Don't Wait Too Long to Take Advantage ofTthe Lowest Mortgage Rates in 40 Years!

By
Real Estate Agent with Kenna Real Estate Company

Are you waiting for the mortgage interest rates to go even lower before you buy?  Trying not to miss the very best rate?  A word of caution.  Don't wait too long. 

Interest rates could start to rise before too long.  Chances are we could start to see some inflation as we head towards summer.  Gas will probably go up and our governments efforts to help the banking and automobile industry and that huge stimulus could start to take effect.  If inflation starts to creep up, rates will go up.  When rates go up, they seem to rise faster than they went down. 

So, my suggestion is to get that loan working now and lock in your rate.  Make sure the lock in time is long enough to allow for longer loan processing time than normal.  Because of the volume lenders are seeing at present, backlogs could become common with many of them.   Your loan may take much longer to process than you plan and you could be sitting around watching your lock expire. 

Rates are at the lowest they have been in 40 years.  Take advantage of them, but don't waste time.  They may not last.  Wating and trying to get the very lowest possible rate could cost you.  They could start back-up and your procrastination could have cost you money. 

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Topic:
Lending / Financial
Tags:
mortgages
mortgage loans
lowest mortgage rates
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Rainmaker
278,337
Dom Naidoo
Westside Properties - Venice, CA
Malibu to the Marina Real Estate

Barbara, I have been advising my clients of the same precautions. Interest rates will rise as we get closer to Summer, that's for sure. All the best.

Feb 14, 2009 12:52 PM #1
Anonymous
Barbara Salisbury

Dominic

Yes, I think some people are being too greedy and waiting for an even lower rate, which, even though it could save them just a little bit, may actually cost them more. 

Keep giving your good advise. 

 

Feb 15, 2009 04:09 AM #2
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Rainer
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Barbara Salisbury

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