December 30th, 2010 10:15 AM by Eric Fang
I got lots of emails from the new home buyersrecently, even though at this slow holiday season.
For new home buyers, please read the following three links:
1)Everything about the Home Purchase Process & Loans. 2)The closing Cost. 3)The Loan Process.
Some general ideas about the RE market in 2011.1)The value will not go up. It may go down another5% to 10% in some areas.
2)Higher Rate is "your friend" for the purchases.On average, 1% higher interest rate will have the price 10% lower to get the similar monthly payment.
3)Slow holiday season is almost over, I saw someearly birds post more listings these days.
4)Focus more on the contract, not the rates.It's easy to save $5000 on the purchase price,and very hard to save $5000 on the interests.And if you lock higher rates on purchase, youcan still refi later with lower rates.
5)The closing cost will be different for different cities, different contracts etc.
6)My website rates are usually for 400k(forconforming) refinance. The rate for purchaseis case by case. That's why I asked a lot ofquestions as well.
Good luck for your purchases and get a good dealin the year of 2011.