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Mortgage Fearbuster 15

Posted by  on Aug 05, 2010
 

Q: We're financially ready to buy a home, but my other half keeps saying we should wait and see what happens with mortgage rates and home prices. I say we can afford it and we should move now before mortgage rates or home prices start going up. What would you do?

A: Buying a home, especially your first home, can be a scary proposition. It's the largest investment most families make, and it's prudent to weigh all options before deciding on a home and mortgage that works for you. That said, I recommend buying when you are ready. Getting multiple mortgage quotes can help you find a great deal on a home loan. Prequalifying can also hold sway with sellers if there are competing offers; you can avoid the pressure of scrambling to find financing after your purchase offer is accepted.

Q: My youngest child moved out last fall, and its definitely time to do some remodeling and updating of our home. My husband is leery of home equity loans, and says he's not sure about refinancing either. I could just scream. I don't want to lose out on affordable mortgage rates.

A: Unless your husband has psychic powers, no one can be sure what will happen with mortgage rates. The government is ending a program that has kept mortgage rates low, and who knows what other influences could raise or lower mortgage rates. Current rates are near record lows; if you can afford and qualify for refinancing, now is as good a time as any.

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