As I read and listen to all the news reports about the economy and the housing markets there is one thing that I am certain of; that no one truly knows what the future holds. That is the cool thing about economic predictions; even when you are wrong you can be right as you always use a disclaimer. But this much is for certain: it is a great time to buy or refinance.
Many seem to be sitting on the fence post on buying as they feel rates will go lower or they can pick up some property for virtually nothing. While this may seem like a good thought process it is also one that may not be realistic. Rates are still low and home values have most likely bottomed out. We actually are starting to see offers on omes increase which is assisting home values to stabilize and to slightly increase. What this means is that we may have seen the bottom of home values. Is it possible to see another..of course but lenders are frantically working to derail the foreclosure process and keep homeowners in their homes. So if you are thinking about buying, don't thinka bout it too long as the opportunities that are there today may be gone tomorrow.
As for refinancing; the governement, Fannie Mae and Freddie Mac are in the process of rolling out a new phase to their refiance programs. The problem is that so much of it is still up in the air and needs further verification. But it is aimed to try and help even more homeowners that are under water on their mortgages. FHA has even stepped in with a special refinance program that can assist many as well and even may be able to write off some of the mortgage debt with the lender. Obviously there is more to these programs but each scenario is different so it is important to understand anb be briefed on your particular scenario and your options. Bottom line is it still possible to refinance even if you have lost equity in your home.
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As we come in to the end of the year many are focussed on Christmas and various other holidays and giving to others. Why not give to yourself with saving yourself some money? After all saving money is the best thing that you might be able to give yourself in this economy. Give yourself monthly savings, increased equity in your home or maybe even a trip.
Look at interest rates like the Minnesota Weather...what we have today could be gone tomorrow and then we would complain.
