Are you trying to time buying a house with low interest rates?
The graph above shows 30-year fixed mortgage rates for one year. Notice that the low was October at 6.25% and the high is May at 7.5% We are not looking back several years, because rates that start with a 3 or 4 are not coming back for a very long time — if ever. (Graph from Mortgage News Daily)
Trying to time buying a house with the market is an amateur’s game. No one can predict world events, national catastrophes, unexpected wars, crazy market reactions, or anything else we have no control over.
Therefore, the best time to buy a house is when you want to stop renting and become a homeowner.
If rates drop dramatically a few years after you buy, you can refinance. But in the meantime, you also have to think about prices.
Rates go down and prices go up.
That is one reason the feds cannot lower rates too rapidly — it would create disastrous inflation on the housing market.
Homeownership is a longterm commitment. You buy because you want to own the real estate where you live and sleep. You want that security and freedom from renting. When your credit qualifies and you have the finances to afford the down payment, closing costs (seller can help with closing costs), and the monthly payment, then that is your time to buy.
What do the mortgage brokers, loan officers, and bankers know about getting the BEST mortgage for themselves and their own families? What do they know that they aren’t telling you? It’s all here in Get the Mortgage You Want Like the Pros.
I tell you which loan is best for each scenario, where to get it, what you need to qualify, and how to avoid needless add-on fees. Available in paperback and Kindle.
I tried to purchase the credit letters but the site was not working right?
Will, the site is working just fine as far as I can see. I tested the letters just now and they worked.
I will send you an email so we can figure this out.