Rates are now the lowest that they have been in more than 40 years!. While there are many complicated factors that go into determining rates, a change in any one of those factors could happen at any time. In particular, what is happening in the European markets has been a major factor in the most recent rate drop. That could change at any time and rates would start to rise. If you currently pay more than 4.675% on your existing mortgage, whether it is FHA or Conventional, you should not delay talking to our professional staff here at Valley West Mortgage! Once rates do start to rise, it is not likely to be a slow and controlled increase. Waiting for rates to drop further is a big risk to take since that is not very likely at this point.
Home buyers should not waste any time either! Even if you don't have a particular property selected yet, you should be getting your credit approval done now. Especially if you are looking at REO or Forclosure properties. The bank owned homes will require a credit approval with any offer that your Realtor submits for consideration. Since the process takes more time than it used to, there is no reason to wait.
Our Mortgage Professionals are ready to help you to acheive your goal of Home Ownership right now. Las Vegas home buying opportunities are fantastic combined with the current drop in rates, it does not make sense to wait. If you want to take advantage of refinance rates, a general rule of thumb would be, if you can lower your montly payment on the Principal and Intrest portion by $100 per month or more, you should be taking action.