How Interest Rates Affect Payment

Since the election, rates have started going up and it will have a direct effect on the cost of housing. There is a rule of thumb that a ½% change in interest is approximately equal to 5% change in price. As the interest rates go up, it will cost you more to live in the very same home or to…

It Isn’t Final Until It’s Funded

    Mortgage approval isn’t final until it’s funded.  Things can change prior to the loan being closed that can affect a pre-approval such as changes in the borrowers’ financial situation or possibly, factors beyond their control like interest rate changes. Good advice to buyers is to do nothing that can affect your credit report until the loan closes. Opening…

5 Signs Your Home is Overpriced

You Are Priced Higher Than Your Neighbors – when you interview agents, they should provide you with a market analysis (CMA) using data for homes sold in the previous 6 months that are similar in size and style and are within a 1 mile radius. Very often sellers want to list at a price that is higher than the market…