ADD THESE ALL TOGETHER.
WHAT DO YOU GET?
LOST tax credits + RISING Home Prices + RISING Interest Rates
ANSWER: VERY SAD HOME BUYERS AND HOME OWNERS!
This morning's market reports were up ... down ... up ... down ... all over the place. If you have been paying attention and following these reports and media accounts, you already know that predictions are ... rates are climbing and predicted to continue to do so.
If you are in need of cold hard facts regarding the financial loss you will suffer should you wait too long for better rates ... talk to a lender today! These numbers will hit you right between the eyes like a hammer. Waiting can be extremely costly and painful to your piggy bank.
Still Need Proof? Have a lender work the numbers for you. See what a small increase in rate will cost you in dollars over the life of your loan. You will be floored. The numbers are staggering.
Now, I totally understand that committing to a home ... to a loan ... is a big undertaking. I understand that you want and need the mortgage terms that are most advantageous for your financial scenario. But if the experts are correct ... rates are predicted to rise.
I also understand (if you have started the process) that complying with the many requests you are receiving for documentation, information, and application can be somewhat overwhelming. But dragging your feet or complaining about the requests will not change the requirements to get your loan closed. Lending Underwriters will still demand the same things no matter how long you wait. You only end up potentially hurting yourself with the delays.
If you haven't contacted a lender, do so now. Get the facts. Start the process soon. Today's reality is that loans are not processed and closed in the same amount of time as in the past. It takes longer. It also requires more work from and cooperation between all parties.
Especially if you are hoping to take advantage of the extended tax credit for first-time home buyers or new tax credit for "move up" buyers, time is of the essence. Starting the process now will help insure that your closing will occur within the required time frame to receive the benefits. This is even more true if you are interested in buying a "challenged" home such as a Short Sale or Foreclosure. (For additional information on the new tax credits, see this helpful IRS video: http://www.youtube.com/watch?v=GkzB03uuGlg)
The key to savings and the success of your new home search and lending is communication between all parties involved, especially your mortgage banker. Find and work with someone you know is a professional, knowledgeable, and trustworthy. Develop the rapport and communication with them that is pivotal to your success.
ATTENTION! ATTENTION! DO IT NOW!