Are you ready to get into the housing market this spring? If you're starting to look, this has been one of the most unprecedented times in history. In the last year, houses have flown off the market, sometimes in less than a day. It has been the perfect storm of low interest rates, limited supply, and a general population influx into the Pacific Northwest. We have been honored to help so many members purchase beautiful homes. We always look out for our members' best interests, and we have some advice if you plan on buying a home or any large purchase soon.
The Fed anticipates raising interest rates more than once this year. Although the rates continue to increase, we don't want rising rates to limit our members' opportunity to purchase a home. With our rate lock campaign, you get peace of mind when shopping. When you finish your mortgage pre-qualification for a conventional home loan at P1FCU, you are allowed to lock in your rate for 60 days while on the hunt! When you've found the one, we will check the current rate when a Purchase and Sale Agreement is submitted, and if it is lower, we will make sure that you get the lowest rate possible. There is one last check, ten days before closing, to ensure you're getting the best rate at P1FCU. There are enough obstacles to navigate the housing market; you don't need to fear rising rates.
Now that we have that rate locked and you are pre-qualified, it's time to start shopping! What are some things you're looking for in a new home? There are a few tips we want you to watch for that can drastically improve the long-term value of your home or possible home. Where is it located? Near a good school, shopping district, or in a good neighborhood? What priorities you have is one crucial question when purchasing a home. Want to learn more tips and tricks on buying homes? Check out and stay tuned to our social media and blog. You can start today by visiting p1fcu.org/mortgages or learn more about Mortgage Rate Lock Protection at p1fcu.org/lock.