Did You Know Your Choice Of Community Will Impact Your Mortgage Heres How Did You Know Your Choice

Dated: September 26 2017

Views: 65

Did You Know: Your Choice of Community Will Impact Your Mortgage – Here’s How

Did You Know: Your Choice of Community Will Impact Your Mortgage – Here's HowIf you are in the market for a new home, you’ve probably begun the process of choosing the neighborhood or community in which you want to live. The perfect spot to call home will depend on your age, the size and composition of your family, your working life and other factors. However, one thing you may not know is that the community you choose to live in can also impact your mortgage. In today’s post, we’ll explore how the local area in which you live can affect your mortgage financing and interest rate.

Lender Pricing Varies By State

As you might imagine, the mortgage market is subject to a variety of legal rules and regulations. These laws vary from state-to-state, which means that they affect mortgages differently depending on where you live. All lenders have slight differences in their pricing depending on where you’re going to live.

Also, if you are looking to buy in a rural area which isn’t close to a major city, that can affect your mortgage as well. Some lenders might not service rural areas in your state, so you won’t be able to access their mortgage products. Price is another factor that can change your mortgage. If you are buying a home in a popular or luxurious community, that will drive the price up.

Is The Local Market Hot Or Cold?

Don’t forget that the pace of the local housing market may impact your mortgage as well. For example, if fewer new homes are being built or added to the local inventory, you may find that scarcity is causing prices to increase. Conversely, if no new homes are being built because there is no demand, prices are likely to be trending downward. 

In closing, it is important to remember that the community you choose to live in is one where you could find yourself situated for decades. Your mortgage interest rate should be less of a concern than ensuring you have access to great amenities, quality schools, and a safe environment. To learn more about mortgage costs in your community of choice, contact our professional team and we’d be happy to help.

For more info visit: http://www.bondstreetmortgage.com

Blog author image

Jessica Rojas

Jessica Rojas is an extremely dedicated and committed real estate agent who has been working in the Real Estate field since 1997. She became a licensed real estate agent in 2009 as a sales associate ....

Want to Advertise on this Site?

Latest Blog Posts

June Is National Homeownership Month Heres An Interesting Take On It

Are you aware that June is National Homeownership month? Probably not. Because you’re too busy working to afford the home you live in, whether you rent it or own it. Why should

Read More

5 Features Home Buyers Are Most Likely To Fight About

When you’re shopping for a property, you probably have a list of must-have features for your dream home. But when you’re shopping for a home with your partner, your list of must

Read More

How Buyers Sellers Can Prepare For An Early Start To The Spring Market

Is January the new April? When it comes to the real estate market, experts say yes. Regardless of whether that famous groundhog sees his shadow, a recent article on CNBC suggests

Read More

9 Unexpected Thoughts That Go Through Your Head After Submitting An Offer On A House

Buying a home is a rite of passage, and there are people who go through the process multiple times throughout their lifetimes. Even if you have a great agent, it can be a stressful process.

Read More