"If you have been waiting for 4% fixed rate to become available, you need a reality check. Betting on something happening that has never happened before is never a good bet."
To quote Yogi Berra "It's like Déjà vu all over again". We are once again experiencing the BEST MORTGAGE RATES that we have ever seen. That phrase has been thrown around so much that it is starting to sound like "The biggest sale of the year" or "The most dramatic rose ceremony ever" The big difference is that we know that a sale will return in a larger form and that every rose ceremony is the most dramatic rose ceremony ever. We have also discovered that I've watched the Bachelor way too much and have lost all man points that I have ever accrued.
What we do not know about interest rates is how long they will stay this low. We do not know how low they will actually go. Is this the floor for mortgage rates? (I say, definitely.....probably...maybe... who cares? It's 4.5% fixed!)
Let's talk about what it is that we do know:
We do know that rate will rise and it will be dramatic. We also know that it will be sooner rather than later (I cannot believe I typed that, of course sooner is rather than later). The fact is that rates have been artificially depressed by the Federal Government in an effort to jump start the economy. We know that this cannot last forever in order to sustain long term economic growth. Mortgage rates will rise; it is a question on WHEN, not IF.
What do you do?:
If you are a homeowner with an interest rate of 5% or higher, call your mortgage broker NOW for a FREE GOOD FAITH ESTIMATE. Find out if it will be beneficial for you to refinance. No Closing Cost refinances are also a viable option right now! How about 4.875% with no cost, it's possible today!
If you are look to buy a home, Call your realtor NOW and get to it. We currently have sellers paying all closing cost, prices up to 50% lower than the all time highs, mortgage rates as low as 4.375% fixed and a tax credit up to $8,000 for first time homebuyers. It really is the best time to buy a home.
I know that many have tried and failed to refinance for a variety of reasons. If you are among the group that tried, try again. It is possible that new programs have arrived or your mortgage consultant was not very good at what they were doing. If you have been waiting for 4% fixed rate to become available, you need a reality check. Betting on something happening that has never happened before is never a good bet. The moral of this little blog post is this: Rates really are at the lowest points we have ever seen, today could be the last day in your lifetime that these rates will be attainable. Run, do not walk! Lock in NOW!
Contact Josh Burley today to streamline your FHA mortgage
Work with a LOCAL mortgage lender that you can trust. Choice Finance has been serving the DC Metro area since 1996
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USDA, FHA , VA, Conventional and Jumbo mortgage rates
Sr. Loan Officer
Choice Finance Corp.