There’s never a bad time to move to Florida’s Suncoast. But some times may be better than others. For instance, consider the historically low mortgage interest rates we’re enjoying right now.

While a lot of purchases are cash, and a lot of cash deals are beating out offers with a financing contingency, there are many who either need or want to finance their Suncoast home purchase. Here is what you need to know in February 2022.

Ramp Up Ahead
The Fed has ramped up rhetoric on ramping up interest rates. Inflation can no longer go unchecked and The Fed realizes it. They are hinting at a cascade of increases beginning as early as March 2022. The time to lock in the lowest rate is now.

Take The Money And Run
If you want to finance, but have the resources to make a cash deal, do it and then take out a HELOC or full mortgage afterward at today’s lowest rate. You can start the process in parallel. Your odds of landing your first choice versus your second or third choice home are statistically higher with a cash offer. In some cases, lower cash offers are winning out against offers well over asking price with a financing contingency. Sellers don’t want to take their home off the market for a mortgage that may not appraise.

Full Speed Ahead
If you’re going in with a mortgage offer and that’s the way it must be, consider a lending program that can help you remove the financing contingency from the contract – effectively letting you compete against other cash offers. Email or text me for details.
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Bonus!

Need an even better reason to move now rather than later? Look at the lending scenario charts below to see how much less home your dollar buys as rates edge up.