“Looking into my Crystal Ball”

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Looking into my Crystal Ball”

 

 

 

 

 

Hi Joe,

We have been house shopping for the last 3 months and getting discouraged, do we just sign a lease extension for 6 months? We are supposed to be out by the end of April.

One more question, we keep reading about a recessing that will happen in 2020, how will this affect us if we do find a home to purchase?

 

 

Truthfully, I have seen so many recessions in my lifetime, I am a bit callus to them. There are so many prognosticators out there. Most folks that make these predictions don’t have any better guess than you and me. Here is what I shared with my clients:

 

“Let’s look at the long-term view of a possible home purchase. You are currently paying $1650 a month for rent. The numbers we discussed during the pre-qualification process estimated a mortgage payment of under $2000, not a huge difference, but when you factor in the tax benefit, there was no difference.

The two of you are self-employed and fortunately you are both doing well.  You shared you don’t see anything that will slow your income. So, from what you have told me, not purchasing would not be in your best interest.

Regarding an extension on your lease, speak to your landlord and find out how soon before the end of the lease would you be required to resign. Also, ask if you can go into a month to month extension and what that would look like”.

 

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

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Topic:
Mortgage / Finance
Location:
Connecticut
Groups:
Mortgage Solutions
Connecticut Professionals
Tags:
purchasing

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Rainmaker
3,939,148
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

No one can predict but there is a faction out there that wants a crash so they can take advantage of people when they may be down!

Feb 11, 2019 04:00 AM #1
Rainer
477,905
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

While everyone has a housing expense whether you rent or buy,  buying always helps to invest your money in your own mortgage not in your landlord's mortgage

Feb 11, 2019 04:09 AM #2
Rainmaker
3,028,374
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. Sounds like a good time for them to buy. Why not? No crystal ball here either. Enjoy your day!

Feb 11, 2019 04:25 AM #3
Rainmaker
4,703,126
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good advice for all who are renting and qualify for a home loan.... they should all call you for guidance Joe Petrowsky 

Feb 11, 2019 04:29 AM #4
Rainmaker
1,053,149
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Joe Pryor - Many people are not keen on financial planning and real estate purchases.  They need the advice of someone like you to help guide them. 

Feb 11, 2019 06:32 AM #5
Rainmaker
2,714,349
James Dray
Fathom Realty AR LLC - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Joe

Patience will rule the day, we've been looking for around 6-7 months now. 

Feb 12, 2019 01:26 AM #6
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Rainmaker
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Joe Petrowsky

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