Saturday, February 25, 2012

Interview with Mortgage Pro Bill Rayman Part 5:

What do you project will happen with interest rates in the coming year?
The consensus is that through 2012 interest rates will remain relatively flat. They always flutter–they go up and down the way the market goes up and down, but the general consensus says they will remain flat within the year.
If you’re looking to buy a house, frankly I don’t think the interest rate should be something you should make your primary concern. Buying a house is about your lifestyle. Is this where you want to live, where you come home every day? If you tell me you’re not going to buy the home because it’s a quarter point higher on the rate, it seems that maybe having a home isn’t really what you want or are ready for – both of which are fine answers!
I do the math for people and point out that on a $300k loan, the difference on 1/8th point is about $20/month. Maybe your neighbor got 4 1/8 and you were quoted 4 1/4… Sure, in dollar terms it’s measurable, but it’s not the reason to buy or not buy a house. You should be aware of your priorities and react accordingly.
Besides a home being about lifestyle, it is a huge investment. Today’s interest rates are so riotously low – they haven’t been this low in 50 years! – whether you get 4.00% or 4.25% doesn’t detract from the idea that now is a phenomenal time to take advantage of these rates. Sure, I fight to make sure my clients save every penny they can, but in the long term of 5, 10 or 30 years, passing on a home because you might have missed on a fraction of a point in today’s market may be a mis-priority.

To See the Entire Interview CLICK HERE

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