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Jon Lamkin's advice on mortgage rates

Why is it a great time to purchase a home? 

Interest rates have come down significantly since October. Normal 30-year fixed rates over the last 10 years have been between the high threes and mid fours, and there's no reason why rates shouldn't be back in the fours again. Plus, most clients today will refinance in one to three years. As for timing, clients that buy today have less competition.

What are some smart options for obtaining the best mortgage/financing? 

Looking at adjustable rate loans (the interest rate's actually fixed for five, seven or 10 years.) Also take advantage of Guaranteed Rate’s Buy Down Programs which have very successful tools to help manage payments.

What other advice can you give when it comes to purchasing a first or even second home in today’s market? 

First thing is they must get pre-approved by a reputable company. Get referrals or call me. Then see how much on average homes are going for over the asking price. Finally, don’t nickel and dime the sellers on every issue; remember you are buying a home that someone lived in.

Jon Lamkin

Senior Vice President of Mortgage Lending

Guaranteed Rate 

1.     A loan originator for over 20 years, his communication style and attention to detail gets his clients to successful closings.

2.     Over the last five years, Jon and his accomplished team, who have a wealth of expertise and experience, have funded over $1 billion in loans and have helped over 1,936 families make their dreams of owning a home come true.

3.     For the 12th year in a row, he’s been named one of the Top 1% Mortgage Bankers in the country by Mortgage Origination Magazine.

4.      He’s also been named one of the Top 100 Originators in the country in 2021 by the Scotsman Guide, the leading provider of financial technology tools and industry news for residential and commercial mortgage originators.

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