Page 10 March 9, 2017 EL SEGUNDO HERALD Follow Us on Twitter @heraldpub What You Should Know About Rising Interest Rates (BPT) - Homeowners planning to refinance and buyers searching for a home may have an idea of what’s in store for them with regards to interest rates, but they never really know until they lock in a rate. This is in part because rates can change direction fast, and when they rise-as they have been recently-it can cost borrowers a great deal of money and time. The Effect of Rising Interest Rates on Your Home Purchase Today, the median existing home price in the United States is around $235,000, and the average mortgage interest rate is near 4 percent. If you were to buy a home at that price, an interest rate increase of half a percent would cost you an additional $70 per month on your loan payment. And that assumes you’ll put the standard 20 percent down in advance. A more dramatic rate increase-say from 4 percent to 6 percent, even over time, would increase your monthly payment by almost $300. Home Price Gains For homebuyers, it’s not just rising interest rates that can increase your payment, but so can home price appreciation. In fact, in most markets, housing prices have increased past highs previously set before the financial crisis in 2007/2008. For example, in citing this recovery, the Federal Housing Finance Agency recently increased the maximum loan amount for mortgages that meet Fannie Mae and Freddie Mac guidelines for the first time in more than a decade. The new conforming loan limits increased only slightly, to $424,100 in most parts of the country. This will enable home buyers in higher-cost areas to access larger home loan amounts and more affordable loan products, in line with local housing prices. The Home Buying Season may Start Early this Year Spring/summer is traditionally the busiest home buying time of the year as many sellers wait to list their homes after the cold winter weather is over and to coincide with the summer school break. However, with both home prices and interest rates on the rise, more buyers are expected to enter the home buying market earlier this year, making for a more competitive home buying season. Potential buyers will need to be aggressive to find the home they want at a rate they can afford. Starting Your Loan Search Today If you’re in the market but haven’t found the home of your dreams yet, there are tools available to guard against increasing mortgage rates. Lenders like loanDepot help customers save by giving them the opportunity to lock a quoted rate and hold (lock in) that rate for 45 to 60 days, protecting them from potential fluctuations in the market. And with rates rising, now is a great time to lock your loan at a more favorable interest rate. If you do choose to lock your loan, you’ll need to provide an appraisal deposit which can COMING SOON! Hollyglen Home. 3 bedroom 2 baths. 2100 sqft. Great floorplan! Playa del Rey Condo 2 bedroom 2 bath. Pacific Club End Unit in a great location. Eastside Home El Segundo 3 bedroom 2 bath. 1600+ sq. ft. 6500 sq. ft. lot. Coming Later in 2017 Beautiful Executive Home on a wonderful lot. DRE # 00946399 John Skulick 310-350-4240 TeamSkulick@gmail.com DRE # 01064179 Rose VanHook 310-350-5920 RoseVanHook7@gmail.com Call for Details range from $450 to $750. This is not a fee, and is returned when working with loanDepot if there is no appraisal performed on a home. Navigating your options can seem confusing at first, but a loanDepot licensed lending officer can help. You can learn more by visiting loandepot.com or by calling (888) 983-3240 today for more information. • Townhouse For Sale by Owner 1341 E Grand Ave, Unit D, El Segundo OPEN SUNDAY 2-4PM Grand Tropez Townhouse 3 bedrooms, 2.5 baths $765,000 Contact: Henry 310-686-8079 gina hoffman quote for the week “If you can dream it, you can do it.” - Walt Disney gina hoffman 310. 864. 5347 ginahoffmanrealtor@gmail.com BRE No. 01905428 COMING SOON! MIDCENTURY MODERN 425 W. Oak Ave. El Segundo By De Bilt Homes 5 Bed/5.5 Bath. 4,000 sq. ft. 8,100 sq. ft. lot. Call Gina Hoffman For More Information OPEN HOUSE IN EL SEGUNDO • Sun 2-4pm 716 W. Acacia 4/3, 2,280 sf, 5,007 sf lot, 2 car garage $1,395,000 Bill Ruane RE/MAX Estate Properties 310-877-2374 • Sun 2-4pm 13912 Truro Ave. 5/4, 3,227 sf, RV-sized garage $925,000 Bill Ruane RE/MAX Estate Properties 310-877-2374 • Sun 2-4pm 815 Penn St. 2/2, upgraded, private patio, close to schools $879,000 Bill Ruane RE/MAX Estate Properties 310-877-2374 • Sun 2-4pm 1341 E Grand Ave. #D 3/2.5, Grand Tropez townhouse $765,000 Henry Khalife Owner Seller 310-686-8079 • Sun 2-4pm 900 Cedar St. #205 2/2, pool & spa, rec room, bright! $599,000 Bill Ruane RE/MAX Estate Properties 310-877-2374 OPEN HOUSE IN HAWTHORNE • Sun 2-4pm 13912 Truro Ave. 5/4, 3,227 sf, RV-sized garage $925,000 Bill Ruane RE/MAX Estate Properties 310-877-2374
Herald_030917_FNL_lorez
To see the actual publication please follow the link above