Times are uncertain, no doubt. We are all watching the stock market every day and groaning, watching the Congress actions and the US Treasury Department actions as they attempt to turn our credit market around.
And the underlying question still remains: can you still get a mortgage loan?
Yes.
You betcha!
I check every few days with my in-house mortgage specialist on this very question. Today she said "Absolutely there is mortgage money available." If the borrower is qualified for the loan, the loan can be had. The interest rates are still historically low, including conventional (around 6.25%), FHA (3% downpayment!), and jumbo (5.5% for a 5/1 ARM - wow!).
Waiting for the home prices to fall further before you buy? That's what so many buyers are telling their Realtors lately. But that begs the question: "When will the prices hit bottom? And how will you KNOW that they are at the bottom? And what will the loan interest rates be when the bottom comes - at today's rates, or higher, or lower?" Nobody has that crystal ball to tell us how to "time" a real estate purchase. In the long run, real estate has always been a good investment over time. The benefits of home ownership can far outweigh the difference of a few dollars every month in a mortgage payment for a home purchased at one price versus another.
Have you delayed making a home purchase this year? Have your friends delayed a purchase? Let me know what you are thinking, how the current state of affairs has molded your decision.
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