I May Not Be Yoda,
but I’m Darn Close!
Yesterday, I was reading yet another blog about the low interest rates presently available to home buyers seeking mortgage financing.
Seems another new historic low was announced. Something not quite so noteworthy anymore, as we all have grown used to hearing about how the rates have dipped, dipped, and dipped again.
And therein lies my big worry, both as a mortgage lender and as a parent. I think buyers have grown quite weary and fairly complacent.
Low interest rates, such as we are seeing presently, should be news that sends home buyers (currently seeking and potential) all giddy. They should be doing a happy-dance.
But although rates remain a topic of interest for mortgage applicants I speak to, the rates we are seeing do NOT stimulate action in the housing market or number of inquiries for financing you would predict. So many potential buyers simply are doing nothing in response.
And I find that sad. That attitude translates into so much potential lost savings . So many opportunities simply being ignored.
I believe that many potential buyers falsely believe they cannot buy. That they will not be approved for loan. It’s certainly the mantra repeated by the media. And it seems nowadays, everyone knows someone that knows someone that has an awful story to tell about the financing process. Heck, I even hear it within our own industry.
The truth of it is that there are many successes being celebrated out there. The majority (around 62%) of people that apply for a mortgage loan DO get financing and successfully buy a home. (Remember, we’ve seen the result of and are suffering from no one being turned away.)
Now, do mortgage applicants have to work at finding their successes? Yes! Is it easy? No! Are they frustrated at times throughout the process? H#*$ yes! Should the process be like this? No! I’m a mortgage lender and I think it sucks that buyers and those refinancing are put through the ringer like they are. But the process is what it is …
So if that is the truth … and the process is what it is, at least at this point, I ask … What are you, if a hopeful and/or potential home buyer, going to do? What’s your reaction??
I’ve written some about this in the past … my own personal experiences with rates, home buying, and financing over my 35+ years within the mortgage and real estate industry. It’s been interesting, to say the least.
But over all those years, one thing has remained true for home buyers and those seeking mortgage financing: No matter how bad your financial situation. No matter your credit scores. The situation and your scores CAN be improved and turned around. Help is available.
Okay .. okay … you’re right. I need to add an asterik to those statements …
- Asterik 1: With time, care, and patience.
- Asterik 2: If willing to do some hard work.
And therein, lies some of the current problem. Many people hate the asteriks. But taking that into consideration, my question becomes this:
If you ever hope to buy a home … now or in the future …
Are you going to let those asteriks scare you away from starting the process? Are you going to let the need for some hard work and patience intimidate you into foregoing inquiries about your home buying capabilities and options?
Are you going to let all those stories … those asteriks … steal REAL opportunity from you? REAL SAVINGS?? And yes, I said steal.
I can talk to you all day and all night about what I think is the right thing for you to do. And it will be “yadda yadda yadda” … just noise in your ears. Or I can tell you this …
I may not
I’m a mortgage lender, yes. But more importantly, I’m a husband, a dad, and now a grandfather too. Andthat is where my message (and vast wisdom) to you springs from.
I’ve been there. I’ve stared-down growing insurance costs. Rising taxes. Emergency repairs at the home. Health bills for braces, glasses, broken noses, emergency hospital trips.
I’ve had to come-up with unexpected costs … dues for sports camps, traveling leagues. I’ve shelled-out extra for Size 15 Nikes. I’ve looked college payments in the eye. And I’ll tell you … your child you never thought you’d hear it from? Yep, even MORE schooling … LAW school! Then wedding plans start. Times 2 … within 6 months of one another. Heart-tugging Grandchildren aren’t far behind.
All of these expenditures and more might be in yourfuture as they were in mine, you just never know. So take it from someone that knows … you need to look for, and take advantage of, every savings when you can.
Listen to Yoda …
The savings you can and will reap by buying now and locking-in a historically low interest rate?? Cha-Ching! The savings you can and will reap through the lower housing prices found in many markets right now? Cha-Ching Cha-Ching!
Those savings WILL come in mighty handy later … believe me.
Forget whatever negative you have heard. Take action. Reach out. Pick-up a phone. Text. Email. Whatever! Do it on your break. At lunch time. Before you head to bed.
Ask your questions. Don’t just accept what you’re hearing on the news … or from others, no matter who they are. Fight for every option, work for every advantage, every opportunity you can find. You owe it to yourself and your future.
Contact me. Even if you have challenging financial and credit issues. Get started on bettering your finances and future. It costs you zippo … absolutely nothing to talk to me.
You’ll be glad we talked. I’ll be glad to hear from you …