Today I chatted with my colleague Lynn Rose from Citizens Bank and she gave me some great knowledge that I want to share with you all about mortgages and financing your home.

Katriona: Today I'm here with Lynn Rose from Citizens Bank and today I want to talk about a question that I get asked all the time which is, "Is it still a good time to buy?" I'm sure you get asked that question. Is it still a good time to finance? So how do you answer that question?

Lynn: I think it's always a good time to buy and always a good time to finance, .With every mortgage payment, you're paying both principal and interest. I think a lot of people don't realize that you're paying interest to the bank, but you're also paying a portion of that as principal which is essentially putting money from one pocket to the other and building equity in your home.

Katriona: So what do you say to people who are concerned about interest rates and where they are and where they might be?

Lynn: I think a lot of people aren't thinking about the big picture. There's a saying in our industry that "you marry the home and you date the rate." The rates move up and down. Everyone believes that while rates are higher, they're going to come down at some point in the near future and you'll have the opportunity to refinance.

Katriona: Of course everyone's circumstances are different and the most important underpin of this conversation is to have that conversation so you can talk about creative ways in which to help them.

Lynn: Exactly. There's a lot of creative ways to talk about your situation and to figure out a way for it to work for you so that you can purchase the home and you can feel comfortable with the monthly mortgage payments.