Henri Gourd 914-954-3897 henrigourd@bhhsne.com TYPES OF MORTGAGES With 30 year fixed rate mortgage rates hovering around 7.5%, many buyers feel defeated but it is important to talk with your mortgage broker about your options. Some options include: Making a larger down payment to decrease the size of the loan. Shortening the term of the loan (e.g. from 30 year to 15 year) so your monthly payments will be higher but the total amount of interest paid will b lower. Considering an adjustable rate mortgage. which will reset in 1-5 years to make today's payments lower and allowing you to reset your loan when the market dips. Marry the house and date the rate-if you can swing it, lock into a fixed rate today with an eye towards refinancing when the market rates ultimately drop. Unlike the adjustable option above, this gives the homeowner the power to decide when she may wish to lock into a lower rate. Work with your mortgage broker early so you can you get pre-approved to make a more compelling offer and you can discuss your borrowing strategy. With the higher rates, fewer buyers are able to access the market meaning you have fewer people competing for the home you want. It is important to work with your Realtor to strategize how to best present your offer. BERKSHIRE HATHAWAY Home Services New England Properties Selling it all, from cottages to castles! Henri Gourd 914-954-3897 henrigourd@bhhsne.com TYPES OF MORTGAGES With 30 year fixed rate mortgage rates hovering around 7.5 % , many buyers feel defeated but it is important to talk with your mortgage broker about your options . Some options include : Making a larger down payment to decrease the size of the loan . Shortening the term of the loan ( e.g. from 30 year to 15 year ) so your monthly payments will be higher but the total amount of interest paid will b lower . Considering an adjustable rate mortgage . which will reset in 1-5 years to make today's payments lower and allowing you to reset your loan when the market dips . Marry the house and date the rate - if you can swing it , lock into a fixed rate today with an eye towards refinancing when the market rates ultimately drop . Unlike the adjustable option above , this gives the homeowner the power to decide when she may wish to lock into a lower rate . Work with your mortgage broker early so you can you get pre - approved to make a more compelling offer and you can discuss your borrowing strategy . With the higher rates , fewer buyers are able to access the market meaning you have fewer people competing for the home you want . It is important to work with your Realtor to strategize how to best present your offer . BERKSHIRE HATHAWAY Home Services New England Properties Selling it all , from cottages to castles !