Meet Melissa Louie Young, mortgage professional at GuardHill Financial. On this episode of Cook’s Nook Interview Series we discuss her work in the industry as well as what is happening with the rates.
Here is some food for thought from our interview. First and foremost, you are not alone in this line of thinking. However, there is a light at the end of the tunnel. Your interest rate is not set in stone and you are not enslaved to the rate in which you purchase your home.
Interest rates are constantly changing and we recommend taking full advantage of that fact. It is rare to have a rate that is locked and loaded for the next 30 years. Interest rates should be taken into consideration, however not as much as you might think. If you are planning to buy a home, focus instead on getting the property that you want and a payment plan that is suitable for you.
Interest rates are something you can modify, there is always an option to refinance for a lower rate. Comparatively, if you are renting, you never know if your rent will increase by 2%, 10%, or even 20%. Even with a higher interest rate, there is more stability in owning a home versus renting one.
Be creative with your choice of program, instead of choosing a 30 year fixed rate, choose to use an ARM. The anticipation is that the interest rate will inevitably fall and then it opens up the option to refinance for a better rate. It is definitely important to look at the monthly cost, but there is another thing to consider.
How long do you plan to stay in the property?
If you do not plan to stay in a property more than 10 years, why even need to consider a 30 year fixed rate? Instead, choose an ARM for five or ten years and take advantage of the ability to refinance when the rates come down.
If you do not plan to stay in a property more than 10 years, why even need to consider a 30 year fixed Regardless of your choice of loan, be sure to work with a reputable agent with connections in the mortgage industry. Consider your monthly budget, how long you plan to stay in the property and most of all, be sure that you get into the property of your dreams.
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Host:
Laura Cook
LC|NYC Team of Keller Williams NYC
[email protected]
917-935-8140
www.lauracookrealestate.com
Guest:
Melissa Louie Young
Mortgage Specialist-NMLS#1887812
GuardHill Financial Corp.
140 East 45th Street, 31st Floor
New York, NY 10017
NMLS#1609
Direct:(646) 519.7693
Mobile:(250) 217.8782
[email protected]
