Home Buyers: You Win Some You Luge Some // Today’s Mortgage News – Growella

Chloe Kim's not the only one making crazy jumps right now It's about those mortgage rates

This is Dan on your inside team at Growella, and this is today's Mortgage Minute-and-a-Half Mortgage rates [Mouth sounds] Just [Mouth sounds] I mean, that's about all I got It's rough out there

Since the start of the year, rates are now up close to a full percentage point An entire percentage point I mean, people predicted mortgage rates might rise but not like this And here's the bad news If you were sitting with you family over winter break being like, "Hey, I think I'm gonna buy house this spring", the amount of house you can afford has dropped 11 percent since then

So, if you were looking homes in the 400 thousand dollar range, now you're looking near 350 That's major No matter what your price range is, the change in rates is going to hit one It's one less bedroom, one less bathroom, maybe a different school district So, get with your lender to re-run that pre-approval

You can also click the link in the description if that's more your flavor and we'll get you connected to a lender who specializes in things like these If beauty's on the inside, somebody better flip these ugly mortgage rates inside out Because damn These last few days have been straight up brutal, with mortgage rates rising four out of five days and, today, they're on their way up again Conforming, FHA, VA, and USDA rates — they're all climbing

So, what rate will you get? Well, that's going to depend on where you live, how much you borrow, and your credit score It's also to depend on your lender so shop around Always shop around Talk to two or more lenders and don't wait too long to act Rates can move quickly

April Showers might bring May flowers, but they bring floods and damage into your home and life And you want to make sure you're insured Because replacing things is expensive Look, I get it Insurance is a rainy day thing and nobody expects bad things for their home

But, rainy days happen A lot, actually, according to government stats which shows that one-in-five floods happening in areas considered at low-risk for them And your regular home or renters insurance won't cover the damage they cause Insurance on floods is cheap — as low as 10 dollar per month — and that's a good considering the huge price tag to repair and replace flooring, furniture, and appliances A little bit of prevention goes a long way toward protecting your bottom line

Click the link in the description now Growella does mortgage news three times weekly Give us a like, subscribe to the show, and tell your friends about us Like, all of them So, April showers bring May flowers, but do you know what Mayflowers bring? Pilgrims