As a recent college grad and someone who is new to real-estate, I hope to get some great advice from this thread.
I *plan* on buying my first home (townhouse) in about a year. I have talked to several people who have informed that there are great programs out there for a first-time home buyer. But I have also gotten a lot of different advice on the market in general. I know it's nearly impossible to predict the market, but most have told me that prices should go down and interest rates are on the way up.
With this is mind, i was hoping to get pre-approved on a loan with a fixed APR while the rates are relatively lower when compared to the *future*. Is it even possible to get locked into a rate now? And if so, typically, is there a time-limit on how long you are approved? Someone told me, when they pre-approve you, it is typically for approx 90 days.
Any advice/ Thanks....
I *plan* on buying my first home (townhouse) in about a year. I have talked to several people who have informed that there are great programs out there for a first-time home buyer. But I have also gotten a lot of different advice on the market in general. I know it's nearly impossible to predict the market, but most have told me that prices should go down and interest rates are on the way up.
With this is mind, i was hoping to get pre-approved on a loan with a fixed APR while the rates are relatively lower when compared to the *future*. Is it even possible to get locked into a rate now? And if so, typically, is there a time-limit on how long you are approved? Someone told me, when they pre-approve you, it is typically for approx 90 days.
Any advice/ Thanks....