If you have been on the fence about whether to buy real estate in the past few months, now is the time to get in. Home prices are affordable and interest rates are dipping under 5%. They could go even lower, but it is very risky to play the waiting game. Rates could continue to rise in the near future and you could end up back at 7% or 8%. You will be kicking yourself at that point.
The FED is meeting today and could drop rates again. You will lock your rate in when you have an accepted contract to purchase a home. Some lenders will let you lock in prior to that for a fee, but normally they wait for a contract. If you are looking to refinance out of a bad loan, now might be a great time as well.
If you are buying a house in a rural area you have to read further. The USDA is offering financing assistance on rural homes where you can come to closing with zero dollars. Rural includes Pataskala, Galloway, Canal Winchester and parts of Blacklick. Most conventional loans are requiring 10% down, but with this loan you can have your closing costs paid and bring no down payment. I just had clients use this loan and they saved $4500 in down payment money. With the $7500 interest free loan this spring, you will save some serious money and have money to put back into the house!
There are many tricks for getting great value on homes and mortgage loans that only very experienced agents in this new real estate market will give you. Pleas visit my website at www.ChadMillerHomes.com for more info.
Posted by crmhomes 