Now might be the best time to lock in a low mortgage rate

Low interest rates have been gracing the real estate market with their presence for the past year but the word on the street is that they won’t be here much longer. While mortgage rates aren’t going to skyrocket out of sight, it is doubtful that they will decrease and certain that they will steadily begin to rise.

For those wishing to lock in at below 5%, the time just might be now or never (or at least for a very long time). This past week, the first week in January, the average 30 year fixed mortgage rate was 5.09%. The general sentiment among economists is that rates are not going anywhere but up from here.

The strengthening of the economy equals less chance for discounted rates. If you want to refinance or purchase real estate, now might be the best time to do so.

For more information on mortgage rates click here to look at a recent article from CNNMoney.com.

Finding a mortgage before looking for real estate is a smart idea

The first step in purchasing real estate should be getting a mortgage.  Getting a mortgage, or rather getting approved for a mortgage, lets a buyer know what he can expect to afford when looking at property.  It is important for a potential buyer to know how to secure a mortgage.

There are any places to look for a mortgage these days.  There are banks, mortgage brokers, finance companies, credit unions and private lenders.  Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet.

When looking for a mortgage have a good idea how much you can afford to pay each month.  Look into the past, present and future to determine this.  It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.

When applying for a loan a person must provide documentation of income, expenses, and assets.  Have your financial statements and tax returns ready and the process will be much easier.

Having a mortgage ready to go before finding a property will make the entire process smoother.  Financing is harder to get these days and being prepared is a wise step in the home buying process.

Like anything, it is good to know that the person you are going to work with has a track record of success. If you would like a list of successful lenders that I work with call me (Kevin Duffy  ReMax Unlimited) at 513-602-6000. When you are ready to search go to www.cincyhomelistings.com  this will get you the exact homes that you are looking for.

The rates are great! There is no time like the present

For more information on mortgages click here.

Lakes Pet Design Anderson Township Ohio

513-602-6000
Kevin Duffy
Re/Max Unlimited
Search homes for sale http://kevinduffy.unlimitedrealtors.com

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513-602-6000
Kevin Duffy
Re/Max Unlimited
Search homes for sale http://kevinduffy.unlimitedrealtors.com

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Colder outside than in at 6am this morning!

513-602-6000
Kevin Duffy
Re/Max Unlimited
Search homes for sale http://kevinduffy.unlimitedrealtors.com

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Download now or watch on posterous

IMG_4439.MOV (1537 KB)

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Or did someone run the stop sign?

513-602-6000
Kevin Duffy
Re/Max Unlimited

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> See his work at www.patduffyjr.com
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October Home Sales 2009.pdf (14 KB)

Kevin Duffy
ReMax Unlimited
Cell 513-602-6000
www.KevinDuffy.com

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Real Estate data indicates that the overall housing market is slowly improving

Price declines are getting smaller, sales volume is getting larger and the overall real estate market appears to be mending.  October sales were up for pre-existing home sales, 23.5% up compared with October of 2008.  Homes sales for October were predicted to be 5.70 million, but the sales volume turned out to be 6.1 million.

Encouraging words are being spoken about real estate by NAR’s chief economist who stated that, “Existing home sales have already bottomed. Home prices are almost there. We are seeing less of a decline in house values.”

Approximately one third of home sales in October were made by first time home buyers taking advantage of the first time home buyer tax credit.  The median home price fell 7.1%, still affected by distressed properties which accounted for 30% of October’s home sales .

In addition, inventory of homes for sale has dropped slightly, indicating that the housing market is indeed recovering slowly.  Tax incentives, low mortgage rates and decreasing home values continue to make their mark, helping real estate sales to increase.  The housing market’s recovery will hopefully seep into the minds of consumers, giving a bit of peace and spurring on recovery in other sectors.

But do not be fooled, new home sales are the real predictor of the state of our economy.