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How to make a home offer, but not be locked in on interest rates before federal reserve meeting?
I (among many others) anticipate an interest rate cut at the next Federal Reserve meeting in two weeks. I'm interested in a house and want to make an offer, but I'm hesitant to do so because I don't want to be locked in before a rate cut for obvious reasons. Could I put a statement in the Real Estate contract addendum such as "Seller will accept pre-approved buyer's offer, but will not require financial arrangements until September 20,2007."? How long after a rate cut will it take for lenders to lower their rates? Advice?
Public Comments
- the rate cut is only for short term long term mortgages will have little noticeable effect. They base it more on your credit history and how much you can put down than the fed reserve.
