Now that we're past the holidays, many potential homebuyers are asking if now is a good time to purchase real estate.
Mortgage rates are currently at historical norms, with Freddie Mac reporting the national average on 30-year fixed rate loans at 6.9% as of January 9th. While this rate may be higher than what we've seen in recent years (due to low rates we experienced during COVID), Freddie Mac states the average rate from April 1971 to January 2025 was actually 7.73%.
There are several things your clients can do to make their mortgage rate more affordable.
Improve Your Credit Score
Paying down credit card debt will help to increase their credit score. People with higher credit scores typically qualify for better interest rates.
Reduce Your Debt-to-Income Ratio (DTI)
Paying off debt isn't always easy, but your client can make a plan to pay off debt that has a higher interest rate first. Debt consolidation may make it easier by reducing the number of payments you need to make each month.
Explore Various Loan Options
Find out what loan scenarios your clients qualify for, and take an in-depth look at the pros and cons of each program. At QRL Financial Services, we focus on delivering thorough evaluations to help your clients make informed decisions about their financing options. Our analysis may include assessing the potential savings from purchasing discount points to reduce their interest rate or exploring the advantages of affordable loan lending programs.
Your clients' financial situation is unique, and our job is to make sure they have the tools they need to meet their goals for homeownership. Give us a call to get started!