With housing prices down, and mortgage rates remaining at historic lows (the 30-year fixed Conventional loan rate is currently at or under 5%), now is the time to pull the trigger on the deal, and get into that house that you have been looking to buy.
New costs and fees, higher mortgage insurance costs, government-mandated changes to the commission structure for loan originators, and tighter underwriting and downpayment requirements will work conspire to cause rates to increase in the coming months.
With those factors in mind, homebuyers and their Realtors should ramp up the efforts to get into the housing market and capitalize on the current situation. Of course, it is always wise for home shoppers to consult with their mortgage broker to get pre-qualified for a loan in advance of making an offer. With a pre-approval in hand, buyers can have the confidence to submit strong offers on potential properties, and sellers can have the peace-of-mind, knowing that the buyer has the capacity to close the transaction.
Anyone requiring information regarding their financing options, or who needs a referral to a trustworthy and dedicated Realtor should contact me at 888/627-2002
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