Get Ahead of Rising Mortgage Rates

December 16, 2016

Reprinted with permission from the Prosperity Home Mortgage, LLC, blog.

If you’ve recently started house hunting, you may have found that the home-buying journey can be lengthy. Finding a place with the right combination of must-haves and nice-to-haves can be complex and time consuming.  How much square footage do you need? Do you want to be close to parks, shopping, or services? Will your commute to work be acceptable?

These types of questions are important, but they can be overshadowed by the possibility of rising mortgage rates as you apply for a home loan. While interest rates should not be the only concern when obtaining home financing, your rate does have an impact on the loan amount for which you can be approved. Quite simply, the lower your interest rate, the more buying power you have.

Interest rates have risen in recent weeks, but we still want our clients to be able enjoy an exciting path toward homeownership, not one filled with anxiety about changing interest rates. That’s why you may be interested to learn about the Prosperity Buyer Advantage: Lock, Shop & Home loan program, which offers buyers an opportunity to counter the worry of rising interest rates.

The Prosperity Buyer Advantage1 allows you to get much of the home financing process out of the way and obtain a Commitment Letter, which can help set your purchase offer apart from other offers a seller may be considering.  Participating in the Prosperity Buyer Advantage costs you nothing additional and can help prevent last-minute issues with your home financing, so you can enjoy an on-time loan closing.

What’s more, Lock, Shop & Home allows you to lock in an interest rate for up to 90 days at TODAY’S rate instead of waiting to lock in a rate only after you’ve found a home to purchase.  Here are a few highlights:

  • No property address is needed at the time of application and rate lock.
  • Lock an interest rate up to 90 days.2
  • Conforming and high balance loan amounts are available.
  • May be used with conventional or government fixed rate loan programs.3

Questions about our loan programs? Contact a mortgage consultant near you!

  1. Prosperity Buyer Advantage is not a loan approval. Ask your mortgage consultant for details about Prosperity Buyer Advantage. A Commitment Letter is based on information and documentation provided by you and a review of your credit report. The interest rate and type of mortgage used to approve you for a specified loan amount is subject to change, which may also change the terms of approval. If the interest rate used for credit approval has changed, you may need to re-qualify. Information provided by you is subject to review and all other loan conditions must be met. After you have chosen a home and your offer has been accepted, final loan approval will be contingent upon obtaining an acceptable appraisal and title commitment.  Additional documentation may be required.
  2. Additional fees may apply.
  3. Lock, Shop & Home program is not available for bond, jumbo, or renovation loan programs.

All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) ©2016 Prosperity Home Mortgage, LLC. All Rights Reserved.