I recently wanted to share with my buyers how smart they were by contacting me and getting a pre-approval and rate hold done. They have been requesting to extend the rate hold for the last 8-9 months as they looked for a home and went into several multiple offer situations, and unfortunately took a few times before they got an accepted offer. We worked together with the changing rate environment throughout the year, and now they are soon to be home owners! We looked at the current interest rates versus their pre-approval rate hold.
The rates recently went up, and they are savings over $7500 in interest alone during their 5 year term! And the principle of their mortgage will be $2619 lower than it would have been with current rates!
Be sure to work with a mortgage broker that will work with you even before you have an accepted offer! This is the time it counts as you never know when rates will spike!