August 19, 2024
Lock In Your Dream Home and Your Dream Rate
You may have noticed a recent drop in mortgage interest rates, which is great news for anyone who is interested in buying a home. Many financial experts are predicting that interest rates could decrease even further in the near future. With so much volatility in the market and the potential for rates to fluctuate up or down, it is sometimes unclear when the best time to buy a home might be. It’s essential to act quickly to secure the best possible deal. Woodbridge Pacific Group has teamed up with US Bank to provide two features to address this issue and ensure you make the best financial decision with your new home purchase.
Fighting Rising Rates With a Rate Lock
To combat the negative effects of rising interest rates, many banks and lenders offer rate lock programs, which protect buyers from rising rates by allowing them to lock in a lower interest rate for a period of time. Rate lock programs for resale homes typically allow a buyer to reserve a lower interest rate for 30 to 60 days. US Bank, WPG’s preferred lender, offers a Builder Lock program that extends up to 360 days, which protects buyers from rate hikes that may occur during the construction of their new home. If mortgage rates increase, you don’t need to fret; you will keep the low rate you locked in when you signed your purchase agreement.
Take Advantage of Falling Rates with a Float Down
What happens if rates start to decline after you lock in your mortgage interest rate with US Bank but before your home closes? Not to worry, the Builder Lock program comes with a one-time float down option to a lower interest rate. This can potentially save you a tremendous amount of money because lower rates mean lower monthly mortgage payments. See our Interest Rate Primer blog to learn more about interest rates and how they influence monthly payments.
One More Consideration
If mortgage interest rates continue to decline, as many predict, then there is a good chance the housing market will see an uptick in buyers re-entering the market due to monthly payments becoming more affordable. This increased competition could reduce available inventory as well as drive up home prices. By acting now, you can secure your dream home and potentially save money on your mortgage.
Why choose WPG and our preferred lender US Bank?
When you find your dream WPG home, you can access a streamlined homebuying experience and a competitive mortgage offer when you work with our preferred lender, US Bank. Our collaboration ensures you have the support and resources needed to make informed decisions throughout the process.
Ready to get started?
● Get Pre-Qualified: Connect with US Bank to determine your purchasing power and obtain a pre-approval letter.
● Find Your Home: Explore WPG's stunning selection of homes to find the perfect fit for your lifestyle.
● Lock In Your Rate: Secure today's interest rate with US Bank and take advantage of the potential for a float-down to a lower interest rate.
Don’t miss out on this incredible opportunity. Contact our sales team today to learn more about available homes and start your home-buying journey.
