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Recommended Expertise
"Thanks so much for your expertise in helping us close our short sale of our
property in Torrance last week. You were constantly in touch with our buyers
agent and B of A during the time it took to obtain the banks approval and final
closing of our sale. Without this constant attention on your part the process
would have been much more difficult than it turned out to be. Your knowledge of
the banks Equator online short sale system made the process much easier for all
of us. Thanks again for all your help. We would not hesitate to recommend you to
anyone doing a real estate transaction."
David & Carole ShaverCampbell, Calif.
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Financing Your Home >When Interest Rates Rise
Many people fall out of the home buying market when interest rates start to go up. This is often a mistake. Many of the best mortgages deals become available when lenders are competing for new business and sellers are competing within a smaller buyer pool. You just have to know how to keep the costs down in order to counter the higher interest rates.
One of the best tricks is the buy-down. In a buy-down, a fee is paid at the closing to get a lower interest rate. In a soft market, an anxious seller may be lured into to paying all or part of the buy-down. Another approach is to get the seller to pay some of closing costs, thus lowering the amount of cash a buyer needs to close. Frequently the seller's costs can be used as a write-off by the buyer. Always consult with your tax advisor if you are considering such an arrangement.
If the market is softening due to rising or higher rates, the price itself becomes an area where a buyer may be able to save a lot of money on a house through skillful negotiating. Lower prices mean lower loan amounts, so don't be discouraged by higher rates--use them to your advantage.
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| Q |
Which metropolitan area in America currently offers the most affordable market in which to buy new homes?
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| A |
The housing market in Youngstown, Warren and Boardman, Ohio is currently the most affordable metro area in the U.S. |
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