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Interest rates for homebuyers are higher now compared to the record lows created by the government stimulus. Although these low rates were completely abnormal and a side effect to the government’s response to COVID, many of us feel like we might never be able to afford a house of our own if something doesn’t change. I’m here to tell you a little secret: The interest rate doesn’t matter. 

Yes, you read that correctly. What matters more than anything is how well a home payment lines up with your cash flow. 

When I purchased my first home, rates were at an astounding 8.33% yet this purchase was one of the best financial decisions my wife and I made together. Sure, the rates were intimidating, but making that purchase made for some pretty incredible life rewards. 

Our house helped establish our community of friends and neighbors. We were able to host pool parties, provide a comfortable place for out-of-town guests, and nurture relationships that are 15 years strong and going. 

It was at this home that my wife and I welcomed our three kids and strengthened our marriage by curating the home-space we wanted, all while figuring out how to parent. 

Financially speaking, owning our home gave us a fixed mortgage rate during a tough economy. Though our mortgage rate was high, we were still able to fit it within our budget. When the economy was uncertain, having the knowledge that our monthly mortgage was something we could afford gave us great peace of mind. 

And it was this house that helped build Stewardship to where it is today. The startup costs for Stewardship were funded by the equity of that home. Through it, I have been able to build one of the top 100 fastest-growing companies in the country

Yes, interest rates are high. But don’t let that scare you away from investing in your future and the many benefits that can come from taking the plunge into homeownership. The emphasis of your decision should be on the payment that fits comfortably in your budget. 

Markets and rates are always changing, but life only happens once. If you can fit it in your budget comfortably, now is as good a time as ever to pursue your homeownership dreams.

If you’re ready to talk about what budget works for you, schedule a time with one of our wise and loving Home Loan Advisors. We would be happy to provide you with a FREE home buying game plan.