What You Need to Know About Mortgages and Interest Rates
Today I’m joined again by Rick Barrick from the Bank of England Mortgage Cincinnati Team to answer some questions you may have about interest rates, mortgages, and the difference between a bank and a broker.
Is now the time to purchase a home? Where are interest rates heading? In Rick’s opinion, you should buy as soon as you’re ready. Interest rates are going to be low for at least the next six to 12 months. With all the recent economic uncertainty coming out of Europe, interest rates are as low as they’ve been in four years. Because they’re so low, people can afford to buy more house.
“You should buy as soon as you’re ready.”
What’s the first thing home buyers should look for in a mortgage company? According to Rick, the first thing you should look for in a mortgage company is whether they’re reviewed or not. Are they a bank or are they a mortgage broker? You also want to make sure that you have great communication with every loan officer you work with.
What is the difference between a bank and a broker? Brokers complete your loan, close it, and then immediately sell it off to a bigger bank like Wells Fargo. Banks close in their own name and then service your loan, which means that you would make your mortgage payment to them.
If you need any more information from Rick, you can call his office at (513) 229-9660 or visit their website at www.boecincinnati.com.
If you have any more questions, please feel free to give me a call or shoot me an email. I’d be happy to help!