Rates have gone from under 5% within the past couple of weeks to over 5% (for those with good credit scores). When rates are in the 4s, buyers want that rate. They don't lock it in and then they ask for it when the rate is no longer available. Then they say, "I should have...". It's understandable to want the lowest rate, possible. It sounds so simple but timing is the key to getting the rate you want. You must lock your rate in on the day that the rate is available or you risk losing it forever.
Of course, you must have a property under contract to lock the rate in. That's why it's best to start looking now and find that property. Gee, anywhere in the 5s is low, low, low! Compare it to rates of 12 to 18% in the 80s. Can you even imagine how much payments would be on that type of rate?
Another reason to start looking now is that you may be entitled to a tax credit. A first time buyer can get up to $8,000 and a current homeowner, if you have lived in your home for 5 or more years, currently and concurrently can get up to $6,500.
For more details, see my previous blog @ http://is.gd/6k5Lr
Questions? Call or email me any time.
Alyse Sands
615-668-9940
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