The Federal Reserve has announced that they plan to increase the prime rate at least 3 times possibly 4 in 2022. We have already seen rate increases of approximately .75% on most loan products since the end of December 2021.
If you are a buyer looking to purchase a home, this could drastically change how much that you qualify for. It is very important that you reach out to your loan officer or even possibly re-start your loan application for an updated qualification number.
If you have been thinking about making a change to a new lender, this would be the time. Reach out to us today to see what we can do for you and please make sure that the numbers you were planning on are still available to you.
Don’t waste your time or your realtors time and don’t fall in love with a home to be disappointed later.
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Debbie Marcoux is licensed by the Department of Financial Protection and Innovations under the California Residential Mortgage Lending Act, NMLS ID 237926, also licensed in AZ-0941504, FL-LO76508, GA-69178, ID-167867, IL-031.0058339, NV-57237, OR, TN-184373, TX, WA-MLO-237926