Thursday, August 04, 2011

Home Buying Tips: Mortgage interest rates drop, contact your lender

We recently listed and sold 5137 N Oakley in the Ravenswood neighborhood shown below. The buyers were helped by low interest rates to buy their long term home.

I spent a good amount of time yesterday sending notes to clients and friends about the recent drop in mortgage interest rates. Locking in a sharp drop in interest rates for re-finance or new purchase can mean saving a ton of money. If a re-finance or purchase is on your mind, you need to keep a eye on these rates with your mortgage professional and real estate broker (me).

Last year, my wife and I had very good market knowledge of single family homes in our target areas to live. When a good opportunity on a house hit the market, and rates slipped low, we jumped on the deal. Prior to that while living in our condo, we jumped on a dip in low mortgage rates to re-finance our loan and saved a lot of money. With the right education, you can be ready to capitalize. Check with your lender or one of our preferred lenders to see what makes sense for you.

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