I’m really worried about buying my first house. The closing date is coming up in about a month, but the interest rates keep going up. I thought rates would go down when the stock market dropped, but that’s not happening. Now I’m thinking about backing out of the deal, even if I lose my deposit. It’s so stressful watching the rates change every day. Is anyone else dealing with this? How are you handling it? I’m not sure what to do and could use some advice from others in the same situation.
Hey there! Have you considered speaking with a mortgage broker? They might have tricks for a better deal. What’s your backup if you back out? Renting? How’s the housing market in your area right now? Hang in there, buying a house is stressful!
I’ve been through this myself recently. Backing out now could be costly, both in terms of your deposit and future opportunities. Remember, you’re buying a home, not just an interest rate. If you can afford the payments at the current rate, it might still be worth proceeding.
Consider this: even if rates drop later, you can always refinance. But if you wait, home prices might increase, potentially offsetting any rate savings.
Have you explored all financing options? Some lenders offer rate buy-downs or adjustable-rate mortgages that start lower. It’s worth investigating these before making a final decision.
Ultimately, if the house meets your needs and you plan to stay long-term, today’s rate shouldn’t be the only factor in your decision.
bro, don’t panic! rates fluctuate all the time. i was in ur shoes last year. consider locking in ur rate now if u can. backing out might cost more in the long run. talk to ur lender about options like buying points or adjustable rates. stay calm n think longterm - owning beats renting anyways!