Posted by: Bill Cady | January 11, 2010

Five Things BEFORE You Buy a Home…

Have you been waiting for the real estate market to settle down before making a move or buying a new home in Idaho? Don’t! There has never been a better time to buy a home in Idaho than right now and Bill Cady your Meridian Idaho Realtor can help you find the home in Boise, Meridian, or anywhere in Idaho that you have been searching for! No doubt this is the most interesting time in real estate history, and buying a home is one of the biggest decisions you will make – but buying a home doesn’t have to be a daunting task! Bill Cady can make buying your next home hassle free. Here are some things to consider before you buy your next home…

Q: Why are rates this low?
A: In an effort to stabilize the housing market by making homes more affordable for consumers, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Will rates stay this low?
A: Maybe yes, maybe no….either way don’t count on it because the lending landscape is likely to change soon. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It all depends on which lenders are in their sample, the time of the survey and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate. Regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see – so there has been no better time to buy a home in Idaho than now!

Q: What else should I know?
A: The lowest rates are only given to the most credit-worthy customers who can make sizable down payments. Shop around not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another. Bill Cady can help you find a qualified Idaho Lender via his Meridian Idaho Realtor Website.

Q: Is now the best time to buy a home?
A: For the qualified home buyer in Idaho there has NEVER been a BETTER time! Idaho Home buyers have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

Not sure if you qualify to buy a home in Idaho? Contact Bill Cady your Meridian Idaho Realtor to find out if you qualify or to begin looking for that perfect home in Idaho. Working with a professional Idaho Realtor can help make your next move a success! Bill Cady your Meridian Idaho Realtor has years of experience in the Idaho Real Estate market and can help you find homes in Boise, Meridian, Eagle or anywhere in the Treasure Valley.


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