Chat With Jenny

    Yes, today I spoke with a couple local lenders and interest rates have now fallen below 5%!  That is AWESOME!!  Of course, the interest rate an individual qualifies for will depend on credit scores.  So possibly if you were to apply for a loan today you might find your interest rate is different than the above mentioned 5%....and you might find you qualify for an even better rate too.

    If you're currently paying 7% or higher on your mortage, it might be worthwhile to refinance.  Certainly is something to consider.  You might want to talk with your current lein holder and see how much it would cost to refinance.  Ask about the terms they have to offer.  See if it will save you some on your monthly payment.  It won't hurt to ask.    

    No one knows if rates will get any lower, or even if they might go back up.   

    So many buyers are sitting the fence, wondering if they should make a move now or not.  Well, I can't imagine interest rates will get much lower than they're about to get.  With the FEDS expected to lower them again this week.  We could see fixed rates get down to 4 or 4.5%.  WOW!  Your buying power will be great! 

    Sellers are negotiating, plus interest rates lower than I've seen since the early 2000...yes, I would think this might be a good time to buy.

    If you are a first time home buyer, you might find your down payment will be higher after the first part of 2009.  The government is expected to rate the current 3% down to upwards of 5%.  I hope that doesn't happen.  But if it does, that's just another reason to consider now, rather than later.

    If you have questions, please don't hesitate to write a question in to me.

Hope you have a great holiday!