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IF YOU ARE QUALIFIED FOR A MORTGAGE, GO GET THAT DEAL NOW!
Posted by V.K. [Mel] Melhado P.A. on Sunday, June 7th, 2009 at 7:39pm.
With the tightned credit restrictions, it makes perfect sense that if you are pre-approved for a loan you take action now instead of waiting.
There are many reasons to act now, not the least of which rates will be rising, even though they are currently quite low. Last week ended with the 30-year fixed rate rose above 5% for the first time in a while. One can assume with relative certainty that mortgages will be costing more in the very near future.
Another reason to pull the trigger if you are serious about looking for a home and you are a first-time buyer is the $8,000 Tax Credit Bonus. You must purchase the property prior to December 1st, 2009 and plan to make it your full-time residence for at least two years. Unlike previous tax credits, this one is refundable, so if you have little or no tax liability, the government will write you a check for the difference.
The final two reasons are that we have lower than ever price points and a large inventory to choose from. All in all, it is an exceptional time to buy so go out and get that deal!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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