Let's start with interest rates. Today I saw 30 year fixed rates still at 4.875% (subject to underwriting) with 15 year rates at close to 4%! You can get below 4% with a 5 year ARM (30 year loan with the rate fixed for the first 5 years) if your time frame is short. Again, the Fed. has said they will slowly withdraw support (keeping these rates low) in the near future so if you have been considering a refinance, don't wait forever.
Those tax credits
, $8000 for first time buyers and $6500 for buyers are due to expire the end of April (conract date) and close by the end of June.There are really good buying opportunities out there including short sales
. A short sale is where the bank is willing to sell the property for less than what is owed on it. We are processing one on a house worth $520,000 and the bank is letting it go for $390,000. Foreclosure Myths: 77 Secrets to Making Money on Distressed Properties
, also try the Fannie Mae web site and RealtyTrac.com both good sources.Last night I had Trader Joe's "Thousand Layer Crackers". These come individually wrapped and are outragously delicious! Try them for a real treat. Even better with a little melted blue cheese on them.
Happy St. Patty's Day to all!
