Historically Low Interest Rates amidst Covid-19..

HISTORICALLY LOW INTEREST RATES!


Rates are at all time lows! It's mind BOGGLING.

See what one of our preferred lenders, Kent Ege with Caliber Home loans said this week:

"With perfect credit, you can buy with FHA/VA in the high 2’s with no points or 3-3.25% no points as Conventional. Refinancing is also at an all time low with rates in the mid to high 3’s! We are also still one of the only lenders in America that go down to 620 fico. You won’t get the lowest pricing at that, but you will be able to buy a house!"


Common Questions I have been asked this week:
Is now a good time to refinance?
yes, yes, yes! The demand for refiance increased significantly this week with rates in the mid 3's. If you're a homeowner with a decent amount of equity and struggling during this season, perhaps taking a HELOC (Home equity line of credit) could help. Or simply, reduce your mortgage payment significantly by killing your high interest rate and taking on the new low rate.

Should I buy now?
I have been asked this question perhaps every other day since our nation went on mitigation for COVID-19. My honest answer is this; if you have a job that is stable- by stable I mean, secure job position and you're qualified to buy right now (based on credit score and debt to income ratio) - certainly, do it! You would be facing a less competitive market due to less pool of buyers, all time low interest rate = lower monthly mortgage payment than expected for that price range and a very motivated seller willing to cover your closing costs and/or complete home inspection repairs needed (if any).