Undertstand the Impact of Interest Rates on Your Cost to Purchase

Roughly, for every 1% increase in your home loan rate, your buying power decreases  by 10% in home price. For example if you qualify to purchase a home for $600K today and you wait to purchase when your rate increases by 1%, you then qualify for a home of only $540K at that time. That is a big difference in the type of house you will ultimately purchase. Make sure to think about rates along with market trends specific to a particular house before you buy. Most realtors do not provide this information, so call me to make sure you have all the information  you need. Also, for more proprietary and detailed analysis about the supply and demand factors that should impact what you are willing to pay in any Fairfield County town, please call me (203-570-2096).

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