Better Days

The Robbie Seay Band has a song that says "here come better days." In the market we're currently in, we can stand on that promise! As Rich mentioned in his last post, we saw a huge spike a couple weeks ago in mortgage rates, but they have continued to come back down.

If you're in the market for a mortgage right now, whether for purchase or refinance, our advice is "if you like it, lock it." We've seen people miss an opportunity for a great rate or program because they were hoping it might get a little bit better, only to find themselves in the midst of market turmoil.

If you're a first time home buyer, we understand that this market can seem scary but that's why we're here - to help walk you through it and explain what's happening each step of the way. You can still purchase with very little money down or $0.00 down payment if you qualify for a VA (veteran) loan. There are affordable homes available and seller help for closing costs. The down payment amount will be increasing slightly beginning next year so now is a great time to act.

Rate Update

Hey folks - interesting times in the market. That's an understatement!

Rates skyrocketed over the last week and have just begun to normalize. The unintended consequence of the TARP legislation ( that is the nickname for the rescue/bailout) is that mortgage rates increased due to credit spreads -however, as the credit market begins to "thaw out" we expect rates to normalize.

What does all of that mean in layman's terms - rates are higher rate now but we expect them to move lower in the next couple of weeks.

Rich