Tuesday, May 30, 2006

Options to Rising Rates

Think interest rates have gotten too high and you'll have to wait to buy? Berfore you send another check to your landlord, consider these options. Many of the best mortgage deals become available when lenders are competing for new business and the buyer pool is much smaller. In addition, you may be able to pull a motivated seller off his price by enough to make paying the higher interest rate palatable. Another approach that might work is to ask the seller to pay points to buy down the loan rate. You can even request that the seller pays your closing costs, saving your cash for other things. With the help of a Realtor experienced in negoitiating, you may be able to get the home you want at a price that makes sense, despite those rising rates!

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