Should You Buy Now?
Facts: Interest rates on home mortgages have remained very low - the lowest in 40 years. Home values have continued to drop or are stabilizing in some markets. These are crucial timing factors for anyone considering getting into or out of real estate right now. Who can (or should) get a mortgage in these turbulent times? While many many potential home buyers are competing for lower priced homes, we are seeing many loan applicants in angst due to longer time frames . New laws are affecting how banks and brokers operate. As a result, many loans that would previously be sent to Fannie Mae or Freddie Mac (investors who hold the lion's share of loans) are now being funded under FHA, USDA or VA to take advantage of easier government loan terms. Folks with decent credit and stable income are buying or refinancing in droves. The lines at our government underwriters became very very long due to this overwhelming demand. Is this perfect timing to buy a home? Our sources on several ...