Maximizing Your Homebuying Potential: Smart Moves Before Mortgage Rates Drop

With mortgage rates expected to drop even further, now is the time for homebuyers to take key steps in preparation. Here’s what you should do – and what to avoid – while waiting for the market to shift. 
 

WHAT TO DO
1. Compare Lenders Early 
Start researching lenders now, focusing on the overall loan package, not just the interest rate. By comparing at least three lenders, you’ll be ready to lock in the best deal when rates fall. 

2. Set a Realistic Budget 
Calculate what you can afford based on current and future rates. This way, you’ll have a clear picture of your budget as rates change. 

3. Partner with a Real Estate Agent 
A knowledgeable REALTOR® can help you find homes that fit your needs and budget, making it easier to navigate the market when rates drop.
 

WHAT TO AVOID
1. Don’t Miss Out on a Great Home 
If you find a home that meets your needs, don’t hesitate because of current rates. You can always refinance later when rates improve. 

2. Don’t Wait for the Perfect Rate 
Waiting too long for a rate that may never come could cause you to miss good opportunities. Focus on affordability now. 

3. Don’t Overextend Your Budget 
Even as rates fall, stick to your financial limits. Avoid the temptation to buy more than you can comfortably afford. 
 

By preparing now – comparing lenders, budgeting carefully, and working with a knowledgeable real estate agent, you’ll be ready to make a smart home purchase when mortgage rates drop. 
 

Need help finding your dream home? Call, text, or email me any time at:
PHONE: 647-460-1416
EMAIL: elisha.busby@remax.net