Interest Rates are Low for Cedar Rapids First Time Home Buyers

Interest rates for a 30 year Fixed Rate Mortgage have averaged 5.375% this past week.  Check your local lenders for more information, but if you are contemplating buying a home for the first time, interest rates are at historic lows and guess what?  They might even go lower and here's why!

The economy, as we all know is lousy right now, and economic indicators point to a definite recession; starting as early as last December.  So, lending institutions are back on their feet and have to spark new activity in the housing industry.  Hence, the low interest rates and a high probability that they will go even lower.  What a great time to buy a house and literally save hundreds of dollars each month on your mortgage!

Don't wait!  This is a perfect time to buy.  So, what do I do Mr. Smith?  I'm a first time home buyer and Cedar Rapids real estate is on my mind.  Here are the basic steps to get started:

1. Call me now!  My number is 319-329-5988 or email me at christopher.smith.realtor@gmail.com.  I will put you in touch with a local, preferred lender in town that will help you qualify for your low interest rate mortgage loan.
2. You will need the last two years of W-2's, your last two paystubs (each of you), and your social security numbers.  Your lender will run the numbers and come up with a FICO score.  Based on that score you will qualify for a certain dollar amount.  Just because your qualified for a $150,000 home, it doesn't mean you can afford it.  You have to look at your budget.  I've got budget worksheets as well as the lenders I work with.  We'll make sure you can afford the house within it's specific price range.
3. We go shopping!  This is the fun part.  I will send you homes within your price range and specific search criteria.  You will say yea or nay.  Those you say yea to, you will do "drive-bys" in the neighborhoods to acclimate yourself to each specific neighborhood.  After all, you are going to live in this neighborhood and you want to feel comfortable. 
4. After you've driven by these neighborhoods, you come up with a short list of between 5-10 homes.  We set up personal showings for you and view these homes on your time. 
5. Use the 7 or 8 out of 10 rule.  If you find a home with 7 or 8 out of the 10 features you are looking for in a home, it's a keeper!
6. Then you and your spouse think about it, weigh the pros and cons, and we set up 2nd showings.  After 2nd showings we generally are ready at this time to write an offer on the house.  That's where I come in.  I can save you thousands of dollars just by negotiating on your behalf. 
7. Upon accepted offer, we generally close and receive possession of your house within 30 days.
8. You are the proud owner of your new home!  Congratulations!

Call or email me as soon as possible to get started.

Christopher Smith

Traditions Real Estate Systems

www.christophersmithrealtor.com

christopher.smith.realtor@gmail.com

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Licensed Realtor in the state of Iowa

"Success in real estate at the SERVICE of others"

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