Anchorage Real Estate Mortgage - How Waiting Can Cost You
Do not gauge your Anchorage real estate purchase on market price of the Anchorage home. Instead focus on the mortgage and current rates. "Have you talked with a lender yet?" A famous questions by most REALTOR'S, that may seem pointless, but in the end it will cost you.
Procrastination in the Anchorage real estate market is a double edged sword, but in this case waiting on Anchorage housing prices to stabilize is not a viable choice. Our market is much different than that of the lower 48 and will likely be solid for some time. Mortgage rates for an Anchorage home can swing the purchase price from accessible to out of reach in a short amount of time.
The chart above shows how the payment increases with little movement in the mortgage rate. If you look at the second chart you can see that difference more clearly. It shows that you shows you that just one point swing can change the monthly payment for your Anchorage home by $207 with a 1% increase in rate, but the affordability of the Anchorage home changes by almost $40,000. For each 0.125% increase to mortgage rates, the maximum allowable purchase price falls 1.35%
Anchorage real estate is hinged on mortgage rates, so start shopping early for a lender. The best person to ask for a referral is a REALTOR. They deal with mortgage professionals on a DAILY basis, so they know who has a reputation in the industry to provide clear concise information and get the job done.
Lonnie Logan
(907) 257-0114
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