Five ways to cut down your mortgage expenses and make homeownership more accessible even with today’s high interest rates.

Are high interest rates making you second-guess buying a home? Many buyers are holding off and hoping for rates to drop. But here’s the truth—you don’t have to wait! I’m sharing five strategies that can help you buy a home right now.

1. Refinance later. You’ve probably heard the phrase, "Marry the house, date the rate." This means you can lock in your home purchase now and refinance when rates drop. By securing a home at today’s prices, you avoid paying more if property values rise.

2. Negotiate seller concessions. In today’s market, many sellers are willing to contribute to your closing costs or buy down your mortgage rate. A rate buy-down can lower your interest rate for up to three years! This makes your payments more manageable in the short term.

“By securing a home at today’s prices, you avoid paying more if property values rise.”

3. Compare rent vs. buy costs. Renting might be costing you more than buying. A rent vs. buy cost analysis can help determine if purchasing now could actually save you money. In some cases, mortgage payments may be comparable to or lower than rent. Plus, owning builds equity, while renting is simply paying someone else’s mortgage.

4. Consider seller financing. Not all home purchases require a traditional mortgage. Some sellers offer direct financing, which can come with lower interest rates and more flexible terms. This approach allows buyers to bypass some lender requirements and negotiate terms that work best for both parties.

5. Assume an existing loan. FHA (Federal Housing Administration) and VA (Veterans Affairs) loans can be transferred to a new buyer. You don’t have to be a veteran to assume a VA loan, and FHA loans are an option if you’re buying a primary home. Taking over an existing loan could mean a much lower interest rate than what’s currently available.

High interest rates don’t have to delay your home purchase. With these strategies, you can find a way to buy now while keeping your costs under control. If any of these options sound like a good fit, don’t hesitate to reach out to us at (480) 267-9368. We’re here to help!