First Time Condo Buyer
How does refinancing work? My son was quoted 7.25 for his mortgage. He will be purchasing a condo in Lakeview after renting in the area 9 years after college. Assuming rates will go down in a few years but until then he will buy with this rate instead of putting money on rent. Thank you for your input.
Terry Says
As long as he has good credit, he should have no problem refinancing when (if?) rates go down!
Just make sure he can afford the monthly mortgage, assessment, property taxes (likely built into the assessment) and has some money in reserve in case of a special assessment.
As rates stay high now, he should be able to find a bargain when sellers start to get desperate.
Smart moved: He should get pre-approved for a mortgage, so he can make a firm offer when the time comes.
