Thinking of buying or remodeling a home? Keep an eye on the rate By LISA MARKOWSKI - KS BANK
Often in spring we find ourselves talking about the weather forecast and how the temperatures are rising. That’s not the only forecast on people’s mind lately, though. Another important forecast that has been the topic of economists, consumers and homeowners is the mortgage rate forecast. The 30-year mortgage rate bottomed out earlier this year and has been slowly increasing since. It is still incredibly low, however, and there is no better time than now to grab a hold of this rate. “Whether you are buying, building or refinancing now would be a great time to take advantage of the low rates, especially in this hot market.” said Tracie Worley, mortgage banking manager and Vice president of KS Bank. Even with the rates creeping up, they continue to remain historically favorable. It’s always important to consider monthly payments and how they are affected by a slight increase in rates. Calculating your monthly payment is crucial to deciding what is best for you. If you are considering a mortgage refinance, you may not want to wait long, as many experts expect the second half of this year to bring rising rates. If you are on the fence about whether to buy, build or refinance this spring, it might be the time to stay put and consider upgrades within your own home. There are several
loan options available for the homeowner considering a hefty project like an upgrade, remodel or addition. A home equity loan and a home equity line of credit (HELOC) are two similar sounding loans, but have a big difference. With the home equity loan, the borrower gets a lump sum of cash up front and repays the loan over time with fixed monthly payments, while a HELOC gives the borrower a maximum amount of approved credit up front on which they are able to draw. Both of these loans are secured by your home and have tax-deductible interest — but have different rate structures. The HELOC offers an adjustable rate, while the home equity loan has a fixed interest rate. If you are ready to jump into a project, but unsure whether you want to use the equity in your home to
borrow, call a local trusted lender to talk it over. Whether you are looking to move into a new home this spring or upgrade your current home, there are many options to consider when looking at loans. Be sure to meet with a lender who knows the market, knows the products and understands your needs. Our communities are booming here in Johnston County with record-breaking growth. No one knows this better than county native Harold Keen, who’s also the
president and CEO of KS Bank. “We have been meeting the loan needs of our customers for 97 years and we’ve had a front row seat to watch this phenomenal growth,” he said. “We are a true community bank, continually meeting the needs of our community. We know the value of having a true relationship with our clients and we recognize what’s really important.” For more information, visit www. ksbankinc.com.
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