According to Wall Street statistics we are in a "bear market," but this couldn't be a better time for the home buyer to purchase or home owner to refinance to a lower fixed rate mortgage. Mortgage Rates are at their lowest point since 2005.
It is especially attractive to those who have a "Jumbo Loan" because Congress has passed the economic stimulus package that contained the provision raising the Conventional Loan Limit above the current $417,000 to a maximum 125% over the median home price (this is area specific around the nation). The new loan amount has been capped at $729,750 which opens the door for many people to refinance into a much lower rate. Our President will sign the bill by February 15, 2008.
Before you think you have lots of time to think about this opportunity I need to warn you that this new Conventional Loan Limit will expire on December 31, 2008. You also need to be aware that we are in a "declining market" so rather than wait to see what happens, contact your Mortgage Broker today for a consultation that will give you the necessary information and options available to you.
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