How to Buy a House Quickly before Prices and Interest Rates Rise Again
Since mortgage rates have already doubled from 3 percent to 6 percent in the past year alone, many homebuyers are currently under pressure to close on a home quickly out of concern that they would go further higher, increasing the cost of financing a property.
However, purchasing a home can be excruciatingly sluggish, punctuated with bursts of perplexingly frenzied activity. Look at a million houses before you decide you've found one is how it goes. Get your bid in as soon as possible, and then wait. Send the underwriter a million letters, then wait. And let's not even begin to discuss wrapping up. Ellie Mae estimates that it takes 50 days to close a loan, though it frequently takes longer.
But there are instances when you can't afford to wait, and a homebuyer can be pressed for time for various reasons, including rising interest rates and exorbitant housing prices. You can be migrating from another state and require housing right away. Maybe your present home sold much more quickly than you anticipated, and the sale will fall through if you don't find a new home.
Whatever the reason, real estate transactions can go rapidly if you need speed. However, you need a good deal of planning and luck. Before starting your shopping spree, consider the following.
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