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Interest Rates
Less is more
If you're new to investing or real estate and don't
know the first thing about interest rates, here's a good tip: the higher the interest rate, the more expensive
it's going to be. High interest rates mean you will have to pay back more on the money you borrow. Another good
rule of thumb is that affordability increases if you use an adjustable rate mortgage (it's easier to qualify this
way). Of course, there will be a wide range of prices that you can choose from, depending on what kind of financing
you choose..
Not even the Fed knows for sure
The Fed holds a considerable amount of power, but they can't control everything. Mortgage interest rates are affected
by many unpredictable political, economic and social events. So there is no guarantee what direction interest rates
will go, despite the forecasts of the experts. Therefore, make your financial decision based on where things are
today including your budget, your needs and your future plans.
Locking in rates assures your lowest interest
If you do decide you want to lock in at a certain interest rate, you will need to complete a loan application and
send it to your lender as soon as possible. This must be done so that your commitment doesn't run out before your
loan is approved. Follow up and be sure that the lender is receiving all of the necessary documentation. Get a
property appraisal, which usually costs about $300, through your loan agent as soon as possible.
Don't obsess and miss a good real estate deal
Although rising interest rates can create more problems for home buyers, waiting and hoping for low rates is not
necessarily a smart move. You may end up paying a higher price. Also, refinancing is always an option in the event
that interest rates come down.
Visit again soon! I have more information that you will need!
Thomas Blanchard, Broker Owner
1st Realty Group
702-456-7376
Real Estate Reports
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REO Asset Services was specifically started to serve
the Las Vegas Foreclosures Real Estate needs of Banks and Financial Institutions in the disposition of their Bank
Owned foreclosed homes. So if your looking for a Las Vegas Foreclosure or Bank Owned Foreclosed Home, REO, VA or
HUD Repos, we are the Company for you. After all we are:
"Your Las Vegas Real Estate Connection!"
We also handle the marketing and purchasing for most
difficult or specialized Real Estate transactions: Properties in Default - Pre-Foreclosure - Bankruptcy - Divorce
- Probate
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