While falling values are not good indicators for sellers, they're great news for buyers, lifting affordability to historically high levels. With the lowest interest rates we've seen in forty years, now is an opportune time to lock in a rate on a fixed loan. Rates are incredible right now, but show signs of rising, and waiting too long could negatively affect your ability to secure the home of your dreams.
In addition to rising interest rates, the fees on loan applications may also start increasing. This is because lenders have reassessed their risk to reward ratios in light of all the recent loan defaults. Around the corner, we might expect higher mortgage insurance premiums and closing costs, not to mention tougher and tougher terms for qualification.
With interest rates and loan fees still at very affordable levels, now is the time to make your move and secure your financial stability through home ownership. Homeowners see appreciation over the long term and soon discover they're built themselves quite a nice "nest egg." And besides that, they've chosen a wonderful place to call "home."
Don't let all the negative stories about real estate blind you to the many positive factors for buyers in today's market. Don't miss out on this opportunity to secure your future.
If you know somebody who is having trouble making their house payment, have them call the Kathy Henne Team. Kathy has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed training in foreclosure avoidance and short sales. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
