Time to get moving?
Lately we are finding that many people who have had a pre-approval done are in a hurry to find and purchase a new home. The reason for this is that borrowers do not want to let their ultra low rate expire (6 weeks ago the rate given was around 3.79% while the current average rate is 4.54%) and they don’t want to miss out on the dip in the real estate prices.
What does this mean to you? Well, if you currently have a pre-approval that is soon to expire then you may want to get motivated and find your purchase before it’s too late. If you do not have a pre-approval but are going to need financing soon then you may need to be patient. Due to thousands of pre-approvals recently becoming live deal, many lenders are currently experiencing delays in their under-writing department adding time onto the mortgage process.
Although rates have gone up slightly and financing is taking a little longer, one thing to remember is that this very well could be a good thing because it shows that the downturn might be shorter than originally expected as the market starts to pick up.
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