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5% on a 30 Year Fixed Mortgage? Here's the Bailout You've Been Waiting for.

By
Real Estate Agent with Atlanta Communities Real Estate Brokerage GREC #208281

I received an email alert from my preferred lender  telling me that 30year fixed rate mortgages were down to 5%.  I figured that it had to be a mistake.  I called him this morning and told him I wanted to refinance if the rate was still available.

I had a first mortgage at 5.75% and a home equity line that adjusted every month according to the prime rate.  Right now the rate is low but I just don't have a good feeling about rates staying low. 

So I thought that now was a great time to save money and get everything combined into one larger fixed rate loan.  I'm also pulling $15,000 out to pay for a new roof.  By doing this, I'll be saving around $90/month, have a new roof, and be locked into a low 5% rate for 30 years.  What a deal!

This might be the bailout that you've been waiting for.  5% is a crazy rate for a 30 year loan.  This is one of those opportunities that you'll look back at and wonder why they were lending money at such low rates. 

I used Craig Bland in in Atlanta.  In five minutes I was locked in.  All I need to do is fax him last year's tax return and last month's bank statement and we'll be ready to close in 10 days.  It doesn't get easier than that. 

Posted by

 

 

About the Author:  Tim Maitski has been a full time Realtor since 1999. He has sold several hundreds of homes in areas around metro Atlanta.  Tim started with RE/MAX Greater Atlanta and is now with Atlanta Communities Real Estate Brokerage.

 

Along with blogging on ActiveRain, he provides one of the best real estate websites in Atlanta at www.HomeAtlanta.com .

 

His proprietary  "Maitski Line Reports" chart out the absorption rates over the past 14 years in 37 different market areas.  Know when it's a good time to buy or a good time to sell.    

 

His online Property Tax Calculator allows you to compare property taxes in many counties and cities around the Atlanta area.  He provides the Atlanta MLS Power Search Tool that allows searches of homes using over 35 specific criteria.

 

Over the years, Tim has optimized his business so that he now can offer a huge 50% commission rebate to his buyers.  The more experience one gets, the easier the job becomes.

 

Tim also has a "Five Days to Sold" System that uses an intensive marketing blitz to create a showing frenzy that creates urgency and offers.

 

Tim is always looking to LinkIn with anyone who is interested in building their social network.

 

View Tim Maitski ●Atlanta Realtor●'s profile on LinkedIn

Ernie & Barb Suto
Century 21 Preferred Realty - Pompton Lakes, NJ

I'll be on the phone Friday morning when the bank opens up .......hope I can get the same deal!  Thanks.

Nov 26, 2008 01:21 PM
Angelia Garcia
Pure Realtors - Dallas, TX

Hi Tim,

what a good ending to my day.  Everyone lets get the good news out.

Nov 26, 2008 01:24 PM
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Tim,... when did you get an e-mail alert from your lender?  Just curious...  pricing spiked mid afternoon of close to a half point...  and it all comes down to what the 5% cost you in points or fees. Not knocking this post or your rate. I am just a numbers and stats guy... people will read this and think that it's zero points.

Overall, you did get a great rate overall, especially since you pulled money out. I would have said if you didn't pull money out, and depending on your loan amount and the costs to have done this, that it might not have been truly beneficial for your.  It would also come down to your home equity line rate and the balance of that. 

Happy Thanksgiving...

jeff belonger

Nov 26, 2008 01:38 PM
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

Jeff,

It was with 1.125% origination fee

Nov 29, 2008 07:58 AM
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

Great, I will check back often. I really like the blog. I am new at blogging but I am beginning to learn quite a bit from reading blogs like the ones I find on Active Rain. If I can ever be of help just let me know.  

                                                                 Thanks, Terry

                                                                  Of "Now What?"

Dec 04, 2008 01:53 AM