Wondering if now is the time to buy? With interest rates falling, the answer is "yes." The rates offer a good incentive to buy your Blanchard home.
Last week there were reports of interest rates dropping as low as 3.875%. Most rates are hovering between 4.25% and 4.500% for 20 year loans for borrowers who have a good credit history.
Looking for a shorter loan so your home is paid off quicker is a great idea if you can pay a little more per month. A 15 year loan can be had between 3.625% and 3.875%. Remember however, those with commendable credit records will receive these lower rates.
The best thing to do when you see a fantastic rate is to be sure to call your lender, and lock in the rate as soon as possible. Many buyers start their home search early, and find a few homes that will suit them so they can prequalify ahead of time, and when they find a low rate they can jump on it.
There are no guarantees that rates are going to stay at record lows. At some point , the economy will turn around, and people will be kicking themselves for not buying a home when they had the chance.
It is possible, however, with the economic downturn, that the Federal Reserve will keep rates competitive for quite some time.
To plan your strategy for getting the best rate, start by finding a knowledgeable loan originator who knows the ups and downs of the ever changing mortgage market, will study the underwriting guidelines, and is some one you know who will get the job done.
Haven't found a home yet? Of 147 homes for sale in Blanchard, there are currently 91 three bedroom homes available with prices at $200,000 or less! You can find one of these great homes throughout the area including in neighborhoods such as Oakley, Fox Run, Millridge Farms, and Country Creek.
I want to help you find your home, so you can lock into one of these low rates now. Please call me at (405) 366-1111 or check out my website at www.OkHomesNow.com, and start searching for that perfect home in Blanchard, as well as Moore, Norman, Edmund, and Oklahoma City.