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Is It Time To Purchase a New Home?

By
Mortgage and Lending

Deciding whether to move is no easy task. There are many financial and emotional factors to consider prior to taking that next step. However, once the decision has been made, the benefits soon become apparent.

According to the best-selling author of Remodel or Move*, Dan Fritschen, there are several reasons why people choose to move. Perhaps the size of their family has grown and their existing home has become a little too cozy. As children mature, being close to good schools becomes much more important. Job changes can also lead to a desire to move, especially when a commute increases dramatically.

In addition, there are idiosyncrasies that are unique to a particular home and its neighborhood. Is the floor plan in the existing home desirable? While remodeling can help to correct certain issues a homeowner may encounter, a bad floor plan can be insurmountable. Is the yard big enough to accommodate the family pets and a garden? Neighborhoods also vary widely. If a person prefers a neighborhood where the residents are social and kids are out playing during the day, then they would not be happy in a subdivision that is quiet and reserved.

While moving into a new home is no small task, the benefits of finding the right one are well worth the effort.

* Remodel or Move is available in local bookstores and through Amazon.com. Visit www.remodelormove.com to learn more!

Mortgage Interest Rates*
Rates as of Friday, 27th March, 2009:
  Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
30-Yr. fixed 4.750% 4.879% $5.22 5.625% 5.716% $5.76
15-Yr. fixed 4.625% 4.849% $7.71 5.000% 5.151% $7.91
7-Yr. fixed ARM 5.125% 5.257% $5.44 5.125% 5.213% $5.44
5-Yr. fixed ARM 4.750% 4.879% $5.22 4.875% 4.962% $5.29
3-Yr. fixed ARM 4.750% 4.879% $5.22 4.875% 4.962% $5.29
5-Yr. Interest Only 5.000% 5.131% $4.17 5.125% 5.213% $4.27
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Superior Home Mortgage Corp. licensed in DE, FL, GA: Georgia Residential Mortgage Licensee #14511, MD, MI, NY: Licensed Mortgage Banker - NY State Banking Department, NC, PA, SC, VA: Virginia State Corporation Commission License # MLB-566, & DC. Superior Mortgage Corp. licensed in CT, MA: Mortgage Lender License # MC3208, NJ: Licensed Mortgage Banker - NJ Department of Banking, RI: Rhode Island Licensed Lender & Broker, & TN. SHM Mortgage Licensed by the New Hampshire Banking Department

Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Karl,

Surely we have found a bottom on interest rates? Once the market starts back up the rates will probable already be going back up.

Mar 27, 2009 08:38 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Karl: great information theat needs to get "out there" right now! Thans for the tip on the book. I wil suggest it to clients

Mar 27, 2009 11:37 PM
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Mike - Looking at how the government appears to be planning to buy mortgage-backed securities, I'm hopefully we'll see rates stay fairly flat for quite some time.  Of course, you never know what tomorrow really will bring.

Mar 28, 2009 01:13 AM
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Janice - As always, I'm glad to help.  Thanks for being such a regular reader.

Mar 28, 2009 01:21 AM
Jay Williams
Greenville, NC - Greenville, NC
Mortgage Loan Officer - Getting You The Right Loan

Karl, I agree with you in that I think we will be in the same range for interest rates, hopefully for the rst of the year. The government wants everyone who can to refinance. Once that is accomplished and the Treasury backs off the MBS market we will see them pop back up.

Jay

Mar 28, 2009 08:27 AM
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Jay - Getting people to refinance is good for business for me, but getting people to buy homes is what we need to help turn around the market.  Some people are already getting off the fence.  Now we need the rest to follow.

Mar 29, 2009 05:45 AM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Karl: just wanted to let you know that I have re-blogged your piece on this - great information.

Mar 30, 2009 12:12 AM
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Thanks Janice.  I appreciate the additional exposure.

Apr 02, 2009 04:31 AM