Mortgages: What You Need to Know in 2009
Mortgage rates are at historic lows and may be poised to go even lower next year. It's a great time to buy a home—if you can With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income.
Click here to read the entire story on Businessweek.com's website.
It's not all doom and gloom in 2009!
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Erica Ramus is Broker/Owner of Realty Executives in Pottsville, PA.
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Thanks for posting the link to the article. I must have missed it when I glanced through the magazine. But, it is good news and the comments are particularly relevant. In our market, I saw BOA advertising a 6.8% fixed 30-year loan and our preferred lenders were offering 5.25% at the same time so it definitely is worthwhile to interview more than one lender. However, I am still of the opinion that the rate is only one component. I still remind our customers that they should also consider lender fees, product knowledge, and customer service when they select their lender.