In September we looked at the subject of interest rates and wondered how low they could drop. The paper says the overnight rate for banks has fallen to 0.02 percent. Sometimes a job offer elsewhere requires a family to move. The problem is that families may want to quickly buy in their new community, but initially only have one income where there used to be two. The result is that their ability to borrow is substantially reduced.
Lenders regard such situations on a case by case basis.
If possible, it's best to have jobs for each income earner lined up before moving. If that's not possible, speak with lenders regarding the evidence they will require to support a loan application before a second job is obtained. Weekly Resource More and more local assessment offices are placing property records online. Peter G. Miller, the publisher of Realty Times, is the author of six real estate books, the original creator and host of America Online's Real Estate Center, and a regular columnist with The Real Estate Professional. Written by Peter Miller Click here for a printer-friendly version of this article.