Have you heard the news? Mortgage rates are lower than ever in history, and dropped under 4% today. What does that mean? Well, the rate you pay on your mortgage (loan to buy a home) is a factor in determining your monthly payment, which of course is important to most people buying a home. Usually folks consider “How much do I have to pay each month??” … AND, it’s important in determining if you even qualify based on your income.
How do you find out if you even qualify for a mortgage and this artificially low rate? Well, you could respond to one of the thousands of ads you probably received with a subject line bellowing out “It’s a GREAT time to buy” …. And any number of those folks will gladly run your credit, they might “pre-qualify” you, and it’s possible they’ll add you to their weekly “mortgage update” list after they put you in a loan that may or may not be right for you.
The truth is, this “breaking news” of lowest mortgage rates in history sends a deeper message and some are “unimpressed”. (I like that word, unimpressed … ) According to one mortgage information provider in this article, Low Mortgage Rates, “the lowest mortgage rates come at the bleakest periods”.
What the heck does all this mean?
If you’re buying or considering buying, can you really afford NOT to call us?