Improve Your LBI Real Estate Mortgage Rate

LBI Real Estate Weekly Sales Update 10/9/2022-10/16/2022

Ways to Improve Your Mortgage Rate in the Long Beach Island NJ Real Estate Sales Market

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Long Beach Island Real Estate

All buyers in the LBI real estate market are concerned about the recent rise in interest rates. Over the last several months, we have seen the average interest rate more than double. This significantly impacts the ownership costs for a home in the LBI real estate market. The Long Beach Island NJ real estate market has never been that sensitive to interest rates, but it is not immune either. Anyone looking to buy a home in the LBI real estate market will want to secure the best interest rate possible, and there are a few ways to do this!

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Improve Your LBI Real Estate Mortgage Rate

The first thing any buyer in the LBI real estate market can do is understand what determines an interest rate. While there are many factors, the principal elements are your credit score, current debt levels, income, and the relationship with the bank. The more attractive you can make yourself, the better your odds of getting a lower rate.

The type of loan you are looking to obtain can also greatly impact the interest rate and your overall ownership costs in the LBI real estate market. While many buyers opt for the traditional 30 year fixed loan, many other products may warrant consideration. For example, a shorter-term fixed loan often carries a lower interest rate. There are ARM products of 7 or 10 years that offer a period of fixed rate interest at a much lower rate. These options should be discussed with a mortgage professional and financial planner to see what makes the most sense.

Lastly, the relationship with the bank may help you more than you think! Many banks offer interest rate discounts if you start a relationship with them or increase the amount of money held at the institution. This is something to be explored and discussed with the lender to see what options there are.

Ways to Improve Your Mortgage Rate in the Long Beach Island NJ Real Estate Sales Market

Remember, the LBI real estate market is a long-term play and you can have a long-term plan. Most buyers in the LBI real estate market do not run a loan out for the full 30 years. Rather, they will sell, refinance or pay off the loan well before that time. Therefore, if you find a home that works for you, the best option may be to shop the rate in the best way possible and then work to lower the rate at a lower time. For example,you can pay off more principal or refinance when the rate drops. It is also important to remember that while rates have risen, they are historically still very low! You should speak with a lender to understand the current climate and what the best option is for you. For more information about buying, selling or investing in the Long Beach Island real estate market please do not hesitate to contact me.

By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

More LBI Real Estate Information:

How LBI Buyers Are Approaching Rising Interest Rates

Two Reasons the LBI Real Estate Market is Not in a Bubble

How to Hit Your LBI Real Estate Homebuying Goals

New Construction Upgrades in the Long Beach Island NJ Real Estate Market

LBI Real Estate Market Buyer Tips for Higher Mortgage Rates

Two Reasons the LBI Real Estate Market is Not in a Bubble

The Role of a Title Company in Long Beach Island Real Estate

Why Getting a Mortgage Pre-Approval is So Important When Buying a Home in the LBI NJ Real Estate Market