Nashville Real Estate Forum

While everyone this side of a hermit knows that we are in a channel of historic low interest rates, not enough homeowners and buyers are taking full advantage of what this market is giving them.

Rates dipped this week into a trigger-pulling, rate-locking range. However, only refinancing homeowners who already had their applications in the house were in position to nail down a 4% fixed rate for 30 years, for example, when markets hit that level.

The recommended strategy is to get your application to me and any other documentation, such as pay stubs or tax returns, before we lock a rate. We will lock when we believe the moment is most fortuitous---and sometimes a moment is all there is.

My best lock recently was 3.75% for a 30-year fixed rate. That fortunate homeowner followed my prescription and was ready to go when the market was, instead of chasing after the market once it has passed. It also helps that I watch markets for you, and I can lock your loan at night even after the mortgage market has closed.

Whether you are a bad procrastinator, or believe refinancing will be a hassle and you have sooo much to do, or if you suffer from paralysis by analysis, ask yourself: "Do I have so much money and is my time so valuable that I cannot take a few minutes now to save money for 15-30 years to come?"

To determine if it makes sense for you to refinance, at no cost I will lay out the following:

1---How much lower will my payment be?

2---How much will it cost to refinance, and if I divide my savings into the cost, how many months will it be before I "break even" and start to net savings?

3---How much interest can I save over what period of time? Said another way, the longer you plan in the home, the more refinancing will benefit you.

4---What is the effect of going to a 15-, 20- or 25-year term?

5---Should I take cash out to pay off other debt or to fund an addition or tuition, etc.?

Prospective home buyers can take advantage not only of currently low rates but that we are in a traditionally slow season for real estate sales. Sellers will welcome you now, because anyone selling at this time may not be seeing many offers.

Major U.S. stock averages gained more than 7% this past week with the Dow Industrials climbing back above 12,000, closing at 12,019. The S&P 500 closed at 1,244, and the Nasdaq Composite at 2,627.

The U.S. reported nonfarm payrolls rose by 120,000 in November, while the jobless rate fell to 8.6%.

The 10-year Treasury closed at a yield of 2.04%.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.0% $100,000-$417,000


5/1 ARM

2.875% $100,000-$417,000

15-Year Conventional Fixed

3.5% $100,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.0% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $100,000-$393,300

4% of loan amount Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658 Toll-free fax: 866-321-6513

Quote of the Day

"I invent nothing; I rediscover." --Auguste Rodin

Visit my mortgage website:
http://www.BrentwoodHomeLoan.com

National Mortgage Licensing System #186007