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Refinance now or wait for the interest rates to drop to 4%??

By
Real Estate Agent with WJK Realty 0570241

 

MC ext

In these challenging economic times more people are trying to save money. If you are a homeowner one way to save is to refinance your home. You may be able to save a few hundred dollars a month by utilizing this option. Some homeowners elect to take some cash out to pay off credit card debt or school loans.

credit cards

 The interest rates have dropped all summer and are between 5-6% for most. The Fed is talking about dropping it to 4% which has not been seen since the 1960's! this could be a great thing for every homeowner... maybe not. It appears they have not decided exactly when it will drop, but they have decided it will only apply to new home purchases.

cash in hand

The plan is to motivate potential home buyers to get off the fence and buy a home now. The goal is to give our economy an uplift to help keep the economy moving forward out of our current recession. While I like the idea of more motivated buyers I think they should allow current homeowners the same benefit. It might help prevent more foreclosures. What are your thoughts on the subject, please give me some feedback.

Betina

If you are in the market for a new home and are not presently working with a Realtor, call me. I would be happy to help you through the process of buying a home. I specialize in Relocation and I have a network of experts to make the process simple and easy to navigate. I look forward to the opportunity to earn your business.

Betina
Foreman, Realtor

Keller Williams Real Estate  1801 S. Mopac, Suite 100  Austin, Texas 78746

512-771-6318  Realtor_Austin@yahoo.com   Betina@BetinaForeman.com www.BetinaForeman.com

Member: Austin Board of Realtors, Texas Association of Realtors, National Association of Realtors, ActiveRain, Trulia-Top Voices, and Zillow-Neighborhood Pros.

South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

HI Betina,,, and in the meantime, buyers are not ready to sign a new contract.,..not with a possible drop of interest to a possible 4-4.5%... SO , who got hurt with this possible news?  shame on the government.. i just posted an article about this too.  :)  great minds and all that!  :)

Dec 05, 2008 02:24 AM
Betina Foreman
WJK Realty - Austin, TX
Realtor, C.N.E., with WJK REALTY

Dear Gail,

I did not realize you did one as well. You are right great minds think alike. We just took advantage of the drop and refinanced. I only wish it was at 4% that would have been wonderful!

B

Dec 05, 2008 03:28 AM