A Great Rate on Smith Mountain Lake

The last few years, those buying Smith Mountain Lake homes have seen some of the lowest interest rates in over twenty years. Last Friday, 30 year mortgage rates hit a record low of 4.375%. While the home buyer tax credit may have expired for all but some members of the military, low interest rates are a great reason to consider buying a home now.

The time to take advantage of these low mortgage rates is now! The best thing about the lower interest rates; you can get more home and spend less of your dollars. Besides the type of loan you get, the interest rate has the greatest impact on what you will end up spending on your home.

Recently, we discussed mortgage loan points in Basics of Buying in Smith Mountain Lake. Just as a review, these are a simply a fee you pay upfront to receive a lower interest rate over the life of your loan. Whether you decide to use points to get a lower interest rate or not, we may not see rates this low for very long.

The best interest rates we have seen in years can be still be had, but how long they will last is unsure. Some experts have been predicting a slow rise in interest rates over the next year. There was recently a small rise in rates when the Federal Reserve ceased to back secured mortgages, but now they have returned to an all time low!

If you want to take advantage of these rates before they are gone, call Vicki Millehan! Her team can help you find the perfect Smith Mountain Lake home. There is no better time than summer to live in a lakefront home!