Palm Beach Real Estate and Loans

There's been quite a bit posted lately about mortgage rates - they're going up. they're going down, what's the Government going to do, etc.

There's nothing wrong with wanting to get the best deal possible and save a few $$ - but people have been taking things to an extreme and losing out because of it!

For example, if home loan rates were around 12% and you had good reason to believe that they might go down to 6% -nobody could fault you for wanting to give things a little time!

But what we're seeing a lot of now is: "Wow, I can get a 30 year fixed rate mortgage for 5.00% - I'll give it a few days and it might be down to 4.875%."  The difference on the monthly payments for a $250,000 loan would be roughly $19.  Pretty trivial AND don't forget that little word 'might' - and it's cousins 'may', 'could' and 'sort of'.

And don't forget all of the reports that promise (don't get me started) that the Government is going to get the 30 year fixed down to 4.50%!  Keep in mind that they don't say how, when and for how long.  Mark Flanders of the SoundBite Blog mentioned getting phonecalls after the announcement that ended this way: ""Well, I think I'll wait to see when that new program starts and I'll get my mortgage then", or a variation of this comment."  More waiting for something that might not ever happen.

Rates really are very low right now - if you're considering getting a mortgage to purchase real estate in Palm Beach, or anywhere in Florida for that matter, I'd suggest checking on what you can qualify for now while you KNOW things are to your advantage.

Or - you could always wait until things start to get more expensive..........

Check back tomorrow for Part 2.