Mortgage rates are down in 2010, which is good news for home buyers and people looking to refinance their homes here in the Carolinas and throughout the Southeast.  While the home-buyer’s tax credit is still available for the next couple of months, this should make home buying at it’s most affordable.  You can get 4.75% with an APR = 4.99% on a 30 year fixed (with very reduced closing cost options at 4.875% to 5%, depending on credit and loan amount) and you can get a very low 4.25% on a 15 year fixed with an APR= 4.55% (with very reduced closing cost options at 4.375% to 4.5%, again depending on credit and loan amount).  Now is definitely the time to refinance or purchase.

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     Some people are sitting and waiting to buy because they are negotiating and are fighting a seller over a $5,000 to $10,000 difference on an offer.  While you wait, the rates could go up.  Do you know that on a $200,000. loan amount, the rate going up just a 1/4% is like the sales price going up over $6,000..  Rate is just as important as the purchase price when negotiating.  When rates are very low, as a buyer, you may want to be more willing to offer a little bit more for a home.  Keep that in mind when house shopping.  Now is a great time to talk to a mortgage professional about locking in a low rate.

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-Gary Schoenholz – Loan Officer Manager – 15 years experience – www.GaryTheMortgageExpert.com Phone – 864-979-1111 Call 9 AM to 9 PM Mon – Sat.

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