Friday, February 24, 2012

With Mortgage Rates Tumbling, Find a Local Mortgage Broker!

We have all been reading about how mortgage rates fell again in January.  It seems as if half the time news like that is accompanied by some phrase like, “encouraging new buyers to dip their toes into the housing market." 

Checking into it, I found that the average interest rate on conventional 30-year mortgage loans decreased eight basis points (to 4.32%) in December. That came from FHFA in their last full report.  And by this past weekend, their site showed it was down to 3.87%.  It looks like some of that toe-dipping might be about to start in earnest! 

Just in case you are one of those ‘new buyers’ who might be feeling some of that ‘encouraging’, sooner or later you will learn that the government’s national rate is not the final word on everyone’s situation. It’s why I would suggest you consider making a call to one of our local mortgage brokers. Here are some reasons why that’s a good idea:
A great mortgage broker can help you unearth the best mortgage; go rate shopping on your behalf. They spend their days keeping track of banks, credit unions and other sources of finance on behalf of their clients, so they are perfectly placed to access a wealth of mortgage data. 

Brokers keep mortgage rates competitive by providing multiple points of view and offering alternatives when needed. Were it not for the efforts of diligent mortgage brokers, banks and financial institutions would be able to keep their rates higher. And in this climate of falling mortgage rates, they can save you a lot of the time it would take to go shopping for a great deal.

Good mortgage brokers are there to work to for you. They organize your financial picture, credit rating and future plans to come up with the mortgage that is right for you. They are motivated to work on your behalf because they know that at the end of the day it is by doing a great job for their clients that they are going to earn the reputation and word-of-mouth that keeps them in business.

If you are intrigued by the recent falling mortgage rates and are considering buying a home in our area, call me for a complimentary, no-obligation buyer’s consultation.   I can introduce you to a great mortgage broker -- and we can help you to get prequalified.  We can run the numbers that will help you decide if now might indeed be the right time for you to get into this market!

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