Low Interest Rates and Lower Housing Prices. Ask What They Really Translate to For You in Dollars and Cents
My friend Gene has hit the nail on the head. We've been spoiled with low interest rates and housing prices for a while now. Although interest rates and prices aren't expected to climb dramatically in the near future, those who wait will pay a higher price; perhaps as soon as 2015. Enjoy the read!
Low Interest Rates and Lower HousingPrices.Ask What They Really Translate to For You in Dollars and Cents
There are many great things about being a Mortgage Lender. I can tell you, it sure makes you feel good when you know your efforts contributed to someone's happiness and success.
I've been working in the mortgage industry for a long time now. 36 years to be exact. And during those years I've seen alot. When I started in the business back in 1977, the interest rate for Conventional Loans was hovering in the low 6%'s. During the crazy see-saw 80's, those rates jumped up into the 18%'s.
Back when I started my career, especially in smaller towns, training to be a mortgage lender meant you learned the mortgage and banking business from the ground up. And I DO mean the ground up.
I first trained as a teller, then moved into the accounting department, then got my appraisal license. All while attending mortgage "furthering education" classes and working as a lender too. If you ask long term residents and business owners in Mokena and New Lenox, (both towns where our S&L had branches) they'll probably tell you they remember me changing light bulbs ... up on a roof checking for leaks or ice build-up ... changing letters on the company's street sign or a host of other things. Ahhhh, the good ol' days ...
During that time, I also got married, had 2 kids, coached sports teams, served as Chamber president and served on the village board. I bought/built homes, downsized, then bought again. So I've been involved in real estate from a personal angle too.
So what's this all have to do with you? How does all this relate to current credit, mortgages, and housing now?
All the ups, downs, stresses, and apprehension connected to owning a home and real estate during those years? I look back on it now and think ... wow. If I'd only had an interest rate of under 4% while expecting and raising 2 babies. If only I'd had the combination of an unbelievably low interest rate, lower housing prices, and 15 year mortgage term as a viable option when putting 2 kids through college. What a difference that could have made. To me, our family, our family's finances!
THAT is the message I sure wish I could get through to potential Home Buyers right now. Just what an unbelievable benefit these current favorable housing and financing conditions can translate into. On so many levels!
So, let me ask this. Do you EVER hope to buy a home?If your answer is yes ... if you have that goal in mind, you need to do yourself a favor right now. A huge favor. Take action. At minimum, talk to a Mortgage Lender. It will cost you nothing to talk ... to ask your questions. It's FREE.
And when you're talking to your Lender, ask them to show you exactly ... in actual dollars and cents ... what even a small increase in interest rate can mean to your future monthly mortgage payments.
Ask your Lender how many thousands of dollars a small increase can add to the cost of your loan over the life of your mortgage. How it effects what price range of home you can buy. If it effects whether you can buy .. or when you can buy. Then review the comparisons andask yourself if you can afford to wait until home prices rise, mortgage costs rise, and interest rates go up. Can you hesitate? Take no action to prepare yourself to buy?
I'm betting that after you have seen and reviewed all the facts, you will better understand the message and the urgency I try to convey here. Fail to ask questions. Fail to discover your options. Fail to take action (even if it's just addressing credit improvement or repair) and you will find yourself wishing you had not failedat some point in the future.
Low Interest Rates and Lower HousingPrices. Ask What They ReallyTranslate to For You in Dollar and Cents. Take action. Get the facts. Contact me today.
* Have questions about Buying a Home or Refinancing? Want to find out IF you can buy or what your options are? Need credit info or guidance? Contact me now! I'll put my 36+ years of mortgage experience and expertise hard to work on your behalf.
I can be easily found at any of the following:Direct:815.524.2280
Cell/Text:708.921.6331
eFax:815.524.2281 Skype:
630.219.1316
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Gene Mundt
Regional Manager - Mortgage Lender
Personal NMLS #216987
For Your FREE Mortgage Consultation!
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NMLS # 175656
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