Contact MargaretWaiting for 4.5% Could Cost You the Buy of a Lifetime
January 28th, 2009 Categories: Real Estate Information
A title similar to this caught my eye in a recent blog post by Mike Jones, a mortgage lender in Tucson, Arizona who is known as “Mike in Tucson.” His opening sentence applies to Crofton area homebuyers, as well as those in Tucson:
It floors me when buyers tell me that on the advice of their CPA or Financial Advisor, they’re waiting for the new administration to bring down mortgage rates to 4.5% before pulling the trigger.
He points out that we’re within a half percent of that number (at least for some borrowers, based on their credit qualifications, down payment, and the type of loan they choose), and goes on to say (paraphrasing now) that no one has a crystal ball.
My advice would be to listen-up, because Mike makes a very good point. Let’s get out there and start looking at homes NOW, get a loan application in process – and maybe, if all the stars align perfectly, you’ll find the right house just as the rate does hit 4.5%.
BUT… Wouldn’t you be kicking yourself if you waited, the rate dropped, then you finally started looking at homes, and before you could find that “buy of a lifetime” the rate went up again, maybe even to 6% or more?
The truth is that interest rates can go up or down in a day, or even hours. Sitting around waiting for a lower interest rate could backfire and, indeed, cost you that “buy of a lifetime” in the Crofton area if someone else snaps it up as soon as the property comes on the market. I’ve seen that happen way too many times in my career. Don’t let it happen to you!
P.S. Thinking of refinancing? Find out about your options by contacting Chris Washburn at MetLife Home Loans (301–289-3100 X242). His email address is cwashburn@metlifehomeloans.com
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