Treats, Not Tricks Await Those Who Act!
Last chance, last dance, last call. All sayings conjure up images but one thing remains constant. Miss the opportunity and it's gone. Home loan rates recently hit all-time lows, and if you don't act now, you could miss your chance to save thousands of dollars over the life of your loan!
According to Freddie Mac, interest rates recently dropped to all-time lows in some categories, and within a hair of all-time lows in others. We will likely never see rates at these levels again. If you missed the chance to refinance earlier this year, you just got a do-over. Don't miss out a second time!
Why Act Now?
While the reasons to act now are numerous, here are just a few.
No one, not even George Washington, had a chance to borrow money at these rates...but you do!
The Federal Reserve implemented a mortgage-backed securities buying program to artificially lower rates, and that program is nearing its end. The originally scheduled end date was December 31, 2009. While this deadline has been extended the amount of purchases remains the same, which means the level of participation will wane, decreasing by half as much. Rates will be forced to levels seen before the program started, likely near 6.50% and in short order.
Inflation, while currently contained, is likely to show its ugly head as all the stimulus from Washington continues to pour into the system. The end result will be increasing inflation pressure across the board, which will cause all interest rates to rise.
Don't Miss the Boat Here
Sydney Smith, an English clergyman from the 1800's once said, "Regret for the things we did can be tempered with time; it is regret for the things we did not do that is inconsolable."
It is likely that interest rates at these levels will never be seen again in our lifetime. Take advantage of them today while you still can so you'll never have to look back and say, "I wish I had...." If you took advantage of this opportunity earlier this year, congratulations! If not, call me so we can discuss your situation.
Likewise, if you know someone else who can benefit, be it a family member, friend, or co-worker, please have them call me or let me know who they are and I will reach out to them. This could be the greatest gift you could offer someone this year.
I look forward to speaking with you soon, but if not, I hope you have a Happy Halloween!
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