As with 2006, most industry observers expect mortgage rates to rise in 2007. Still, David Lereah, chief economist for the National Association of Realtors, says buyers have a window of opportunity to secure lower mortgage interest rates.
So if you’re looking to pay off that line of credit, secure a better rate with a fixed rate or adjustable loan or consolidate debt, now is as good a time as any.
Don’t get caught up playing the rate-guessing games. You might miss a great opportunity to secure a super loan or buy the home of your dreams while waiting on the sidelines for the so-called “lowest” rate to arrive.
A good rate is a good rate. And if you plan to be in a home or secure a loan for the long term, financing or refinancing with a good lender is a smart move. Inbar Cohen would agree. Believing a rapid decline in prices would diminish the equity accrued on her Tarzana home she bought for $166,000 in 1999, Cohen sold the property for just under $400,000 in August 2003, rented a house in Encino for $2,000 a month and started looking for her dream home. Four years later, Cohen is still renting.
Dixie Long, an agent with First Team Real Estate Inc. in Huntington Beach, says Southlanders waiting for the market and mortgage rates to hit rock bottom, should ask themselves: “When is that going to happen?” So if the timing is right, and you’ve seen a home you like or feel it’s time to refinance, trust your instincts and get the loan.
If you have questions about financing that dream home, HomeLoan123.com is ready to help.
Keeping you informed.
Doctor Mortgage
To ask HomeLoan123.com’s Doctor Mortgage a question, e-mail: info@homeloan123.com
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