Remember this seen in the 2011 Chicken Little Movie? Well, I peeked out the window and saw the sun and a few scattered clouds. The sky is not falling, and neither are the interest rates soon. Currently, buyers are feeling like the sky is falling in on them because they missed the historic low rates that were available even a few months ago.
What do we do now? We have all heard that the Bay Area housing market is going to experience a cooling off. Consider this, with Bay Area rent just as much as a house payment, one should really consider paying $3500 for rent or paying that money toward a mortgage payment. You do not need Chicken Little to scream in your ear, you really need to explore your options before jumping craigslist or apartments.com.
So, what are the options, according to Edith Singleton, Senior Loan Advisor for Flagstar Bank confirms that there are options with mortgage programs. No, we are not talking about the types of mortgages that contributed to the mortgage meltdown in 2007. Edith explained that buyers should consider all their options, such as a 10- or 15-year ARM (Adjustable-Rate Mortgage) or even buying down the rate to a more comfortable level for a payment if you want to pursue a 30-year fixed. Flagstar offers an array of mortgage products for W2 wage earners, self-employed, to those needing flexibility with their down payment.
Do not panic, put your trust in experts to guide you and help you make good decisions. Remember when rates were averaging 8%? May be not, but they were even higher than that. The bottom line is to work with an expert Mortgage Professional and do not give away your hard-earned money to a landlord!
If you need help with discovering which mortgage product would fit your needs, please contact me directly so that I can refer you to an Expert. Looking online first may be confusing. Great loans enable a happier home buying process.
