Rates Still Good Buy Now

The holidays are over and now you can think about buying a house!  Many first time home buyers think that means looking at homes.  Well, yes and no.  The first step is actually to talk to your bank or let me recommend a few of my team members who are loan officers that can prequalify you.  Knowing what you can afford will save you time and help me focus on what type of home we should be looking at.  After you are prequalified you have the ammo to put an offer in on a home you like.  Getting your offer accepted is more likely with a prequalification letter.

Rates are still low and there are several loan programs available.  Gabe Crum at Idaho Central Credit Union recently told me about an arm they have.  Here are the details; "Our fantastic ARM option has changed a bit for the New Year and is an incredible option for the home buyer that is planning to be in their new home for less than 10 years.  This product is fixed at 2.95% for 5 years and will then only adjust once every 5 years at a maximum adjustment of 2% per 5-year period and a lifetime maximum adjustment of 5%.  After nine years of having this loan, the worst rate the borrower could have is 4.95%.  This product only requires a 3% down payment, does not have an origination charge, and features lower PMI rates because we retain the loan at ICCU."  Wow!  What a great product!  What a great time to buy your new home.

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