“You’ve got to know when to hold ’em Know when to fold ’em Know when to walk away And know when to run You never count your money When you’re sittin’ at the table There’ll be time enough for countin’ When the dealin’s done.” – Kenny Rogers
Mortgages are a bit like gambling. You never know when the “perfect time” to initiate a new mortgage is, because there is always a risk that interest rates could go down slightly right after you sign the documents; however, there is always a risk that rates could also rise. The good news is that you can always refinance if rates drop, so unlike gambling, you can “fix” a bad hand.
Right now is a great time to buy (or refinance if you haven’t already done so). Mortgage rates are still really low and housing prices have stabilized. Of course, nobody wants to pay more than they have to for their home. Here is how to “win” the mortgage game:
1. Connect with a really good loan officer.* He or she will help you to obtain the best mortgage rate available based on your income, liabilities, assets and credit score; 2. Correct your credit score, if needed; 3. Consider a 15 year mortgage instead of a 30 year. The monthly payments are often only slightly higher, but you can save a ton of money by minimizing how many years you are paying interest; 4. Take your pre-approval and start looking for a new home with a realtor; and 4. Retain an awesome attorney to close your mortgage!
Curious about the current mortgage rates? Check out this website: https://themortgagereports.com/47095/mortgage-rates-today-january-21-2019-plus-lock-recommendations
Wondering about how much a mortgage might cost? For a ball park range only, peek at this one: www.mortgagecalculator.org
If you just want to listen to Kenny Rogers: https://www.youtube.com/watch?v=UyARoGIzmKk
As always, please let us know if we can help with a real estate or any other legal matter.
Regards, John & Faye * If you are in need, we are happy to recommend a really good loan officer.
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