The biggest response to the financial crisis in our country has been to cut or force down interest rates. The Federal Reserve has worked in conjunction with the big banks and the other arms of the government to ensure that we did not tumble into a financial abyss. They have determined that their participation in the market is no longer needed to avoid this outcome.
Whether or not you believe the economy is on its way to some letter shaped recovery (V, U, L and W) have all been kicked around the financial press, the fact is that the support that has been given the market is coming to an end. What’s that mean to you, the person who owns or is thinking of buying a home?
It means act now! Secure your financial future by taking advantage of the propped up market.
If you are a buyer, you can use a seller funded buydown wrapped into your offer to get the interest rate on your 30 year fixed rate mortgage under 4.5%. If you are a seller, you can use the same strategy to stand out from the competition and become the home that actually stands out and sells! Do this by being hundreds of dollars cheaper per month than similarly price homes your immediate area.
If you own a home already, the best chance you have to take advantage is to cut your term. In fact. Too often, when rates are low, people who sell mortgages are more interested in the commission they will earn and offer you the best rate on a new 30 year fixed. This often spurs people to action for $1000 per year in payment savings. However, running the numbers and moving to a 20 year loan, and perhaps even paying slightly more per month can help you win in the long run. You could save over $100,000 depending on the size of your mortgage.
Let us run the numbers for you and help you get done ten years early.
