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Answers (2)
- Debby Thompson, "Homestead Realtymilw"
- Contributions:275
Right now we are hearing of really low rates on 30 fix loans (this is a loan that the rate will not change for the life of the loan). Today they were at 5%. Now rates can change all day long for no reason. It is best to get with a loan officer and start talking to them to see what price you are looking for. They will be able to tell you how long they can lock the rate in for you. Locking a rate means if you close your loan by a certain date you will get that interest rate. At least they will be able to keep you up on what they are doing. Drops in interests rates really make a difference on your payment. Now might be a good time to start looking. There are a lot of homes on the market and a lot of seller really need to sell. So things might work in your favor at this time. Good luck and happy home buying.
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
I don't like to speculate about real-estate prices or mortgage rates, but at the very least if you are looking to purchase in the next few months, now is a good time to choose a loan officer or broker to preapprove your financing for a purchase. This entails having your assets, income, and credit reviewed. Furthermore, after your consultation, you'll have a good idea of how your housing payments will look, and you may budget accordingly, as well as choose an ideal price range. You may also find issues on your credit report that you'll have plenty of time to remedy.
Rates change on a daily basis, so my only advice in regards to mortgage rates is to check with your mortgage consultant as you get closer to making a decision and/or signing a contract. Rates should stay relatively low in the immediate short-term, but what exactly will happen in 3-5 months is anyone's guess.
Is now the best time to shop for a mortgage? Was planning to buy this spring.
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