#1. YES, YES, YES! Mortgage brokers, mortgage bankers and local banks are still making loans everyday for the purchase of homes. ONLY the following scenarios have gotten very restrictive:
· Investment Properties
· Buying a new house before selling your current house
· Credit Scores below 580
If you don’t fall into one of the categories above, the chances are good that you will qualify for a mortgage with little to no money down and a very low fixed rate!
#2. RATES ARE LOW! The Fannie and Freddie Bail-Out has created a very low interest rate window for homebuyers in today’s market! Because mortgage rates for most loans are driven by the sell of bonds guaranteed by Fannie and Freddie, the government take-over of these huge corporations is good for rates! They are backed by the U.S. Government now which makes their bonds almost zero risk… this has driven fixed rates lower!
Current 30 Year fixed rates are as low as 5.857%!!
This is NOT a rate quote and getting a accurate one is more important than ever…
#3. DEMAND A VALID RATE QUOTE! In order to quote an accurate interest rate in today’s ever changing mortgage world, a lender needs to know Property Type, Loan Size, Credit Score, Loan Purpose and Loan to Value Ratio. Without this information the rate you have been quoted is probably wrong! To obtain a complimentary rate quote and pre-approval call today!
This is one of seven posts to help educate buyers in the current market about the reasons they should be buying NOW!
Olan Carder contributes articles to Homesfortmill.com on a regular basis. He works in the Charlotte NC metro market which includes Fort Mill, Tega Cay, Lake Wylie SC,
Olan has recently started his own mortgage blog. If you are looking for more mortgage tips and information, check out his new blog at http://charlottemortgageonline.com/.Olan Carder Myers Park Mortgage Direct: 980-721-7478 firstname.lastname@example.org www.mycharlottelender.com