Massachusetts Mortgage Market and Rates Newsletter

Half Full- Half Empty-Half Glazed?

You choose, but the important thing is to choose and take action.
Every day we are bombarded with news, facts, observations, opinions and analysis. The spin masters serve up someone to expand the half empty theory and someone to expand the half full theory. And, of course, someone appearing half glazed and wanting to hang at the half-point.

The problem isn't the information. The problem is having too much information and not taking action.

Whatever your theory about succeeding in today's economy is, the only one that will work, is the one that involves action. Doing the same thing today, as you did yesterday will most likely mirror yesterdays results.

Think about this. The baseball season is underway and some of the best hitters in the game are off to a horrible start, by most standards. How does .77 sound with a goal of 300? The spin masters are in full bloom with dozens of half hearted theories about why, but the only theory that counts, is what the hitters believe and how they plan to improve. Action creates change. Change can be good.

For many, this year has gotten off to a slow economic start and many don't know how to view the hourglass. We are being bombarded with major changes on the local, national and world level as we adapt to a changing world economy. Some change is geared to improving and correcting mistakes of the past 10-15 years, some is born out of the need to achieve personal and financial success in a challenging global economy.

Feds Respond To Protect Liquidity.
If you concentrate on the "half full" concept, you might believe that the explosion of the sub prime credit crisis, the housing decline and the increasing energy crisis is enough to leave you fully glazed. However, the government wasn't about to let a company like Bear Sterns ruin things for everyone. So they took bold and decisive action to support the credit markets and stabilized the economy for at least a moment.

This move helped to keep the pipeline open and if you are a buyer in this market you might be seriously thinking that the glass is half full and it's time to tap the faucet to fill the glass to the top. There is the liquidity out there to make it happen,

The media says ‘mortgages are hard to get" and while that may be true, there are loans available. Homes are being sold and financed everyday. A lot of information shows that in many markets, the homes being sold in 2008 have been on the market fewer days than in 2007. That is a positive news! It means loans are available despite a changing loan process. That change may be a good thing as well. The economy has been in a similar cycle before and the open market has always been able to solve the problems and weave through the cycle.

With 30 year fixed rates hovering around 5.62% and 15 year fixed in the neighborhood of 5.37% for loans with 80% LTV, it just might be time to make a move. Rates are low, inventory is high, and the US Government is issuing rebate checks, with hopes that some will buy a new home.

Mortgage programs like FHA are being revisited and revised, now offering loans with increased limits and down payments as low as 3%. Down payment may now be gifted and FHA still has flexible credit scores and allows the seller to pay up to 6% of the closing cost. Getting the loan for your dream home may be a bit more challenging than in the past, and that's why it is important to have a solid mortgage broker/company working with you throughout the process.

The above information regarding Massachusetts Mortgages was provided by Christopher Hills, the Managing Partner for Global Home Mortgage . Chris can be reached via email at chris@globalhomemtg.net or by phone at 508-377-5872. Chris has helped clients finance their first house on up to their dream homes here in Massachusetts.

I am dedicated to helping you find the right financial solution for the purchase or refinance of your home.

For Massachusetts Mortgages see www.chrishills.net. .

I service Massachusetts Mortgage Borrowers throughout the state, with my state of the art Video Conferencing and Software. It's like I am sitting across the table form them. Also meet Face to Face with in a 1 Hrs drive of my office

Click here to view Chris's Mortgage Portfolio