Experience Your Own Home Buying
"March Madness"
Ever try to guess when the best day of the week is to buy gas for the car? Ever try to predict the stock market? Second-guess Presidential primary winners? How about NCAA "March Madness" Tournament winners?
Oooooo ... all scenarios where even the most skilled, experienced professionals and statisticians struggle at making successful predictions.
I bring this up, not only because the season of "March Madness" is upon us, and guessing "winners" of any kind is currently on a lot of people's minds ... but because I'm hearing lots of questions from clients regarding the timing of locking interest rates.
And although I agree that guessing the winner of primaries, the NCAA tournament, etc., can be fun and rewarding ... and I also believe securing a great interest rate is of importance ...
I also think that:
If all the positives currently available in housing and mortgage financing aren't enough to get you off that home buying fence and in the game now ... there is most likely something else contributing to your NON-decision to buy.
If:
- The current interest rates for a 30-year fixed-rate mortgage (4% +/-) don't get you off the bench ...
- A 15-year fixed-rate mortgage (3% to 3.5% range) doesn't make you lace-up your home buying high-tops ...
- Or your not hearing the roar of the crowd cheering "ARMs!!" ... (under 3.5%), "FHA!!" (3.5% down) ... or other special financing programs attributes ...
It's time to go back to the clipboard, re-examine your game plan, and reflect intently.
Also consider this. Taking your home buying game into overtime now may cost you more money when you finally buy too.
In the last week alone ... interest rates went up a 1/4% ... and ... for the same interest rate quoted prior to that increase ... a borrower will have to pay 1 "point" (1% of their loan amount) as additional Closing Costs. (See my article regarding mortgage "points")
A 1 "point" increase in costs?? Oooooo Foul! Somebody blow the whistle!! Penalty!
Listen up if you're considering entering the home buying market. My message is a timely one. The NCAA isn't the only thing experiencing "March Madness". These are the current "stats" being found in many March 2012 housing markets and present financing terms ...
Approvable Credit
+
Stable Employment
+
Great Interest Rates
+
Fantastic Housing Prices
+
Attractive Down Payment Requirements
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A Winning and Happy Home Buyer!
Don't focus so intently on only one aspect of your mortgage financing game, that you're blinded or unintentionally "double-dribble" on another.
Find a professional and experienced big league home buying "coach" (your mortgage lender). Ask them questions, including, "If I postpone buying a home now ... how long will it take me to regain the monthly interest rate savings I will pay/lose in EXTRA "point" fees at my Closing later? What's my financial tipping point? When is it a "losing" proposition for me to wait further to buy?"
My suggestion is this. The time to prepare and enter the game is now, if you want to buy a home and your credit and finances are in good shape. This is especially true in many housing markets where they currently are returning to pre-recession good health.
Don't let the opportunity to take part in the winner's bracket slip away. Surround yourself with skilled team members. Expect to work a little at this game. Grab your gear. Sharpen your focus ... and your home buying elbows.
Do all this, and YOU will be a "March Madness" winner!
* Work with a team player with the skills and knowledge to guide you to the winner's circle in all 50 states. Contact me today. I'll put my 35 years of experience and expertise to work on your behalf.
I can be contacted at any of the following:
Direct: 815.277.4036 Cell/Text: 708.921.6331
Email: gmundt@thefederalsavingsbank.com
Website: www.genemundt.com
Skype: 630.219.1316
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