Window of Opportunity
April 22nd, 2009 Categories: Buford, Chateau Elan, Dacula, Duluth, Financing, Gwinnett, Hamilton Mill, Hoschton, Lake Lanier, Lawrenceville, Lilburn, Norcross, Real Estate Business, Snellville, Sugar Hill
In recent months, I have been talking to you about the “window of opportunity” when it comes to mortgage lending. As I type this post, rates are within a half a point of the lowest rates in country’s history. If you have been sitting on the fence waiting for 4% interest rates, here are a few items to be mindful of:
1) I have reviewed key components of Obama’s Stimulus Package – and nothing in the plan guarantees 4% mortgage interest rates the media keeps talking about. In fact, as Fed Chairman Ben Bernacke alluded in his March 15th “60 Minutes” interview, the Fed’s long term plan is to raise rates as the economy shows signs of recovery.
2) Lenders are continuing to tighten guidelines, which means:
a) Credit scores needed to qualify have increased significantly in the last 30 days. I expect this trend to continue.
b) Many lenders are asking borrowers for larger down payments than in recent years. Fortunately, Signature Lending Group is still offering programs with as little as 3.5% down on FHA loans.
Again, my message here is that we are very likely entering the late stages of our “window of opportunity”. If you or someone you know are wondering if the time is right to purchase a new home or refinance an existing one, please call me immediately. I promise to give you the straight answers that will help you make the most of these chaotic economic times.
Chuck Walden, President
Signature Lending Group, Inc
678-387-5580
