Business Week just put out a great article about mortgages in 2009. I’ll try to summarize it for you but it’s a great read.
For Purchasers:
- Check with a loan person first, before your Realtor. There are several things going on right now at one time and you need to know what you are getting into.
- Rates are changing DAILY! Making the need to contact your loan professional OFTEN to make sure. A quarter point swing in the rate could affect your payment by over $50 a month!
- Shop around – with Caution. Use referrals as a great place to shop.
- Qualifications are different now. Restrictions are tighter.
For Home Owners
- Refinance NOW while you can, don’t wait for the bottom.
- Loan Modification is the new buzz word, but it’s not offered to everyone.
Bottom line for home owners and buyers alike. Loans are different now and so is the market. It doesn’t make sense to wait for the bottom once the "great" deals become obvious. In Atlanta, GA, we are already there with Short Sales being one of the best deals right now.
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