Mortgage Updates

Should I buy now or wait, that's a good question.  A better question is why am I buying?  Why do I want to buy a house or shop for an investment property, NOW?  Your motivation is a crucial part to the answer.

If you are looking to buy an investment property, you may want to wait a few more months while the market goes through this adjustment cycle.

If you are looking to buy a house to make a home, then that's a horse of a different color. Interest rates are good, prices are soft and sellers are willing to help with closing costs.  That means that now is a superb time to buy you home.

Steps to take before taking the plunge:

1.  Get pre qualified.  Pre-qualification gives you the peace of mind in knowing what your payment will look like and allows you to shop with confidence.  You will be looking at homes within your ability to purchase and save yourself the heart ache of being disappointed by shopping out of your range.  Working with your lender you can also outline how much of your savings you will invest -if any.  As your lender, we can also show you which costs sellers are allowed to pay.  This will help you in your purchase negotiations.

2.  Determine a general geographic area.  Then working with your agent narrow this down to a neighborhood.  It will be important for you to be comfortable where you buy.  Selling in a 2-3 year period could be challenging.  So be sure to check things out before you commit.  Do some research on the schools if you have children.  Talk time to walk some of the streets and talk to neighbors on a week end morning..  Drive the area after dark.  If you commute, do a test run or check with a local to get drive time information.

3.  Interview Real Estate Agents to determine compatibility.  Also, if there is a logical area "specialist" be sure to consider the value of information this person can bring to the table for your benefit.

Choose your lender wisely.  It is important that you work with a lender that communicates well and that is knowledgable.  Not all lenders or loan consultants are "created equally".  Length in the industry is important.  Character counts.  You should work with a person and a company where honesty and your interests come first. 

I would hope that you find the right match here at 1stAmerica's Choice Mortgage.