Sail Mortgage Cautions Borrowers Against Rate Timidity
Leading Pittsburgh mortgage company Sail Mortgage issued a public statement today that warns mortgage borrowers against rate timidity.
Sail Mortgage - a Pittsburgh mortgage lender - indicated this week that rate timidity in the mortgage and real estate markets could be a bad approach for many homebuyers. Lisa Siranovich, President of the company, stated that timid behavior as a result of waiting for better rates could actually cost more in the long run;
“Well the obvious response to the question of waiting for a better rate is that it might never come and in fact could increase,” Siranovich said recently, “but overall buying a home is about a lot more than just the rate.”
Siranovich would know. As President of the Pittsburgh mortgage firm, she’s seen many mortgage borrowers wait too long and end up not only with a higher rate, but missing out on the home they truly wanted.
“The question you should be asking yourself isn’t ‘are rates going to go lower,’ but instead; ‘is now the right time for me to buy a home?’ There are many factors that go into buying or refinancing a home or property, and while saving money is obviously one of those factors, there are much more important ones to consider.”
Siranovich went on to explain that factors like the location of the home and its proximity to good schools are probably the most important, while the actual home itself is also a major consideration; the need for repairs or improvements could eventually far outweigh any savings by waiting for a lower rate (that might never materialize). Even more importantly, she stressed the importance of the buyer’s overall financial picture as being paramount;
“Buying a home is a lifetime investment and for most people, it’s their biggest investment. Understanding how your financial picture will change over the term of your mortgage is, in my opinion, of more importance than holding out against the right home or property while you wait for rates to go down. If two years from now rates do go down a little, but you missed out on the right home for your budget and personal needs, then your regret probably won’t be eased much by the relatively small savings you’ll realize over the life of your slightly lower-rate mortgage.”
Sail Mortgage is a privately held Wexford-based mortgage provider servicing the greater Pittsburgh area and beyond. For an immediate consultation or for a press kit, please visit: http://www.sailmortgage.com or call (724) 934-2800
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- Lisa Siranovich
- Sail Mortgage
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