Posted By Ron Siegel
Click Image for related Articles
The simple answer is… Probably Not?
The truth about interest rates is really the same as the truth about any of the markets. Regardless of what anybody tells you, it is nearly impossible to time a market perfectly. If you Get the Lowest Interest Rate Possible, I submit it is probably more about luck than anything else. Further, you will not know you have the lowest rate possible until rates go up and the opportunity presented today will have passed you by.
If you are a homeowner already, you are in the best position to take advantage of these historic low rates, as long as you act quickly, before the markets change. Today, according to Freddie Mac, interest rates are as low as they have been since 1930’s. Do you think they are more likely to go down or up?
When will the markets change? No one can give you an honest answer to that question. Last week we had some good and some poor auctions on the Mortgage Backed Securities (MBS), which is the underlying security used to set rates.
If you are shopping for a home, since the interest rate is the largest component of your payment, unless you are a cash buyer, you should do whatever makes sense to get into contract as soon as possible.
So the real question becomes: What do You Do?
I may be a little biased, but my answer is simple… Engage a Mortgage Professional to assess your situation just as you would a CPA, Financial Advisor or Attorney. If / when the situation makes sense for you and your family, and meets your long and short term goals, you will then be in place to take advantage of the situation.
Where do you find a Mortgage Professional? Personally, I would never go to your local brick and mortar bank. If you walk into the bank on the corner, they have one line of products to sell, theirs. I suggest you speak with one of our other professional advisors or friends and get a referral. In the State of California, we would be happy to adopt your current mortgage and provide you regular updates; you just need to contact us.
As always, your comments and inputs are encouraged below. If you are more comfortable, feel free to connect by phone, email or on FaceBook.
Click Image for Consultation AppointmentsArticles and information other readers found interesting:FSBO a No Go! The LOW DOWN on low down payments Mortgage Rates: Impact of the Credit Rating Downgrade Special Fannie Mae HomePath Buyer Incentive The Impact of a Government Shutdown on Mortgages A Reverse Mortgage Provides TAX FREE CASH Purchase a Home for $2M, Borrow $1.5M, 3.54% AND Close in 14 Days? Real Estate Radio Show Archive Video Introduction to Ron SiegelClick Image Radio Show Archives
Ron Siegel is a Radio Show host on the Real Estate Radio Network and counsels clients in all matters Real Estate Related – Mortgage Banking, Real Estate Purchases and Sales, Short Sales, Foreclosures, Credit Repair. Reach on Ron Siegel at Ron@MBEhoa.com – 800.306.1990 – www.MBEhoa.com.
{ 2 trackbacks }
{ 0 comments… add one now }