Maine Lakefront Property Buyers Need to Keep an Eye on Interest Rates

If you're a prospective buyer of Maine lakefront property and you have cash, you can focus entirely on the lakefront real estate market alone to determine when you think it's time to get into the market.

However, if you need to employ the use of some financing to purchase your lakefront vacation home, you not only have to watch the ups and downs of the real estate market, but of the mortgage interest market as well. Interest rates, as you know, go up and down just like the prices of lakefront property.

If you're borrowing to buy, be careful that you don't get caught waiting for the real estate market to settle while interest rates start to climb.

At the moment, interest rates are holding fairly steady and lakefront real estate prices seem to be flattening out. There's still a large inventory of lakefront properties for sale and the buyers are still in control. In fact, this may be the best opportunity for buyers of lakefront property in years.

I checked with a few lenders around and these three all came in at 5.25%, or a little less, for a 30 year fixed rate - The Lender's Network www.lendersnetwork.biz, Regency Mortgage Corp. www.regencymtg.com, and Highland Mortgage Company www.highlandmortgage.net. Those a pretty good rates.

If you can find a property you like at a fair price this may be your best opportunity to lock in a great rate, if you have to borrow.

If you're just starting your search for a Maine lakefront property, many of our customers like using our Lakefront Locator. One click and you can find your way to all the great lakefront properties in Maine.