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Do you know why savvy shoppers buy swimsuits on frigid winter days? They bikini shop in January for the abundant supply and reasonable prices. The same idea holds for mortgages. Let’s look at why now is the perfect time to shop for a mortgage.

Late Summer is Ideal House-Hunting Time

Did you know that the absolute best time of the year to hunt for a new house is during the late summer months? It’s true; there are typically lots of homes on the market during late July through September, and sellers start to feel nervous about finding a buyer.

The late-summer housing scenario works in your favor in several ways. First, you’ll find many houses to pick from in a more relaxed market for buyers. Second, house prices tend to go down during this period, so you’ll probably pay less for your dream house than you would have earlier in the summer. Third, less competition for mortgages means that lenders want your business, and you’ll find many attractive home-loan opportunities.

Why Now Is the Perfect Time to Shop for a Mortgage

Whether you’re buying a home or thinking about refinancing your current one, now is the perfect time to shop for a mortgage. Here are some of the primary reasons for you to make an appointment with us to discuss your mortgage options:

  • Low rates: Although mortgage interest rates went up slightly in mid-July, they are still below this time last year. Since it’s impossible to look into the future and know what will happen with mortgage interest rates, it’s a smart move to lock in an advantageous rate now.
  • Less competition: Despite the appealing interest rates, fewer people applied for a home loan this summer. The Mortgage Bankers Association notes that mortgage applications went down in July. Borrowers may hope that interest rates will go down in coming months and that by waiting, they’ll save money. Fewer people competing for mortgages means that you’ll have more money-saving mortgage choices as lenders compete for your business.
  • Buying power: Home sellers often worry they won’t sell their home before the kids need to start school as the calendar moves into the late summer. The result is that many sellers will offer incentives if you come to the table prepared to buy. A mortgage pre-approval letter can net you perks such as (1) a lower price, (2) seller paying closing costs, and (3) a flexible closing date.

Now is a terrific time to begin your home loan search. We invite you to contact us to tap into the vast array of home loans on the market.

Strategic Mortgage Solutions Knows Home Loans

Why should you bother seeking out an independent mortgage brokerage like Strategic Mortgage Solutions? Well, what if we could help you save a significant amount of cash over the life of your fifteen- or thirty-year loan? The key to saving money is choosing a home loan that fits your needs.

Finding the perfect home loan for your needs requires the ability to compare multiple mortgages from many lenders. The Consumer Financial Protection Bureau says that more than three-quarters of borrowers don’t take the time to examine all their home loan prospects when deciding on a mortgage. As a result, lots of borrowers end up spending too much money on their home loan.

When you opt to work with us, we’ll use our home loan expertise and knowledge of a variety of lenders to locate a mortgage that suits your budget. We’ll examine your (1) bank statements, (2) credit history, (3) employment status, (4) debt load, and (5) additional income to match you with appropriate home loan possibilities. We’ll carefully go over the pros and cons of each applicable home loan with you so you can make a sound decision.

Lastly, we believe that now is the perfect time to shop for a mortgage. There’s no doubt that late-summer months see many beautiful homes for sale along with an abundance of terrific mortgage opportunities on the market. Contact us today to get started on your new mortgage.