Mortgages & Homes -- Best time to buy is now !!!!!!

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Mortgage and Lending with Social Media - Infinity Home Mortgage Company, Inc

positive housing market

 

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.

 

 

 

interest rate cycles
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. 

 

 

 

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For more information on FHA loans, please go to this link. The FHA Expert You can also go to this group : The FHA Mortgage Group

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Copyright © 2008  by Jeff Belonger

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Copyright © 2011 by Jeff Belonger of Infinity Home Mortgage Company, Inc

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Topic:
Lending / Financial
Location:
New Jersey Camden County Cherry Hill
Tags:
real estate
interest rates
mortgages
first time home buyers
buyers market
less than perfect credit
realtors
fha mortgages

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Rainmaker
497,848
Philip Turner
MCCUE MORTGAGE COMPANY - New London, CT
Mortgage Banker Since 1980
People must be listening to you.  It is getting busy with the majority of the business coming from first time home buyers.  It will be a good 2008 if this pace continues.
Jan 19, 2008 12:23 PM #1
Rainer
47,435
Benny mckee
Greenway Financial - Gainesville, VA
I couldn't agree more....
Jan 19, 2008 12:24 PM #2
Rainmaker
816,116
Lanre-"THE REAL ESTATE FARMER" Folayan
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES
Jeff -Everybody always listen to you which is a great thing. I have to re-implement my business plan for 2008 so that I can get more business. Great post.
Jan 19, 2008 12:25 PM #3
Ambassador
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Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

PHILIP.....  I have seen a lot more activity lately. But I am still hearing about so many on the fence and it's because they think things will go lower.

BENNY..... well, that's a good start.  Thanks

LANRE........  well, thank you for the polite compliment and kind words. I wouldn't say everyone, but seriously, thanks. So, why do you have to re-implement your 2008 business plan?

 

Jan 19, 2008 12:34 PM #4
Rainmaker
523,900
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTOR®, Broker, Salesperson, NV. Lic BS.507
Jeff, Great information!   I have so many buyers who want to keep waiting for the prices to go down!
Jan 19, 2008 01:06 PM #5
Rainmaker
337,519
Thesa Chambers
Fred Real Estate Group - Bend, OR
Principal Broker - Licensed in Oregon
you mean ditech really does charge closing costs? prices, rates and all that great stuff - makes a difference - but in reality - it comes down to this - IT IS A GREAT TIME TO BUY!!!
Jan 19, 2008 03:49 PM #6
Rainer
274,613
Adam Waldman
Westcott Group Real Estate Company - Hauppauge, NY
Realtor - Long Island
JEFF - I wrote a similar post this week as a localism piece to Long Islanders.  I think that people have come to expect mortgage rates to remain low, but the fact of the matter is that even an uptick of a half a point could cost someone a lot of money per month, which is how most people gauge affordability.
Jan 19, 2008 08:02 PM #7
Rainer
18,743
Jacqueline Dyson
Dyson's Mobile Notary Service - Sacramento, CA
So far this month, I have closed 6 purchases for an individual broker. Yes, all were first time homebuyers. The market is wide open for this class.
Jan 20, 2008 04:09 AM #8
Ambassador
750,130
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

 

ROBERTA....  thanks for the compliment.  Waiting for prices to go down is ludicrous. Sure, each market is different and some prices need to come down to meet the mediam income per se. But with rates being almost a whole percent lower, this can offset a home that is $50,000 more. If that house came down in $50,000 in value, but rates went up in 3 months to a 1/2% more...  it's almost the same thing. Which I am working on another blog in regards to this.  thanks

THESA......... lol  ha ha... even if they charge that flat fee of $395, their rate won't be as competitive, depending on the points they charge. It's just smoke and mirrors. Di Tech by the way is owned by GMAC...  A lot of fluff that is advertised from time to time. Bottom line, yes, it is a great time to buy.

ADAM......    I need to go read that post. Don't hesitate to leave a link to it in any of my posts next time, thanks. And I agree in regards to those that typically gage their payment with rates and such. But some get all to comfortable from time to time and this can definitely hurt them.

JACQUELINE..... That's very good for an individual, extremely good. I think the market is wide open. The problem though is fear...fear of a possible recession, fear of job stability, etc etc...  but there should always be fear because of the unknown. But if you are in a good position and certain about buying, get off the fence now.  thanks

 

Jan 20, 2008 05:21 AM #9
Rainer
7,901
Marc DeSantis
Countrywide Home Loans - Happy Valley, OR
Jeff, I agree.  I wrote a recent blog "Interest Rates Falling" that hits on your sentiments.  It's a buyers market and people need to get off the fence.
Jan 20, 2008 05:23 AM #10
Rainer
4,582
Jim McGrath
Roseland, NJ

Jeff,

I just closed on a house at the Jersey Shore on Monday.  Got a great price, didn't have to mess around with the purchase price much and obviously got a solid rate.  People who wait to hit the bottom usually miss out when buying or selling.  The person I bought this home from had an offer $75,000 (20% more) higher than mine they turned down 10 months ago and haven't gotten another offer since.

Your post is right on.

Jan 20, 2008 06:01 AM #11
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