Any homeowners thinking of buying a house at the moment should seriously consider conversing with a local realtor and mortgage broker. Rates haven’t been this low in over 30 years. For example, a buyer who has a FICO score of 750 thinking of purchasing a property in California could get their loan originating from a bank like Provident Funding over a 30 year fixed rate as low as 4.25% with zero points. My gosh, that’s almost free money. Think this through for a second; 4.25% on a loan. When the housing market sets out to appreciate, the increasing value of the home will negate any interests that you will be paying. On top of that, homeowners get tax write offs for any interest they pay concerning the property.

Just how long do all of us think these low mortgage rates will last? The correct answer is, no person really knows. At this time the instability of stocks and shares is driving all of the investors to the bond market. And those who find themselves searching for a mortgage today stand to benefit. If you’ve seen the movie the perfect storm. This is the perfect storm for the home buyers. The housing marketplace has depreciated during the last three years to record lows. The U.S. government is throwing money everywhere to stimulate the economy. Rates of interest are near a record low. You will find tax incentives to get a home. What Else does anyone need before they think this really is the perfect time to buy a home?

According to the San Diego Union Tribune; San Diego Foreclosures are near a record low. Foreclosure filings went down 29.6 percent from last year and 1.9 percent from April. And June of 2010 saw a .2 percent gain in residential building permits. Most experts agree we will see growth in the housing industry so now could be time to obtain a great deal. People who buy now will look like geniuses in a few years. And people who waited will probably be regretting they didn’t have the guts to do anything about this. What’s that quote from Warren Buffet? Buy when no one else is buying and then sell when everybody else wants to buy? Not likely the exact quote, but you get the picture.

Filed under: Real Estate

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