Unprecedented Times!!

Have you seen the latest headlines?

The US Treasury is working on a new plan to help revive the ailing housing market by reducing mortgage rates on new home loans, according to people briefed on the situation. The plan, which is at preliminary stages and could change, would involve using government-sponsored mortgage financiers Fannie Mae and Freddie Mac to push down rates on 30-year mortgages to as low as 4.5%, or almost a full percentage point lower than current levels.

What does this mean to you and the people you know and care about? It means you have a window of opportunity that is unprecedented to purchase or refinance. I have had NUMEROUS calls over the past week asking me questions about this rate drop. Here is my advice to you:

•1) Don't wait! If rates get as low as they say, the turn times from lenders and banks is going to be atrocious. Rates are @ 5% today and turn times have already tripled. Back in 2003 when we had sub-par 5% rates for 2 days, the turn times in underwriting went to 45 days or more. Can you imagine how backlogged it will be now? We have ¼ of the banks, 1/3 of the staff at these institutions and much stricter guidelines for the underwriters to follow. If you plan on taking advantage of this opportunity, and everyone should, contact me directly ASAP and I will get you started in the right direction. We are quite busy ourselves, but I guarantee you fantastic service and a call back within 24 hours.

•2) For those of you waiting to see if our government actually institutes a plan to bring rates to 4.5% you will miss the boat. Once you read the paper, listen to the news, etc. and see that it has happened, the system will be so jammed with loans that not only will you miss out on that rate, but probably 5% as well. Act now before this opportunity passes you by.

This is an unprecedented time and an opportunity EVERYONE should explore. Bad credit? Not sure your home is worth what you owe? We have programs and options for virtually everyone- contact me today to find out what we can do for you!