How you might ask?
- Refinance if you have a rate over 6.5% now, this will clean your mortgage out of whatever bond package it's sitting in and put it in a clean bond portfolio
- If you are renting, STOP! You are currently paying 10-15% more than the cost to purchase a home. Contact us today to set up a plan, perhaps it takes a few months, to get into your first home.
- If you have credit problems, then get to work getting them cleaned up. You'll want to work out a 6-12 month plan to get back above 620 quickly. Don't put off cleaning up your credit, we're glad to help you.
- If you have an ARM, even if it's lower than 6.5%, refinance and take the small hit and get to fixed in these low fixed rate days. I'm worried that rates will go back to 8% as banks try to find extra margin.
It would be more than a full time job - and one I don't want - to comment on all the good and bad housing policies being proposed these days. But this piece in the WSJ by R. Glenn Hubbard and Chris Mayer demands attention: First, Let's Stabilize Home Prices .
Chris Mayer recently published a study showing that -- assuming normally functioning mortgage markets -- the cost of buying a house is now 10% to 15% below the cost of renting across most of the country.
Seriously, if you're renting, what exactly are you waiting for?