Why Now is a Good Time to Buy or Refinance a Home Even with Higher Interest Rates

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Even though interest rates have increased from their lowest levels of 2003, they are still at historically low levels and offer consumers an opportunity to purchase or refinance with more program choices than ever.

For most homeowners or homebuyers, the thought of rising interest rates usually means higher payments for purchasing or refinancing. The knowledge that people could be paying more for a home makes them uneasy. In fact though, purchasing or refinancing a home now could be the best move that you make.

“The fact is, if you are purchasing or refinancing a home now, you have more program choices than ever,” advised Victor Benoun, President of, The Mortgage Source, Inc., and author of Your Castle, No Hassle, How to Buy a House, Get a Good Mortgage and Keep Your Sense of Humor. “If you are currently in the market to purchase a home you will find there are more houses for sale today, then there has been during the previous 3 years. The market had been ruled by sellers, now things have reversed and it is a buyers market.”

According to Benoun, it is also a great time to refinance because lenders are not as busy as they have been in the past and will try harder to get you approved and make you the best deal possible. He also said that many people in lending leave the industry when things quiet down, leaving the most knowledgeable and professional left to serve you.

Benoun went on to say that rates are still at historical lows and a great opportunity is here for those that take advantage of it, but people should take the time to properly educate themselves of all the options.

“Whether you are purchasing or refinancing, find the loan that best suits you and your lifestyle. There are fixed rate loans, adjustable rate loans, interest only loans, just to name a few. People have individual needs so find out what is best for you and as a result, the best way to save money.”

For more information and a fascinating interview, call Victor Benoun at (818)784-1900

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Victor Benoun
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