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Low Interest Rate Mortgage Opportunities, Take Advantage Of Them

By Kuppan Gayathri

NOW may be the time to buy a home or re-fiance in order to take advantage of historic low interest rate mortgage opportunities.

Are you a potential home buyer that is waiting for a a low interest rate mortgage before making a purchase? Now may be the time to make a move. Rates just dropped to the lowest levels since 2013. Taking advantage of the dip in interest rates could save you a lot of money. For example, the dip that just resulted in historic low interest rate mortgage offerings, could save you as much as a couple hundred dollars on a $500,000 mortgage compared to interest rates just a little bit ago.

Here is what my lender at Movement Mortgage has to say about the interest rates and how the smart buyer or home owner should take advantage of the current situation and prepare to buy real estate:

“Yesterday morning started off with the DOW index down roughly 180 on the day and quickly plunged to as much as 300+ points down as economic indicators showed some weakness (retail sales down .3%, inflation readings well below Feds 2% target, and weakness in European and Asian economies).

Mortgage bonds and the treasuries hit the lowest levels since May 2013, remember what happened the next months? Rates jump 1% in a few weeks. The Fed Beige book minutes were released mid-afternoon touting modest economic growth and increased loan volumes(the reason the Fed dropped fed funds rate was to spur lending for spending) in many districts essentially stirring a sell off and full on reversal regarding mortgage rates.”

At the end of the day we are still ahead and rates are at 18 month lows. Here are Four Steps to taking advantage of this volatile market:

  • FILL OUT a mortgage application NOW. Even if you have not YET found the right home. You can save thousands of dollars in interest simply by timing this volatile market correctly (or cost yourself those same dollars). Also, being prepared to lock as soon as you have a ratified contract. I work with great lenders, so ask for a referral.

  • COMPLETE the full pre-approval process either online, in person, or verbal application which includes all income, asset, and credit documentation up front! It is possible we will see a mini refinancing boom and many lenders will take on too many refinancing applications without being staffed appropriately. You may see some lenders push to 45 days on closing for purchases. Possibly longer if interest rates hold at this level for an extended period of time. By fully pre-approving upfront you will have a competitive advantage over other contracts as many lenders time to close a mortgage expand.

  • RE-QUALIFY for a loan if you were pre-approved 3 months ago as lower interest rates may give you a little more flexibility.

  • DO NOT WAIT any longer to move forward on purchasing a home, remember pigs get fat, hogs get slaughtered (don’t be greedy waiting for the bottom of the interest rate market!).

Call me today to move forward in YOUR real estate purchase. Be a QUALIFIED home buyer and take advantage of a low interest rate mortgage. Also, now may be a good time to refinance, call me for a lender referral.

Contact

6820 Elm Street, McLean, VA 22101
PH. (703) 636-7300