Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
Thank You Enrique!
C.R
This definately puts me in the holiday spirit..... thanx... have a happy December 25th...(PC)
Lender rating
Thank you and all the best for 2008!
Enrique, now is NOT the best time to buy, so get your head out of the sand and stop pushing your crap!
Your information that you have provided is as general and basic as your math level.
It is possible to learn something from this....
Ok Dave, I agree, sorry Enrique...lol
not much possibility but there is some.
I am going to have to disagree with this one.
I do not think its the best time to purchase a home. Not for the majority of the country. Even though it would be great for my business though !!!
Good points Enrique generally speaking. You make it sound bleak however and I wish to point out a couple things. 100% financing is still availabe however credit standards have tightened. FHA will be implimenting a 1.5% down payment vs. the standard 3% down payment in the past. Both loans are full doc loans. I agree however saving is a good thing and buying within your means is obvious prudent and since we are going back to true risk analysis you won't have a choice!
"I do not think its the best time to purchase a home"
I couldn't disagree with the statement more. These are the "good ol' days" now. In certain markets you have to be careful. In the northwest where I live it is a different story. Rates are still low, the price of homes are reasonable in our area so if you know you will be living in it for five to ten years buying now isn't necessarily bad even if the market we are in.
I know that is counter to the sky is falling crowd but people are buying. There are opportunities. The funny thing is people were going around trying to find deals, fix up and then turn around for a profit. And guess what? This is the market to make your acquisitions, sit on them for a year (at least here in the northwest) rent them (since the rental market is improving) then fix up and sell. Although the market here is back to "normal" people are doing just that and just like getting in when the stock price is low, before all the band wagon or johnny come lately folks appear and drive the value artificially high, the early birds will be selling their worm at a great price.
The people with their head in the sand are the ones that do not see opportunity. And there are some here. Just be smart and most of all patient. My clients get it.
What a great piece of advice. Sure, one can pick it apart, but if everybody adhered to the basic advice offered, we wouldn't have seen the mortgage balloon burst.
I see no reason why anyone would or should buy a home getting a 6% mort when banks are refi-ing the reckless buyers at 3.99%
If I were buying a house today I would DEMAND 3.99% from the bank.
Those getting the lowest rates are the least deserving.
Featured Rates are based on state rates for 30 year fixed loans and are valid for the date shown, but they may change without notice. They are for consumers with a credit rating of 720 or higher and a 20% or higher down payment. Rate, terms, pre-paid finance charges, and APR may vary based on factors such as creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount, and geographic location of the property.
If a lender does not offer a national rate, a state rate may be shown next to the lender's name. For example, 'Bank name (CA)'.
| Average Rates | Today | Last Week |
| 30 Year Fixed | 4.50% | 4.61% |
|---|---|---|
| 15 Year Fixed | 4.14% | 4.19% |
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
Reality Bites: The Truth About Today?s Mortgages
Enrique Herbella, "Community Acceptance"
Mortgage Lender
Lender rating
5.0/5.0
View ratings and reviews
Contributions: 14
View full profile
Get a Credit Makeover.
Some sins, such as unpaid tax bills, late payments or ?past dues? remain on your credit report for several years, even after you?ve paid them off. But by reducing credit card balances (to 45% or less of the available credit,) paying off any overdue amounts and reducing the number of credit cards, you can improve your score dramatically in a relatively short period of time. Major credit restoration may require the services of a credit repair specialist.
Put Up or Shut Up!
The more money you put down, the better your chances of securing a loan and the better the rate you will be eligible for. These days if you don't have at least 15 to 20% of the purchase price, you may not even qualify for a loan with many institutions.
Show me the money!
In the not-so-distant past, most lenders didn?t require you to provide proof of income. Now, you must be prepared to show your W-2 forms and, if you're self-employed, you will need to produce several years? tax returns. Proof of business ownership and asset verification are also part of today?s standard operating procedures.
Keep it real!
Make sure you have money left over Stay within your budget. When getting pre-approved for your home loan, look for a mortgage specialist that offers options based on how much home you can actually afford.
Moral of the story?
When setting out to negotiate a mortgage loan in today?s market take advantage of these simple strategies and reap the benefits in the years to come.
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.