Getting a low interest rate on your mortgage is something homebuyers in 2023 dream about. With last year’s 4% rates still fresh in many investors’ minds, it can seem almost irresistible to try and get the lowest mortgage rate possible when buying a house. So, what if there was a way to lock in a mortgage rate two to three percent lower than the daily average, all paid for by the seller of your new property? It’s possible, and if you want to get it, you’ll need to listen closely to what today’s mortgage experts are saying.
In this episode, we brought three lending experts, Bill Tessar from CIVIC, Christian Bachelder from The One Brokerage, and LendingOne’s Matt Neisser, to talk about what is happening with lending and lenders, mortgage rates, and low-interest loan programs. With different expertise, all three of these mortgage experts know about various loans, whether for a rental, a primary residence, a fix and flip, a BRRRR, or something else. But what draws them all together is their experience over the past six months.
Once interest rates started to rise, lenders nationwide were “gutted,” with massive amounts of business flying out the door. But these borrowers weren’t searching for better lenders; they didn’t even want to buy anymore. This caused many mortgage brokers and lenders to “reset” their requirements, standards, and expectations for the next few years to come. Now, lenders like these are getting creative, finding some of the best ways to help you score a lower interest rate without charging you a dime.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.