The market is cooling its heels after a brisk run in the past months. The inventory is there and the sellers are beating each other by lowering their asking price. Some sellers are desperate as they have another closing approaching for them. The mortgage rates are still low. Yes, under the current scenario I believe it is the right time to buy for a buyer with good credit, good job, and good down payment.So, what you need to know to reap the benefit of fallen market?
The foremost is maintaining your credit score. If you are really planning to buy a home, hold on to your car loan or any other consumer goods loan. This loan will immediately lower your affordability and put you in jeopardy of home purchase.
- The next is to go for pre-approval. Though pre-approvals don't mean much, but it does one thing and that is hold on interest rate. Rest all is conditional on this and that condition. So make sure you lock into a rate. The benefit of pre-approval is that if the interest falls you get lower interest and if it goes higher, you are still at a lower rate. Sound good? Speak to your mortgage consultant and don't shy away.
- The pre-approval does another great thing. It tells you your affordability. Stick to that and you won't get into trouble.
- Some sellers will settle for less if you can close early. See if it is possible for you.
Call me to discuss your home purchase today. I can be reached 24/7/365 at 416-232-9000 or you can drop me a line at paulsellsfaster@yahoo.com. You are encouraged to visit www.quicksellnbuy.com for many tools like mortgage calculation, affordabilty calculators and many new listings.
Happy Home buying!
Disclaimer: The information is provided as a research and information help. Please use your best discretion when buying real estate. Though it is deemed to be reliable, no warranty of any kind is implied.
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