Tackling Higher Interest Rates in 2024

The Step Up Mortgage by Acopia Home LoansUse the StepUp Mortgage from Acopia Home Loans

2022 and 2023 have seen a lot of changes in the real estate market.  We have experienced a timeframe where there were multiple offers on the same home.  Those offers were often well over asking price and with few to no contingencies.  If a buyer needed financing, often their offers were not considered if the seller received cash offers.   Fast forward to end of 2023 where homes are staying on the market longer, few or no multiple offer situations and few to no cash offers.  Buyers are once again able to make offers contingent on appraisals, home inspections and financing. 

Now let’s throw in the rapid rising of interest rates over the course of 2022 and 2023,  and we had a lot of things in the mix.   The rising interest rates was of course a big catalyst in the changes to the Nashville and Middle Tennessee real estate market.  So, with all those factors, is it a good time to purchase a home?  Absolutely!  Now is a great time to utilize a temporary buydown program that will allow you to grow into your monthly payments.  With the rising costs of home prices and interest rates this is a great opportunity to utilize this program and not loose equity growth combined with amortization principal reduction for a combined wealth strategy that you do not want to miss out on over the next couple of years.

A temporary 2-1 buydown option structures the loan with your monthly payments calculated at a 2% lower interest rate the first year and 1% lower interest rate the second year.   This allows you to grow into your mortgage payments.   The cost of the temporary buydown would be covered in seller paid closing costs.  Sellers are starting to offer concessions again and this would be a great way to utilize that option and have your offer structured this way. 

Rhonda Holt with Acopia Home Loans would be happy to provide you with more information and details of the StepUp Mortgage© option and opportunity.  Contact Rhonda Holt if you have any questions or would like more information.

Rhonda Holt Acopia Home Loans


If you would like to start your home search, Kim Blanton is ready to assist you.  Become a Home Buyer Expert and find your dream home today!


Posted by Kim Blanton on
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