Mortgages: What You Need to Know in 2009
Mortgage rates are at historic lows and may be poised to go even lower next year. It's a great time to buy a home—if you can With all the doom and gloom over housing, you might be surprised to know that this is a fantastic time to get a mortgage. Not if you have poor credit, to be sure. But you can get a great deal on a 30-year, fixed-rate, conforming loan these days if you have a solid FICO score, a manageable debt burden, and proof positive of a reliable income.
Click here to read the entire story on Businessweek.com's website.
It's not all doom and gloom in 2009!
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Erica Ramus is Broker/Owner of Realty Executives in Pottsville, PA.
If you're looking for a PROFESSIONAL to represent you in all of your Schuylkill County real estate needs, call Realty Executives at 570-622-6006.
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Thanks for posting the link to the article. I must have missed it when I glanced through the magazine. But, it is good news and the comments are particularly relevant. In our market, I saw BOA advertising a 6.8% fixed 30-year loan and our preferred lenders were offering 5.25% at the same time so it definitely is worthwhile to interview more than one lender. However, I am still of the opinion that the rate is only one component. I still remind our customers that they should also consider lender fees, product knowledge, and customer service when they select their lender.
Erica - THat's what I am predicting too - that rates would be lower than what we have today. Hence, I'm holding off on refinancing my own mortgage.
My phone is ringing again. I think everyone is happy to have the holidays behind them.....way behind preferably!!!
HI Erica, this is a great time to get a mortgage the rates are lower than they have been in years, the selection of available properties is also better than it has been in years. Good credit could mean finding the buy of a lifetime, a home with all the features you ever wanted and some you didn't think you could afford. Have a Great 2009 Erica!
This is the news we need to get out to buyers! NOW IS A GREAT TIME to buy. No more doom and gloom!
I beleive refinancing will have ripple effect and will improve the overall economy and i am confidant this year will be a better year than 2008