interest rates: What does a 1% change in Mortgage Rates do to your Purchasing Power?
- 10/03/10 10:47 AM
When a buyer gets pre-approved one question I always ask is how much of a payment can they afford? Not how much we will approve you for, as that may be a different number. The affordability of a payment is made up between the loan amount, interest rate, down payment, taxes, and insurance. In the current market we have rates that are running along the all time low levels. Along with these all time low rates we have depressed housing prices, which are the lowest most of us have seen in our career. Couple these two and you have an AMAZING … (2 comments)
When a buyer gets pre-approved one question I always ask is how much of a payment can they afford? Not how much we will approve you for, as that may be a different number. 
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