Southport Oak Island Realty Group, Inc

How can I afford the house I want with rising interest rates?

oak island north carolina realtor help with rising interest rates and home buying

Home buyers’ that that been on the hunt to purchase a new home in North Carolina in recent months have definitely been paying attention to the rising mortgage rates, that we can be sure of!

But what we also know is that when your ready to buy a home either, financially, situationally or by force, you are ready. Unfortunately, just because a home buyer is ready to purchase, outside circumstances can hinder the ability of a home buyer to successfully purchase a home.

So, while the outside circumstances can vary over time and even house to house, we want to share with you ways to mitigate or reduce overall costs associated with new home mortgage payments!

You have found the house that is right for you in North Carolina and you are ready to buy!

Hopefully you have completed the initial steps prior to house hunting including, building up your savings account, building or repairing your credit, paying off or down your debts and getting prequalification letter from a lender. While some of these items above may take months or years to successfully complete, do not worry of you have yet to talk with a lender and receive that pre-qualification letter! We here at Southport Oak Island Realty Group have a trusted lender that is able to help you with just a few clicks! Jeremey Richardson, Branch manager at Rapid Mortgage in Southport, NC has proven himself to us time and time again. We would not recommend someone that we ourselves would not or have not used!!!

So, if you find yourself in the predicament of needing not just a lender but a partner to ensure your financing moves though the process smoothly, Contact him at the link below!


Now back to affording the mortgage payments on your new home!

There are only a few main factors that come into play regarding your monthly mortgage payment amount. They are your credit rating, mortgage interest rate, down payment amount, lifetime of the loan, amount of the home loan and your insurance, if escrowed.

While we do in fact have control over all the above within reason, only a few come into play at the time you are buying your next home. Interest rate, down payment and homeowners’ insurance. Most home mortgage interest rates are preset, not by lenders but, by the actual backers of the loans. You can buy “points” at closing to lower the overall interest rates if you have the money to, but most do not. As far as down payments go, by the time you are actually buying a home you know or are stuck with what you have as far as your down payment goes.

But something that a lot of people do not think about is the third item; Homeowners insurance. There is actually a huge difference in policy rates and coverages available depending on your future home in North Carolina. These differences can actually end up making or breaking you as a home buyer and your ability to afford the monthly mortgage payment you are signing up for!

You cannot believe the amount of fluctuation in policy prices between not carriers, but agencies, we see here in coastal North Carolina! While to some they may not care about a few hundred here or there on their mortgage payment, for others it makes all the difference in the world, like the ability to buy a home or not!

The solution for you?

We recommend shopping around and not being rushed into choosing an insurance company while you are in the process of buying your next North Carolina home! Please take you time and review the different local insurance companies and policies available in your area before making a decision.

Once again, we cannot and will not recommend a company that we ourselves would not or are not using! That is why we are highly recommending that you contact Daniel Woelk, Insurance Agent with Goosehead Insurance Agency here in Coastal North Carolina! Daniel has the ability to shop hundreds of different carriers to find the right insurance for your home at the right price! He is also very efficient and knowledgeable about our local area and will have you an acceptable policy for your new home before you know it!

If you are looking for a way to lower your projected monthly home mortgage payment, or just want to see if you can save money on your existing home mortgage payment, call or contact Daniel today, we promise it will be worth it! You can Contact him by clicking the following link below!


In conclusion!

There are many ways to lower your potential monthly mortgage payment when you are looking at the numbers and if they work for you next home purchase!

Allow our expert Real Estate Agents and local Realtors help you find your dream home and help navigate the ins and outs of the affordability, location and amenities you deserve! We are local Realtors in the St James Plantation, Oak Island, Caswell Beach and Southport North Carolina area and are here to help you with your next home purchase!

Contact us today!

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Jon Langley

Jon Langley

Hi! Nice to 'meet' you and thanks for visiting our Southport and Oak Island Real Estate Blog! My name is Jon Langley, and I'm a REALTOR® in Brunswick County, NC. I work alongside some of the best Realtors in the Southport & Oak Island area. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Southport Oak Island Realty Group. Looking forward to connecting!

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