If you haven’t been paying attention to your credit card interest rate, you better go check it now, especially if you are in the market to buy a home.
If you carry a balance on your credit card each month and the interest rate goes up, well so does your payment.
You may see your payment jump just a little a think “no big deal”, but did you check your interest rate, your % that
they charge you each month to carry that balance? Well you should pay attention because those numbers go up,
that means LESS Home buying power for you.
That rate may have just jumped 5% higher! Yes, it can happen and it did!
In less than 30 days one credit card company has raised its rate by 5%!
Why? One reason is because they can, but mainly,
The Federal Reserve has raised rates and that also typically causes the Prime rate to go up which is what your credit card interest rate maybe based on.
The prime rate, as reported by The Wall Street Journal’s bank survey, is among the most widely used benchmark in setting home equity lines of credit and credit card rates. It is in turn based on the federal funds rate, which is set by the Federal Reserve.
The prime rate is the underlying index for most credit cards, home equity loans and lines of credit, auto loans, and personal loans.
What can you do? Don’t carry a balance, pay your credit card off every month. Call the credit card company and see
if they will consider lowering your rate.
If you are already Pre-Approved to buy a home, don’t make any money moves without consulting your lender!
Contact (702) 812-4550 to get the FACTS on what home prices are REALLY selling for in your neighborhood!
Dawn Barrier REALTOR in the Las Vegas Henderson area
Las Vegas Home Buyers Find Your Las Vegas home here on our site
and see the newest real estate listings at eXp Realty.
Las Vegas Home Buyers message me for information on How to Get Pre Approved to buy a home
Las Vegas Home Sellers, when I represent you the #1 Goal is to get your home SOLD for the MOST amount of
money in the shortest amount of time!
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