Are you interested in buying a new home this year? Well if you are seriously considering that possibility, the time to move is now. I don't want to alarm you but Interest Rates are starting to climb again. Each time the Interest Rate rises the amount money you can borrow to buy your new house goes down and the amount you will pay each month goes up. There is no crystal ball to tell us with absolute certainty when it will happen but a lot of people are predicting significantly higher Interest Rates this year.
So if you have already been prequalified you should be interested in what the current rate of interest is. I suggest you call the lender up today to see if anything has changed for you. Mortgage Interest Rates might be up or down slightly and it really can effect the target home price. Some new lending regulations have also come into effect recently and you really need to make sure that they won't effect you.
If you are interested in buying a house sometime this year and have not spoken with a lender yet I think it is in your best interest to go with a lender with local ties. It is nice to be able to sit down and talk with your mortgage representative face to face. It is also true that someone lives and works in the area you want to move to will have the contacts and knowledge of the local market and customs that will help you get things done. I would be happy to share the names of some mortgage representatives with you if you don't know where to start but it you want to buy this year you need to start now.
The time to start is today and I'd be interested in helping you
negotiate your way through the house hunting maze to the final goal.
Don't forget that Income Tax Credit too.
You will need to be in contract by April 30, 2010 if you want to qualify for that $8000.
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