MAKE DECISIONS BEFORE STARTING TO HOUSE HUNT

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, January 26, 1992                   TAG: 9201270188
SECTION: NEW RIVER VALLEY ECONOMY                    PAGE: 31   EDITION: NEW RIVER VALLEY 
SOURCE: M.J. DOUGHERTY CORRESPONDENT
DATELINE:                                 LENGTH: Medium
MAKE DECISIONS BEFORE STARTING TO HOUSE HUNT
For those interested in a new - or new to them - home, it's a buyer's market. That doesn't mean caution should be thrown to the wind, however. Before making a big financial mistake, consider these important points.
If you are going to buy or build a house, start now. Interest rates probably will not go much lower. Builders and real-estate sellers will be busier when spring comes. And the increased demand could drive up the price of construction and existing houses.
Decide what you want in a house. Do you want a new house or an existing one? Where do you want that house to be - in town or in the country? This would be a good time to meet with builders to see what can be designed and home sellers to see what's already available.
If you are building, check out the licenses and other credentials of your builder and the subcontractors. A good source for this information would be the New River Valley Home Builders Association (381-0180).
If you are building or buying an existing home through a real estate agent or company, check their licensing and credentials. Agents should be licensed. For information about local real-estate sellers, contact the New River Valley Association of Realtors (953-0040).
Determine your financing. Bank and financial institutions generally offer two types of loans: fixed-rate and flexible-rate. Thirty-year fixed-rate loans are around 8 percent, their lowest in about two decades. Fifteen-year rates are even lower. Some flexible-rate loans are substantially lower than fixed-rate mortgages, but they could increase and be more costly over the long run.
Additionally, federal and state programs offer lower fixed-loan rates to qualified buyers. For more information about those programs, contact either the local association of Realtors or the Wytheville office of the Virginia Housing Development Authority (800-447-5145).

by Archana Subramaniam by CNB