Interest Rates Remain Steady for Homebuyers

End Unit Townhouse Loch Raven
Creative Commons License photo credit: webuyhouses

When it comes to looking for a home, there’s more than just price and location to consider. Those are certainly important, but you also have to take a look at HOA fees, interest rates, and other factors. Fortunately for people who are interested in buying real estate right now, interest rates are remaining steady. There was past speculation that they were going to rise, but the economy has not yet recovered enough to allow that to safely happen. While unfortunate news for the economy as a whole, it’s great news for people who want to buy a new home, or for investors looking to make a purchase. If you fall into one of those groups, make sure to check around and see what kinds of rates you can get.

Even though the interest rates as a whole are under five percent, there are exceptions based on credit ratings and other issues. In addition, some banks look at a buyer differently than other banks, so you don’t want to assume that you’ll be given the same offer no matter what bank you talk with. If you don’t check around, you could end up paying too much because you didn’t spend the time to see if there were better lenders out there for your specific situation. That’s particularly true of people who are investing, instead of buying a primary residence.

They generally have to meet specific requirements that are a bit different from people who are only buying a home to live in, but every bank is different. Talk to several lenders so you can find the right one for your specific situation. Even if you don’t qualify at a particular lender, there will be others where you might. That’s especially true if you have a decent down payment, so don’t give up on buying now and getting a great interest rate.