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    America’s Choice Mortgage Company Talks About the Low Interest Rates


    Well, let me start by answering the question above with a resounding – YES!

    I’m sure you’ve heard or seen something on the news recently about how interest rates are dropping again, well, folks, I’m here to tell you that what you’re hearing is not fake news, it’s really happening.

    The 30-year mortgage rate plummeted 27 basis points this week, this is the biggest drop in a decade which makes home buying much more affordable and refinancing a real possibility for many families.

    I’m quite honestly a little surprised that rates are down so soon, but happy to report that as a result of the low rates, mortgage applications are on the rise and people are out shopping for homes. So, if you are considering a purchase, now is the time to spring into action and seize this moment. For those of you who are already living the dream of homeownership, if your rate is higher than 4.5%, now may be the time to look into the possibility of refinancing into a lower rate.


    Your interest rate is driven by several factors, some of which are: (1) your credit score; (2) the loan program; (3) the purchase price; and (4) your closing date.

    Can you really touch a rate in the 3’s? Absolutely! But this won’t be the case for everyone.

    How long will rates be down? No one can honestly tell you the answer to that question, it’s like predicting the weather here in Virginia, maybe it will snow tomorrow, maybe it will be 80 degrees, maybe the rates will stay low and maybe they will rise, you see where I’m going; right?


    When shopping for your rate, be sure to compare, this is a big purchase and you should know that you are getting the best rate for the least cost upfront. I’m personally not a fan of paying origination or points, so be sure to compare the cost versus the savings, for example, if you buy your rate down and pay $4,000 in points and origination to get that rate but only save $45 per month, that’s a recapture of over 7 years. Since we are such a transient area, the first question you should ask yourself is, am I going to be here in 7 years and even own this home? If the answer is no, you’ve just tossed some money up in the air for someone else to grab – keep that money in your pocket and although it may be a slow growth, let it grow, save for an emergency or a vacation! I love vacations!


    Glad you asked! Now is the time to stop putting it off and get yourself prequalified! Because so many people are now taking advantage of the lower rates, we are inundated with buyers while simultaneously seeing a limited number of properties available for sale. Getting prequalified and having all your proverbial ducks in a row so that when you find your home is critical, because someone else may want the same home and be ready and if you’re not, they will get YOUR home and we don’t want that, do we?

    We at America’s Choice Mortgage would be honored to assist you with all of your financing needs. To prequalify, you can visit our website below, go to the APPLY NOW tab and complete the full 1003/application. We will then pull credit and work your application up to get you prequalified. Once we have you prequalified, you will ready to write that contract on your new home. When you do find your home, we will put together a closing worksheet, price the rate and provide a lender letter to accompany your contract. Then you will have an idea of what to expect with regards to your payment, what we will need for closing and your seller will know you are serious and ready to buy!

    Together it will be our goal to help make your dream of homeownership a reality!

    If you have questions, we are just a phone call, email or text away!

    We look forward to being a part of your journey and thank you for allowing us the opportunity to be of service!


    Sandra M. Grimes
    NMLS 283428
    America’s Choice Mortgage Company, LLC
    NMLS 1160641
    540-720-2916 (office)
    540-538-5023 (cell)

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