Many prospective home buyers are concerned with rising interest rates. While the Torrance interest rates in 2018 are still historically very low, the concern is justified. Higher interest rates mean reduced buying power. With every slight rise in interest rates, the monthly payment increases reducing the price of a home that a buyer can qualify for. See the chart below for an idea of how different interest rates impact monthly payment and what a buyer’s income needs to be to qualify.
[…] in the home buyer process in Torrance and the loan process for any Southern California home. Also see how a change in your rate can greatly impact how much of a home you qualify for. Here are 5 essential steps to successfully navigating the mortgage […]