Home Shoppers are you really Ready?
December 14th, 2008 categories: Buyer's Advice
There is a crazy amount happening in the world of the mortgage market - interest rates at all time lows. NOW is a great time to buy. It is obviously a NO BRAINER. It is a win win win win win win win win win
situation.
There have been rumors of a 4.5% 30-year fixed rate mortgage. You may need to know that this is for HOME BUYERS not refi’ers. If you are looking to refinance you will not get the 4.5% 30-yr Fixed. No Sir’y not for you.
Hope for Homeowners, investors do not seem keen to go that route and it is not available to many.
If you have heard that the Feds will be buying up $600 Billion in mortgage backed securities which which led to some lower rates. Come January, the SEC is meeting which might have a massive impact on rates – apparently for the worst.
To obtain the best rate you must be PREPARED and have a loan application in the works. Interest rates are not like it was, where it could take months to change are now occurring in just days or even hours. If you don’t prepare yourself you will miss out.
Lenders are seeing a backlog of clients build due to very low interest rates. It will obviously delay closing times to actually close loans. Picture you getting a good deal on a property and having to wait 60 – 90 days to close your loan. If you were selling your home would you wait 90 days for a buyer to get a loan?
We are at 2003 levels in home prices, which dropped like a ton of bricks. If you are planning on buying a Home, you have to get prepared and now is the time. NOW IS THE TIME.
With a first time home buyer tax credit of up to $7,500 and low money down 3 – 3.5% FHA.
NOW is a great time to buy.
