Interest Rate Changes And Your Santa Clarita Home Buying Power
I know there’s a lot of push in just about everything, to “buy now,” but, when it comes to Santa Clarita real estate, it’s high stakes. When the interest rate changes, it really affects your home buying power. If you’re on the fence as to whether you should buy a Santa Clarita home now, or wait, you need to really consider where rates have been, where they are at now, and come to a conclusion after doing some research, where they might be headed.
Interest rates have icnreased from their lows of 2012/2013. They’re still really attractive now, however. But did you know that when the rate increases by 1%, such as going from 4% to 5%, that could affect your home buying power by 10%?
Check out the Ask Robert SCV TV episode below where I chat with you about the pwoer the interest rate has over how much home you can afford. No one wants to go from benig able to afford a $400,000 house, to all of a sudden being approved for $360,000 due to an increase in the rates. It could mean the difference between getting a larger detached single family home, and a condo, for some of you.
Buying now isn’t the answer if you’re not ready. You need to have approvable credit, and some sort of down payment saved up sufficient for existing loan programs. Not yet approved for a loan to buy a Santa Clarita home? ASK Robert! I can refer you to several great lenders who service the Santa Clarita Valley. After being approved updated on the costs of buying a home, you can rest assure that you’ll have a road map to success, when it comes to buying Santa Clarita real estate.
If you plan on renting for some time to come, or staying with family, whichever that it is…. keep an eye on the interest rates. Make sure you’re not getting priced out of the type of home you need (ie. House —-> condo).
When you’re ready, you can call me @ 661-373-2374. Until then, keep tabs on blog posts and ARSCVTV episodes here at the site. Don’t let these prices and rates get away from you! There’s still time to get in on some great buying opportunities in 2014.