You can always count on Mike in Tucson for a great post, enhanced with an amazing photo or graphic. Here's some really good advice from Mike for consumers (and a good reminder for buyer-agents) about waiting to buy (or not). Advice that's worth repeating. Read on...
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.
- We're within half a percent of that number right now.
- If someone like Secretary Paulson can't get it right (Banks' `Catatonic Fear' Means U.S. Consumers Get No Relief From TARP Plan ) what on earth makes you think that Joe Financial Advisor or Jane CPA has the ear of God?
I believe that we're in the eye of a worldwide financial storm. If you live in Florida or the east coast, you really understand the metaphor. Maybe you're thinking that the storm is over.
A mentor who lived through the holocaust in Europe used to tell me "There are possibilities in life, and there are probabilities. Possibilities are endless. Probabilities are a much narrower set of numbers. Act on the basis of probabilities.
I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Think of me as your Tucson mortgage expert.
Call me if I can help you with a mortgage to buy your next house: (520) 349-9090
- VA Loans: 100% purchase loans for active or honorably discharged veterans
- FHA Rehab loans for fixer uppers: up to $35,000 on top of the purchase price
- Kiddy Condo loans instead of shelling out big bucks for your student's housing
- Conforming conventional loans
- USDA Rural Home Loans, including purchase loans for Manufactured Homes.
Copyright 2006-12. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
________________________________________________________________________________________
Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
FREE home search online (No registration required)
FREE home search APP for your iPhone/iPad (demo)
Check my references on Zillow
Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Margaret,
Thanks for re-blogging! I'm not seeing any cheaper money in this market since I wrote this, but there certainly are some purchase deals just waiting for the right buyer.
Mike in Tucson
I would have to agree Margaret. Rates may never reach that level and the difference in payment is not worth the risk. If you get a no points not closing loan you can always go back a refi later if the rates drop as well.
Exactly, Bill! I'm doing my own little version of Mike's post (with full credit to him, of course) for tomorrow's post on Focus On Crofton.
Mike - I found your post on Jeff's Mortgage Week in Review and the title really grabbed me. Great way to add sizzle to the age-old plea of "buy now."
Great point! People waiting may in fact miss the boat! I refi'd at 5.5% - yeah I could have waiting till it his 5% - but it wasn't worth the risk to me. I am savings money and have a great fixed rate for 30 years.
Hi Margaret,
Today's money is at a good rate, maybe not this good, but coupled with housing prices current rates make an excellent opportunity for buyers.
I want 4% money!!!! I want 4% money!!!
Great graphic Mike, and Margaret leave it to you to get the good advise out! Everyone around me is getting sick of hearing me rant that we are in the best home buying market especially for 1st time home buyers!!! Here in Raleigh the prices, inventory, mortgage rates and available money all point to BUY BUY BUY!!! Thankfully we're seeing more and more buyers coming forward. They will be the winners.
AMEN!! This is such a timely post. I'm so glad you re-blogged this one. ~GBU~
Margaret, that was great! I just know that we will all hear those words "I waited too long and now prices are up and interest rates are too high." Some folks just wait and wait and wait thinking that all this will go on forever.
AS if 4.5% was high...they have NO idea!!
Margaret / Mike, thanks for posting. I keep waiting on 4.5 for re-finance, but it doesn't seem to be happening. You two are smart cookies!
I failed to mention that the way I found this post was in Jeff Belonger's Mortgage Month in Review, so we all owe him a huge thank you as well as Mike. Some people just have a way of putting "sizzle" into any message, don't thiey?