It’s a great time to buy. Right?
Plenty of people are buying homes, right now. You’d think otherwise, if you read the papers.
Anyway, the Globe had a great article yesterday on how to get a mortgage. It also covered all the new and proposed regulations coming our way thanks to the kind people in Washington, who are eager to make it easier for you to borrow just about as much money as possible (hey, they do it, why not you?).
Congress is moving to ensure as many people as possible in expensive housing markets such as Massachusetts enjoy the lowest possible interest rates. Many homeowners with jumbo loans, or buyers who are going to borrow more than $417,000 to buy a house, would be due for a big rate cut under legislation included in the economic stimulus package moving through Washington, D.C.
With fixed-rate loans in the 5-6% range, it is true, you won’t soon find rates this low.
If you’re thinking of buying, either now or in the spring, the Globe article is a good place to start the research and learning process. (Might I say, cynically, that it’s about time they had such a good article?)
Source: Negotiating the mortgage maze – By Andrew Caffrey and Binyamin Appelbaum, The Boston Globe