Blog > Purchase Advantage - The right tool for today's markets
Good morning - Broker Chris here today.
I fully admit I am a Bloomberg TV/Radio junkie - it's on at my house and in my car moving between the house and the office. The insight is great....most of the time.
In an effort to make great content, it is often that the commentators pick on a particular economic/financial issue and then blame that issue for lots of things that are wrong with the world. The recent enemy - mortgage rates.
At least once an hour I can count on hearing "who would buy a house with rates at their highest point since 2001?" or simiar. The truth is, there are many people out there who would - which can be seen by the fact that all of our listings in Montgomery and Bucks Counties are still seeing multiple offers and closing on time. But a story is a story...
I also recognize that mortgage costs eat into the amount a buyer can spend. According to the National Association of REALTORS, changes in interest rates have made monthly payments on a median-priced home about $300 greater each month than in November of last year.
That is why I am so excited about the Purchase Advantage program offered by Movement Mortgage. With this program home buyers in need of a mortgage can borrow now at today's rates (assuming they qualify, of course) and then after they have held the loan for six payments they can refinance that loan FEE FREE with Movement.
The program stipulates that the refinance needs to be done before December 31, 2024 - but every estimate of economic conditions right now seems to agree that the Federal Reserve will start easing conditions before then.
The other thing Purchase Advantage does is it allows buyers to get in the market now, rather than "waiting it out" and watching prices accelerate any further. Yes, the hot demand for detached homes is still pushing prices upward in the Philadelphia area.
If you want to learn more about Purchase Advantage, just leave a reply below and we can connect you with a great mortgage advisor.