Should I buy a house now or wait?

Wed, 30 Jul 2025 15:20:41 GMT

Should I buy a house now or wait for rates to go down?

Given current situation where interest rates are increasing it prompts the question of whether it is better to make a purchase now or wait for rates to decrease. As the saying goes, "what goes up must come down," indicating that rates will eventually decrease. This presents an opportunity for you to benefit from the high rates by purchasing a house at a reasonable price while the market favors buyers. By locking in a mortgage with rates in a higher percent range, but at a fair price, you can potentially refinance in the future when rates have dropped once again.

Yes, it is generally a good idea to buy a house when interest rates are low. Waiting for rates to drop even further may not be the best strategy because the value of houses could increase in the meantime, and you with other buyers, some of whom may offer cash and have an advantage over you. Buying now allows you to lock in a low interest rate from future appreciation of the property.

Contact us today (407) 917-5005 . We will provide you all the necessary information that you would need to do your next steps with wisdom and a peace of mind.

Know your Down Payment Assistance options

Wed, 30 Jul 2025 15:16:34 GMT

Down Payment Assistance (DPA) programs

Down Payment Assistance (DPA) programs can be a great help for homebuyers, especially first-time buyers. These programs generally come in two forms: repayable and forgiven. It is very important that before you make an offer on a property, that you know which DPA program you are going to use.

Repayable Down Payment Assistance

Structure: This type of assistance is typically provided as a second mortgage, which means it must be repaid over time. The repayment terms can vary, including the interest rate and the length of the loan.

Examples: Some programs offer zero-interest deferred payment loans, while others might have fully amortizing loans with interest rates that match or are lower than the first mortgage.

If you are going to refinance the house, sell the house or if you finish paying your mortgage you will have to pay back the amount of the DPA in full.

Forgiven Down Payment Assistance

Structure: Forgivable loans are also often structured as second mortgages, but they are effectively grants because they do not need to be repaid if certain conditions are met. These conditions usually include living in the home for a specified period, such as three to five years.

Examples: If you stay in the home for the required period, the loan is forgiven, meaning you don’t have to repay it. However, if you sell, transfer, or refinance the home before the end of this period, you may need to repay the assistance in full.

Want to know more about Down Payment Assistance? Contact The 1 Mortgage Specialist today and let one of our mortgage professionals guide you to a smart decision on the mortgage financing of your home.

Click here to book your free mortgage consultation

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Should I buy a house now or wait?