If you’re in the process of finding a new home, then the most recent Federal interest rate cut may have piqued your interest in terms of your next mortgage. On October 30th, the Federal Reserve cut interest rates by a quarter point – for the third time in 2019 – in hopes of bolstering the economy.
Although Federal funds and mortgage rates are not directly linked, these lower rates can typically signal “cheaper” loans on other items like home equity lines, credit cards, and vehicle financing. And, while only a quarter point may not seem like a lot, it could actually result in a much lower total repayment over time. This, in turn, could help dt lower your debt-to-income ratio, and more easily qualify for a mortgage.
Lower interest rates can also lead to consumers earning less interest on their savings. So, why not reallocate some of those funds in the bank for the down payment on your next home? In fact, with mortgage interest still hovering at historically low levels, now could be the perfect time to move forward on the purchase of a home and lock in a low long-term mortgage rate.
Want more information but don’t have a lot of time to spend sitting in a bank or lender’s office?
With Galaxy Mortgage, you can gather all of the details you need online. We offer a wide range of home financing solutions, including FHA loans, VA loans, USDA loans, and even non-conforming income loans.
So, whenever you’re ready to chat, we’re here to help – 24 hours a day. You can visit us by going to our website and filling out our Pre-Qualification form. Or, if you’d like to talk with a home loan expert, feel free to reach out to us directly by phone at (800) 674-3150 and we’ll make sure you have all of the information that you need.