Looking to buy Real Estate in Carmel or Pebble Beach?
The average price of homes in Carmel for Q4 of 2011 was $1.2 million. Pebble Beach homes averaged $1.9M during the same time period and with interest rates are at their lowest in decades, this is enticing buyers into the market. Most buyers need to apply for a loan. Banks and mortgage lenders adjust their rates based on perceptions of risk, so unless the borrower can show they’re a low-risk individual, the borrower is unlikely to qualify for a rate that matches those seen in recent advertisements and headlines.
The rates quoted are averages drawn from a variety of financial institutions, and lenders use varied approaches to set them. Potential buyers of homes in Carmel and Pebble Beach who want to try for the lowest rates available need to consider basic factors, such as credit score, points, property type, down payment, and length of the loan.
If you are looking to buy Carmel Real Estate you should have a FICO score of 740 or higher, which puts you in the best place for pricing. The lowest rates usually are decreased by paying a fee called a point, or 1 percent of the loan amount. You may buy points in order to get the best rates at many banks. This might make sense depending on the your financial situation and how long you expect to stay in the home. Certain property types like condominiums and duplexes will often have a higher interest rate but most buyers of Carmel and Pebble Beach Real Estate are not in this property category. You also may be charged more if you are not planning to live in the home. If you can put down at least 25 percent you are more likely to obtain the best interest rates. If you have more cash for a down payment then this can also affect the rate since the equity in the property is higher, so don’t forget to ask what is available.
At Sotheby’s International Realty, Inc. we have a long history of exceeding the expectations of the world’s most discerning buyers. When combined with Princeton Capital’s expertise and comprehensive product offerings, the benefits we offer are unparalleled.
Princeton Capital acts as both a mortgage banker and mortgage broker, providing the company with the flexibility to tailor their services to each client’s needs. Whether the objective is a fast approval or the most competitive rate, Princeton Capital is qualified to meet it. As a mortgage banker, the company controls the loan process from start to finish. As a mortgage broker, Princeton Capital has the ability to supplement in-house product offerings with loan products from another 75 national and regional lenders if a client’s needs require it. Contact us at Homes in Carmel to get more information.