occupation:________
    8. Monthly Income:_______
    9. Date Of Birth:________
    10.Telephone Number:__________

    Email Us: urgentloan22@gmail.com