Well, it's official. Yep, the Market is in limbo. Actually, that's not totally right. The Market is doing the limbo. What do I mean? Ladies & Gents, rates are ridiculously low! How low you may ask?
30 Year Fixed Rate Mortgage - 5.25%
15 Year Fixed Rate Mortgage - 4.75%
If you are on the fence about buying a home, it may not be a bad idea it is a very good idea to jump over the fence. Thinking about whether it is the right time to refinance your mortgage? Well, with that finger on the trigger I strongly suggest you might want to pull it towards your chest and fire away.
There is rarely a better way to establish an appropriate sense of urgency than to offer cheap money. The money is cheap folks, it is yours for the taking. The only question is.....are you a taker?
*This post is written by Jason Sardi (but you probably already knew that), a Mortgage Consultant with First Choice Equity Group Inc. here in Allentown, Pennsylvania. If you would like more information, feel free to email me at jsardi@fcegi.com or give me a ring Toll Free at 1-866-262-8720 ext. 229. If you would like to copy or plagiarize this particular piece of prose, you may be out of your freaking mind:-)*
Joe - I fear those who hesitate, it will cost.
Kelly - There is no time like the present, that's for sure.
Yes I am... I want much more ;-)
Agreeing with Joe.
Joe - Yoda taught me well:-)
Dan - That might not be a bad idea Dan. We are creeping back down to historic lows. Whether they are the lowest or not, there is very cheap money available and it is very worthwhile to at least look into.
OH, my eyes!!!
Great time to show this to a couple of people who recently inquired what I thought about rates. May I use your thoughts?
Jennifer - Don't we all:-)
Norma - Hey, that's my father:-) (Kidding Mike)
Elaine - But of course!
If anything will bring buyers out, this will do it.
It's a mixed bag because we still need a downward adjustment in price.
But, I'll take what I can get.
Missy - Personally, I wouldn't of guessed it. Let's spread the word and see who takes advantage of a very ripe opportunity.
Lenn - You are right on there about prices. This is more than just a glimmer of light in my view though.
Debbie - Great....now you let the cat out of the bag:-)
Five and a quarter? :::whistling:::
It's going to cost people not to buy or refi. Whoops, gotta go. Phone's ringing off the hook!
Sandra - They are out there for sure, it's only a matter of action.
Paul - That's me on the other line Paul:-)
Ginger - I always like to include family pics in my posts now and again:-)
Kathy - Well, you can cut and paste anytime!
Time to make hay while we can
Okay...had to regroup and come back hahahaha.
I have been keeping up with it since my LO called and let me know to let others know who may be in a good position to refi and buy. Woohoo!
Are we all happy yet?
I'm trying hard not to have that picture pop up in my head... the limbo...okay.
Shucks...public post...was going to post the baby doing the limbo haha.
Brian - Thanks Brian. Sorry about the pic, wanted to give you folks a visual you can take to your dreams this evening:-)
Bruce - Hey man, I'll be around 20 years from now....but there is no time like the present.
Sis - Waited for the picture?
Sis - I'm happy. Come on, the public wants to see the baby doing the limbo:-)
Lenza - You and me both, hope consumers catch on.
Jason, oh lordy that's quite a picture. I can't get beyond that to actually read this post.......
;-)
Jason, I too have been hearing folks thinking rates will go lower. I wish I could remember the year when I had people saying "I'm going to wait until I can get a 4.99 fixed". Late 90's? I can't remember.
Anywho, that photo is just all kinds of WRONG. And to digress just a smidge further, why is someone else from Oregon calling you "Honey?" Do you have a harem of admirers on the left coast?
Colleen
It is practically like free money. Well not really I guess but compared to what it usually is. People are getting to greedy, you would think with interest rates this low the market would be soaring.
It is practically like free money. Well not really I guess but compared to what it usually is. People are getting to greedy, you would think with interest rates this low the market would be soaring.
Danny - I was following up with a lot of past clients yesterday and will continue today. This could benefit a lot of people.
Thesa - You are pretty cool yourself:-)
Ann - That ensures people don't find any spelling errors:-)
Matt - I was so tempted to include a link!
Paul - But you have such a nice voice:-))
Colleen - Must be my endearing personality:-)
Vincent - I sent individual emails to a bunch of contacts giving everyone a heads up. Hope this bodes well for clients.
Alex - The smart ones will act and react accordingly....
Alex - The smart ones will act and react accordingly....
Neal - Yes, fixed rates and absolutely no pre-payment penalties or points. The whole 2 % points lower theory in refinancing is just a general rule of thumb, not necessarily the only way it makes sense by any means. Besides, call me Nostradamus...but I highly doubt that you'll see a 3.875% fixed rate anytime soon. It might make sense to do if you can shorten your term and keep your payment in the ballpark of where it currently is.
Jason ~ Very catchy & clever. I like the idea! I, too, may borrow some of it if you do not mind...
I have been saying this same thing myself. I just have not had any time to post lately! Hope you are well and talk with you later! All the best...
Lane - At one point yesterday, the 30 year fixed rate was at 4.875%. It raised later but still.....
Sarah - Have it Sarah!!!
Hi Jason,
I tell my clients when the investors start to jump in, your time is up. How will you compete with an investor when they have all cash to put down. Who has $400,000 - $500,000 in their pockets. I think it will be a sign of when the Market will start to change.
Hey Patrick,
It isn't easy competing with cash offers and not too many people have that kind of money stuffed away at their bank or under their mattress for that matter. That's why financing will always be an important tool needed by most. Have a good weekend.
Jason.... fat guys in speedos just don't do it for me... lol
On another note.... what upsets me is that people should have jumped on the rates 2 weeks ago. Yes, rates came down, a good 1/4% last Tuesday, but they went right back up on Wednesday & Thursday. Rates might not come back down as they were on Tuesday, even after the Fed meets at the end of this month, for 3 weeks or so.... ?? All I know is that phones were ringing because of the news, but what about what the market did after the fact? Sorry, just rambling here..... but the news in the media lately, just curbing fears of the market. I would love to hear the stories of the consumers 2 months from now, when many loans don't settle. I bet there were a lot of pocket locks last week. Overall, I am tired of reading the time is now... rates are low.... homes are foreclosing because of the subprime loans, etc etc.... It's the understanding of money, how mortgages work, and how the economy works that needs to be understand. And most importantly, to work with a mortgage professional and not an order taker.....
I agree Jeff. it's a shame the 'order takers' in the Mortgage Industry were (and are) so prevalent .... and had/ HAVE the NERVE to call themselves Mortgage Consultants.
The only thing they consult is their wallet.
Glad things are going well for ya.
Neal - Those rates were as of this particular posting.
Jeff - Very well put, the order takers have and will continue to be run out. Would you like fries with that?
Rob - You've harped on this since Day One and I couldn't agree more. Kudos to you!
Mike - And sometimes the math is simpler than people may think.
Christine - Hard to say, I don't want their Crystal Ball though.