Another Historic Opportunity for Getting a Very Low Interest Rate on a Home MortgageThe Federal Reserve has decided that due to the sluggish job picture in the US, they will continue to buy Mortgage backed securities at the same rate as they have been doing over the last couple of years. This reverses their earlier signal that they would start to reduce these purchases based on thinking the economy was improving. Where interest rates had hovered well under 4% for much of 2013, they shot up to 4.5% during the time when the Fed signaled a possible tapering. Now that the Fed has clearly indicated no tapering at this time, the rates are heading back to their historic lows.
What does that mean for you:
Purchase: The market in and around Los Angeles has stabilized as commonly happens in the Fall. Homes are staying on the market longer, and the bidding wars are over. You can buy a home right now before the Zillow projection of another steep increase in prices next year. Your low interest rates will help to keep the overall cost of ownership low. Call now to get an estimate of how much home you can afford under current federal rules.
Refinance to save money: If you currently have a mortgage above 4.5% and plan to stay in the home for a few years, you could save $1000's by refinancing your current mortgage. A quick phone call to our office will give you some idea of the potential savings in your specific case.
Refinance for home improvement: Even if you already have a low interest mortgage, this would be one last chance to borrow for that new kitchen, room addition, or remodel at these rates.
Buy investment property: Whether you are interested in buying commercial, residential, or even a duplex or larger property to live in one unit and rent the rest, keeping your interest rate low is a critical ingredient in creating a profitable or at least cash positive business. Some of these even qualify for FHA financing. We'll help you figure out what is best for your situation.
If we can help you with any of these situations, we stand prepared to offer you a guaranteed rate. That's right. We have just joined with Guaranteed rate to provide you even better mortgage products and service that in the past. Please note our new contact information: