If interest rates rise it will make financing on a home mortgage more expensive, so if you're looking to purchase a home within the next year, it might be a good idea to buy before rates go up. The Federal Reserve has indicated that it could start raising rates next year. If rates do rise it will impact both buyers and sellers. A bank will figure out how much it can loan a buyer and still expect it to be repaid. The amount you can borrow depends on how much money you make and how much the monthly payment of the mortgage will be. If interest rates rise, even slightly, they could send home prices and values lower, simply by reducing the ability of new buyers to pay for a home. So buy while the rates are so low!
Author:Margaret Laurano Phone: 201-859-6323 Dated: August 4th 2016 Views: 1,388 About Margaret: Margaret has over 30 years of experience with a background in commercial real estate which gives her...
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"For Gordon Crawford:
Gordon made my experience as a first-time home buyer as stress free as it can be. He came highly recommended, and didn't disappoint. I had dealt with a couple of agents before I met Gordon, and both were a nightmare. Moving from Hoboken, Gordon introduced me and my fiancé to the Morris County area. He spent an exceptional amount of time pointing out the local hot spots, pros/cons of neighborhoods, and overall made me feel comfortable narrowing the search. His approach to finding the right home was refreshing, if not tedious, taking us to various listings to see a single detail we may like so he could narrow the search. He often would say, "I know this isn't the right place for you, but what do you think about the yard/kitchen/bedrooms/etc?". When the listing for the home we eventually bought came up, he immediately knew we'd like it.
Gordon walked us through the inspection, negotiation, and closing process. In the rare case when he wasn't able to answer the phone, Gordon's responsiveness was excellent as well. I love the home I'm in, but if I ever need a change, I hope to have Gordon as my agent in the future."