The opportunity is here for first time home buyers, even in this down turn economy. Have we seen the bottom of home prices, good question, I would consider that to be million dollar question, which deserve a million dollar answer. Most experts say yes with an equal number of them sayings "No." Either way the deals of a lifetime are here. Rates are holding pretty steady, even with the economy in bad shape, you really can’t complain. Today’s rates are holding at 6.09% for a 30 year fixed conventional loan, 5.77% for a 15 year fix, 6.02% for a 5/1 ARM. The 5/1 ARM is adjustable after 5 years, the first 5 years are a fixed rate, I recommend if you are choose a program like this, start researching refinance rates on the 4th year (“Think Ahead”). The benefits of buying now are pretty simple; homes are a lot cheaper now, qualify for a FHA home loan with a minimum credit score of 580 and it’s the perfect time to purchase that investment property you always wanted for your investment portfolio.
When choosing a mortgage program, choose the one which is right for you, have your loan consultant or broker explain the differences, among the many programs that are out there. A good loan consultant always asks a lot of questions from their clients, such questions as; how long are you planning to be in your home? Is this an investment property or primary property? How much down payment will be used? Often the normal down payment is 10% on a primary property and varies 15 to 20% for an investment property. However these are examples of what a loan consultant should be asking; without gathering these important facts, it could cause serious consequences in the long term. With that said, stay away from promises, if it’s sounds to good to be true, then remember you as the consumer need to start your due diligence process in researching the facts. It’s nearly impossible to quote or promise a rate to a potential borrower, without the pre-qualification process in place. Remember this purchase will be yours for at least 10-20 years of your life; make sure you protect yourself, if you do not know! then don’t sign.
For futher tips or information please email to mmcommercialdeals@gmail.com or michael.mosely@alltrustrealestate.com
http://www.foxbusiness.com/story/markets/senate-passes-b-bailout/
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