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Understanding Today’s Interest Rates

Man and loan officer talking at the fence in front of a newly built home

Obtaining financing for major purchases like a home, land or home construction can be intimidating, especially when it comes to interest rates. We understand.

Interest rates fluctuate based on a variety of factors, one of which is the supply and demand of money. When there is a lot of money available but not enough people who want to borrow, interest rates tend to go down. Economic growth, inflation the actions of the Federal Reserve, and other factors can also influence interest rates. When inflation is high, or the economy is growing quickly, interest rates tend to go up.

If you’re looking to borrow money to purchase land, a home or build your dream home, higher rates mean that you may pay a bit more in interest until refinancing becomes possible or you’re eligible to convert to a lower rate. However, there are also benefits associated with higher interest rates.

For example, higher interest rates can mean that your savings or investment accounts will earn more interest, providing a higher return on your money. Additionally, higher interest rates can help keep inflation in check, which can benefit the overall economy.

Our team of experts can help you navigate the current interest rate environment, make informed decisions about your financing needs and answer your questions about financing and interest rates. We offer a variety of loan options with flexible terms and competitive interest rates so that you can find the right fit for your unique situation. Our team can help you explore your options and find the financing solution that best fits your needs.

Contact us today to explore your options or get your application under way.

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