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Pandemic-induced low mortgage rates are soon to be a thing of the past, as experts say that rates are on track to hit 5 percent in the near future.
Following the Fed’s move to raise rates last week, experts now predict that rates will reach 5 percent as soon as next month.
It’s important to get the best mortgage rate possible, since a difference of a fraction of a percentage point could add up to thousands of additional savings or expenses over the life of the loan.
During your decision-making process, you’ll need to evaluate how much you’ll pay in closing costs, how much your new monthly payment will be, and how long you plan to stay in the home, among other factors.
A VA loan is an affordable path to homeownership, allowing veterans to buy homes without the burden of down payment and private mortgage insurance requirements.
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