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Many people fall out of the home buying market when interest rates start to go up. This is often a mistake. Many of the best mortgages deals become available when lenders are competing for new business and sellers are competing within a smaller buyer pool. You just have to know how to keep the costs down in order to counter the higher interest rates.

One of the best tricks is the buy-down. In a buy-down, a fee is paid at the closing to get a lower interest rate. In a soft market, an anxious seller may be lured into to paying all or part of the buy-down. Another approach is to get the seller to pay some of closing costs, thus lowering the amount of cash a buyer needs to close. Frequently the seller's costs can be used as a write-off by the buyer. Always consult with your tax advisor if you are considering such an arrangement.

If the market is softening due to rising or higher rates, the price itself becomes an area where a buyer may be able to save a lot of money on a house through skillful negotiating. Lower prices mean lower loan amounts, so don't be discouraged by higher rates--use them to your advantage.

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Jeff Peters
RE/MAX Associates of Lancaster
570 Lausch Lane, Suite 100
Lancaster, PA 17601
717-581-4737
Fax: 717-560-7728
jeffpeters1@NUMBER1EXPERT.com

As a life long resident of Lancaster, I have a deep knowledge of the different communities within the county. Working with new home sales and corporate relocation for over 10 years, I have been successful in finding homes for Hundreds of Families. Representing both buyers and sellers, I strive to exceed all my client and customer's expectations.

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