Many of our friends and clients here in Raleigh, North Carolina are taking advantage of the historically-low mortgage rates, locking in new home loans below 5 percent. If you look at the typical borrower today, in general, these homeowners shared 4 characteristics:
* Credit scores of at least 720
* At least 20 percent equity
* Relatively low debt versus household income
* Ongoing relationship with a loan officer
Now, the first 3 bullet points are easy-to-understand but it’s the fourth one that really mattered — it’s the trait that got people “real-time access” to low rates the moment they published.
After all, it wasn’t until Thursday morning that the press ran its stories about “4.5 percent mortgage rates” and, by that time, mortgage rates had already retreated — by as much as a full percentage point in some cases. Thursday morning’s news was a half-day too late.
If you want to hop on board, contact us today at 919-649-6638. We’re the Freeman/Davis Team at Coldwell Banker/HPW in Raleigh. For Rick Freeman and Amy Davis, real estate is our passion and we can introduce you to our lender team. Now is a great time to buy a home and you can visit every home for sale at www.HomeSearchRALEIGH.com and www.FreemanDavisHomeTeam.com. Don’t let the low rates and an abundance of recently reduced home prices pass you by!