There’s no doubt our customers have heard and seen all kinds of news about mortgage rates. The information overload and pessimistic talk can be overwhelming for anyone looking to move, refinance, or wanting to purchase for the first time. Are rates too high? Can I afford this next step? Maybe renting isn’t so bad after all.

At Plains Commerce Bank, our mortgage bankers are dedicated to responding to those concerns with transparency and removing the barriers you have to achieving those goals. In truth, you have many options when it comes to purchasing a home, and mortgage is not “one size fits all”.

For the First Time Buyers

With increasing home prices and intimidating rates, you may not know where to start. We would recommend beginning your home buying journey with a trusted mortgage banker. While most people are tempted to start by looking at homes, it’s most helpful to see what you can afford, what may be holding you back, and what programs you may qualify for before you get your heart set on one, just in case it turns out to be out of reach.

Our mortgage bankers are happy to give recommendations, talk about your goals, and give insight into programs and loan options beyond what you can see at first glance. From there, connect with your realtor and start the process of finding the best choices for your budget.

Helpful tip: Be honest and timely when communicating with your mortgage banker. Circumstances can change quickly, and you don’t want your funding being the obstacle when you find your dream home!

For Those With “Too Good” of a Rate

If you’re locked into a home that you bought when rates were at their record low, you may feel obligated to stay there beyond what you intended simply because it seems like the logical thing to do. Senior Mortgage Banker Dawn Van Nieuwenhuyzen calls this situation your “golden handcuffs”—an offer so good you feel trapped.

If your home is no longer fitting your needs, know that your options are not limited. If you sell your current home, you can use that money gained to help consolidate your debt—debt that does not have that same low interest rate.

It also helps to remember that rates fluctuate, and even if you move to a new place when rates are up compared to your first home, refinancing is always an option down the road. Your home is where you spend your free time, where you host, and where you grow your family. If your current home is no longer meeting your needs, don’t let rates be the reason you don’t look for another option.

Helpful tip: 2020 was a unique circumstance, and we will likely never see rates that low again in our lifetime. They will continue to change, and our team can help you discern the right time to jump on a deal.

Have questions?

We’re always happy to help. Visit one of our locations, contact us online, or call our team at 1-877-227-7548.