Housing Counseling not affected by rising mortgage rates
As a HUD-approved housing counseling agency, Springboard dedicates a lot of time to helping people avoid foreclosure, achieve homeownership, and make informed choices about reverse mortgages. Our housing counseling services are a key part of the nonprofit work we do for the community.
Mortgage rates have jumped recently; this followed a long period of very low rates, spurred by Federal Reserve activity in response to the ongoing mortgage crisis. Even with rates going up, they’re still low by historical standards, and we don’t expect them to impact our housing counseling services.
Typically, we might expect fewer people to be interested in homeownership if they are being charged higher interest rates for mortgages. That could affect our First-Time Homebuyer Education offerings. But the housing market continues to recover slowly, and still-low rates mean more people are working their way toward homeownership.
A vitally important form of housing counseling we offer is foreclosure prevention. One way some homeowners might keep their homes is to refinance at a lower interest rate. As interest rates rise, they might have a harder time getting refinanced at a better rate, so that strategy might go away. Anyone considering refinancing should get free, HUD-approved housing counseling soon so they can make an informed decision.
But there are many other ways to help people avoid foreclosure and keep their homes, and we know them all. Our HUD-approved housing counselors work with individual homeowners to come up with the best solution for each individual household. An overall change in mortgage interest rates won’t impact the advice and assistance our counselors provide.
Whether you want to become a homeowner, keep your home from falling into foreclosure, or find out more about reverse mortgages, we can help. Our housing counseling and education is available free of charge and on demand. Call today.
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