🏡 Interest Rates in Maine Explained 📈
Hey there, folks! Today, we're diving into the world of interest rates. I'll be sharing valuable insights on how to secure the best interest rate for your mortgage and what you need to know about the current rates in Maine.
🔍 First things first, let's talk about where to find accurate mortgage rates. Many of us turn to Google for a quick search, but I've noticed that Google tends to show rates on the higher side. You can input your loan amount, down payment, state, and credit score, and it'll spit out the rates. However, take it with a grain of salt; it's often higher than what lenders offer.
📱 I recommend using Zillow's mortgage calculator, which is right on your phone. Zillow fills in the interest rate automatically, and it typically provides a more realistic rate. Plus, you can include other expenses like taxes, insurance, and association fees for condos, giving you a more accurate monthly payment estimate.
Stick around to the end of the video, and I'll share some tips on how to lower your interest rate. You won't want to miss it!
🏠 Now, let's address the common misconception that waiting for interest rates to drop is always the best move when buying a house. While rising interest rates can affect demand, it doesn't necessarily mean prices will plummet. In many cases, it's better to buy now, especially when there's less competition. Then, if rates decrease later, you can consider refinancing to save on your monthly payments.
💡 So, how can you bring down your interest rate? One option is to buy points, which involves paying extra upfront to lower your rate. It's a great negotiation strategy with sellers. Another tactic is switching from a 30-year fixed mortgage to a 15-year fixed rate if it fits your budget, as 15-year rates are typically lower.
🚨 Be cautious about adjustable rate mortgages (ARMs), though. While they can offer lower initial rates, they come with risks, so make sure you understand the terms and have a plan.
🏦 Additionally, keep an eye out for assumable mortgages, where you can take over someone else's loan, like VA loans, which are often assumable. Owner financing is another option worth exploring if the owner doesn't have a mortgage. You can negotiate for a lower interest rate, making it mutually beneficial.
🗣️ If you found these tips helpful or have any insights to share, please leave a comment below. And remember, if you're making Maine your home, you don't have to do it alone! Be sure to subscribe to our channel and hit the notification bell to stay updated on all things real estate and Maine living. We're here to help you every step of the way.
Thanks for watching!
Doug Schauf, The Make Maine Your Home Team at RE/MAX Oceanside
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The Make Maine Your Home Team
RE/MAX Oceanside
1237 Shore Road, Cape Elizabeth Maine 04107
