Interest Rates Increasing in 2018

Real Estate

Have you heard the news?  Interest rates are rising and are expected to rise at least three more times in 2018.  What does this mean for you if you are intending to buy or build a house?  What does this mean if you are a seller?

The higher the interest rate goes, the higher your monthly payment.  I don't know about you, but sometimes we get approved for more than what we know we can spend on housing in a month given our other monthly expenses.  So, the higher the interest rate equals a higher monthly payment and means less house you can afford as a buyer.  As a seller when that happens, your buyer pool narrows so your house may stay on the market longer.

If buying, we really need to get you started as soon as possible in working with a lender.  There may be items on your credit report that are not yours (happens more than you think) and need to be removed.  There may be a few tweaks you need to make to your debt to income ratio or to get your credit score raised quickly to qualify for certain loan programs. 

We have MANY good lenders in town.  If you need recommendations, I will be happy to give you a short list.  From time to time, they have different incentive programs to help with down payments/closing costs, etc.  GOOD lenders will NEVER say no without giving you specific steps to take to get to a yes.  

Let me know what I can do to help you sooner rather than later.  Time is of the essence!

 

 

 

 

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