Chris Cowles Real Estate Blog

Survive the Rising Rates With These Tips

Three things you can work on to save money in this housing market.

Interest rates are rising, and that can be a little daunting. How can we combat some of the blows? Saving money and keeping it in our pockets is key right now, and I want to help you do that! Here are three things you can do to survive rising interest rates:

1. Improve your credit. There is always room for improvement with your credit score. Even if your score is already good, any boost can help you reduce your interest rate. Results may seem small, but even a tiny difference can add up in the long run.

2. Lock in your mortgage rate. Do this when it makes sense for you. There are programs out there that allow you to lock in your rate, but try to time it near your close. Most lenders only let you lock in your rate for a month or two.

3. Pay off mortgage points at closing. These are also known as discount points, and one point typically costs about 1% of your loan. One perk is that these points might be tax deductible, so talk to your accountant about that.

I believe this information can help you with what’s going on in our marketplace, and that’s what I want to do! If you have any questions or need any help, please call or email me. I am always willing to help!