How Brexit Affects Your Real Estate Purchase

Brexit (Britain’s recent vote to leave the European Union) has been the topic of conversation for weeks. It proved that what happens in Europe does not stay only in Europe, causing many here in the US to be concerned about the stock market, plummeting 401ks, and general financial doom and gloom. However, there is a bright spot here: our already-low mortgage interest rates have dropped even lower.

This is great news for those in the real estate market. “Rates have moved to 3-year lows, very close to 4-year lows, and on our way to 20-year lows — it’s hard to get much lower,” says Brent Haas of Movement Mortgage.

Giving specific rates and numbers is difficult, because everyone’s financial situation is different–but it’s possible that you’d be able to buy more house now (or have a lower monthly payment, or save thousands of dollars over the life of the loan), than even a month ago–and certainly more than a year ago. Andy Chelton of First Choice Lending Services told me today, “Our 30 year fixed rates with little to no money down are 3.25% today with approved credit.” And you can find even better rates for a 15-year mortgage!

So often, people who are considering buying real estate wait to “get their finances in order” before talking to a mortgage broker. But this is backwards! You might be surprised at what you will qualify for right now, and if not, your lender can tell you exactly what you need to do to get yourself in shape. If you are even considering purchasing real estate, and you will be needing a mortgage, I highly recommend you contact a lender soon to see what’s possible for you. If you want to buy a home in Nashville, then please contact me! I can connect you with great mortgage brokers and help you sort out your next steps in the homebuying process. And if you live outside of Nashville, please feel free to contact me as well. I have a tremendous network of agents all over the country and I would love to introduce you to a great Realtor in your city.

“These are the lowest rates in years, and who knows how long they will last,” says Leslie Light of Highlands Residential Mortgage.  “So get off the fence and buy that house!”

 

Leisa Wilcox is a Realtor with Keller Williams Realty in Nashville, Tennessee.