The Fed has pledged to keep the Federal Funds Rate close to 0% for the foreseeable future. Banks have passed along the savings via low mortgage rates and helped create strong market conditions.
Now that we’ve covered 2 principal instruments to lock in rates (Part 1) and how to minimize your interest rates (Part 2), the following will explore ways to make these rates work for you.
- Investment. Philadelphia demand is primed to remain robust with the East Coast’s 3rd largest student population and 4th highest GDP.
- First Home. FHLB’s “First Front Door” program couples sub-3% rates with up to a $5,000 grant, for unprecedented savings.
- Trade Up. If you’re considering a new home and finances are stable, consider locking in a low rate and starting fresh.
- Refinance. If you plan on staying put for 5+ years and can secure at least a 1% lower rate, refinance.
Ultimately, the decision is yours, and I’m here to help. Whether you’re a first-time buyer, motivated seller, seasoned investor, ambitious agent, or anywhere in between, I look forward to working together!
– Leron Grossman, Real Estate Broker & Investment Expert
VictoryRealEstateLLC.com | Office: 215-709-0909