The next 30 minutes are reserved to share with you some of the Real Estate News in your local area and how it affects you. Every marketplace has obstacles. I hope that today’s show provides some practical solutions in an effort to help you on the path to finding new opportunities.
Please feel free to call me, Peter Buchsbaum at 215-740-8999 or visit www.peterbuchsbaum.com.
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So last week we ran an older show as I was unavailable to do the show.
This week the Real Estate News was a little more abundant than the past several weeks. Good Bye to 3% interest Rates! According to many economists the low rates are gone (evidenced by the sharp rise over the past month). They cite 3 reasons you should act now. First the Federal reserve will soon act to stop bolstering the economy. Second, The economy while not great is actually growing. Finally the unprecedented rates in the 3’s were to low to be sustainable. Homebuyers are clueless about Mortgages. Here is a short quiz so you can test yourself to see what you may not know. Several of survey items cited bothered me. One was that 31% of the respondents thought you needed to put a down payment of 5% or more and 26% thought they had to use the lender that pre-approved them. The most disturbing was that 24% of those surveyed felt that the best deals on a loan were from their personal banks.
Today I wanted to discuss the 30 year mortgage and what most people think they know. While one size does not fit all typically a 30 year loan and putting down less money makes better fiscal sense than what our parents might have suggested.
In combination with CBS and WPHT 1210 am we have also been fortunate enough to have been asked to write some articles in “Local Living Magazine” to explore some of the questions you all ask us and the answers we provide. Look for your latest issue this month. For a FREE subscription please email us.
Each week we discuss the myths of the mortgage market. It is not about rate. A higher rate with no mortgage insurance may provide a lower payment.