Feds Cut Rate Again by .500
Posted on | October 9, 2008 | No Comments
I have already been called this morning and asked if interest rates are going to fall again. My answer, I have no idea. Interest rates are not following normal historical indicators so no one that I know feels confident in predicting what might happen. It also takes anywhere from 6 to 12 months for a rate reduction to work itself through the system.
We all feel strongly that the long term recovery will come and it is apparent that the world banking systems are doing all they know to do to get us turned around and moving in the right direction. Personally, I feel fear is the worst place we can go right now as fear tends to paralyze people in thought and creativity and I don’t think we can afford to go there.
Here’s what I do know, I am doing mortgages and getting great rates as are my associates. If you are a first time homeowner, there are still great programs in the market for you. If you own a home and have an ARM loan that is going to reset, there are options for you through FHA and THDA. There are programs and people who are here for you but you must do your part as well. You must have a good payment, work and income history and be responsible to do your homework as to what is expected from you.
If you do nothing else, find and take a first time homeowner class. Also find a deal with a lender who cares about you and doesn’t sound like a used car salesman. You know the type; “What will it take to get you into a loan today?” You must be careful.
Tags: ARM loans > fed rate > FHA > first time homeowner > refinance help > THDA
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