Real Estate Markets Attorney in Clifton, New Jersey

Should I be worried about rising interest rates?

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for the most part the best time to buy a
home was yesterday what I tell a lot of
people is you marry the home but you
date the interest rate a lot of the time
you can refinance a property out of the
interest rate and go back to a lower
interest rate in the event that rates
decline but for the most part as long as
you could afford the monthly payment I
would not worry too much about the
interest rates a lot of people get stuck
on waiting until interest rates go down
typically when interest rates go down
property values do go up so you really
have to choose what’s more important to
you and it really has to do a lot with
timing and affordability

Clifton, NJ real estate attorney Peter G. Aziz explains whether or not you should be worried about rising interest rates. He points out that, in general, the best time to buy a home was yesterday. He often tells clients that while you “marry the home,” you only “date the interest rate,” since it is usually possible to refinance later if rates decline. For the most part, he advises that as long as a buyer can comfortably afford the monthly payment, they should not be overly concerned about current interest rates. Many people get caught up waiting for rates to drop, but he notes that when interest rates decrease, property values often rise, so buyers need to balance timing with affordability and prioritize what matters most to them.

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