Many of us don’t think of winter as a time to buy, build or refinance a home.

Starion mortgage banking officers Jason Weber (Middleton) and Kassy Landis explain why now might be the perfect time.

“The big news in residential lending is that mortgage rates are the best they’ve been all year,” said Weber. “If you get a great construction loan rate now, you can be in your brand new house in the spring.” He explained how much the low rates can save you over time. “If you’re buying a $250,000 home with five percent as a down payment, even a difference of half a percent in mortgage rates is going to be $69 per month. Over the life of a 30-year mortgage that adds up to nearly $25,000.”

The low rates can also be a benefit to those who have recently purchased a new home. “Even if you’ve purchased a house in the last 18 months, the interest rates have continued to go down,” continued Weber. “Financially, it’s in your best interest to run the numbers and see if you can lock in a lower mortgage rate.” Of course, no one can predict how long the current rates will remain, but Weber and Landis believe it’s unlikely the rates are going to stay this low and urge customers to take advantage of this opportunity now.

Landis stresses the importance of starting the process sooner rather than later. “If you are looking at buying or building you should meet with a banker right away to get pre-approved,” she said. “Once you find a home and sign a contract, on average the financing process takes about 45-60 days from application date to closing. The sooner you meet with your banker the better!” You can also start the pre-approval process by filling out the mortgage loan application online.

Planning ahead and being proactive will help you get into your dream home sooner. Landis advises, “Keep in contact with your banker and builder or realtor. This will help make sure everyone is on the same timeline and setting realistic expectations on when you’ll be able to move into your new home!”