Home purchasing, existing or new homes, now is the time to buy. If you are a seller needing to sell, why wait, take that offer now, before home values go down in some areas. If you are buyer, you don't always need money to buy, that's if you have a great mortgage professional working for you. If anything, as long as you are in the market and sure of yourself, don't just look for the best deal. Home values have been coming down for a year now. Don't think by waiting another month, that you will get a better deal.
For the most part, it's a buyers market. Home values are down 10 to 15% in many areas. Rates are down a full 3/4% in the last 6 months. Overall, if you are on the fence, the time is now. Again, you need to work with a great mortgage professional that will break it all down for you and not just give you what you think you need or want.
I have heard buyers say to their realtors that they will wait for prices to come down or rates to come down even more. To me, that means that you aren't a serious buyer then. If you are serious, that is a huge risk in my opinion of 15 years in the mortgage business. Why? Rates can change at any given notice. It is a cycle that many don't understand. Hence why you need to speak to a mortgage professional.
When shopping for a lender, don't be fooled by promises, gimmicks, or things that sound to good to be true. Because the market is slow for so many lenders, I am seeing more promises that are being broken. It doesn't matter if you have perfect credit or less than perfect credit. But I do see those with less than perfect credit being taken advantage of. In many cases, they are misled, told that they can get a mortgage, and then it falls through. Again, you need to speak to a mortgage professional. One who will take the time to educate you and understand your goals.
Conclusion : Please look for my blog in a few days in regards to red flags that you should be aware of from realtors and loan officers. Not everyone will be fair with you upfront. I just spoke to another client tonight that told me that they were approved for a mortgage by a loan officer 3 weeks ago. They not only didn't know what their rate was, but were never given a good faith estimate. And this was even from a large lender, Wells Fargo. People, big doesn't necessarily mean best. Keep in mind, you are dealing with a person, a loan officer or realtor. Don't get lost in the limelight just because you are dealing with a big name. Interview the person and not the company also.
Lastly, make sure that your lender can offer FHA mortgages. With the guidelines changing in the last month for conventional loans, if you have a credit score of less than 680, you might be paying more on the conventional loan than you would with the FHA loan. Again, seek the advice or a mortgage professional and not just a sales person and/or order taker.
For more information on how you can obtain your dream home, please click here : Mortgage Financing Options
Copyright © 2008 by Jeff Belonger