My Best Advice to Home Buyers (Part 2)

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A message from John Inzeo, Wisconsin Mortgage Corporation. View Part I here.

We are all looking forward to spring weather, including the housing industry! 2013 is off and running at a pace that looks extremely positive for home buyers and those of us seeking to assist them. Interest rates are low and home prices are very favorable, however, this statement might have a short shelf life. Because change is likely lurking around the corner, we anticipate that mortgage rates will increase and housing demand will digest a large percentage of existing inventory. Home prices will begin to rise and higher interest rates will present challenges to those who are trying to qualify. The solution is simple — don’t wait to buy and make sure to take advantage of this historical market before it becomes past history.

Now onto my “Best Advice” (Part II): be smart about interest rates. Home buyers today are hearing and reading about historically low interest rates on the radio, in print and on the internet, but beware of teaser rates. Some lenders use less than acceptable advertising just to get you to make contact. What sounds like a great deal can become nothing more than a deception. If a lender is quoting a rate and doesn’t identify the type of loan or its terms, please find a new lender. If a lender puts more emphasis on the extremely low rate and less on the details of how much the rate will cost, find a new lender. If a lender can’t make sense of costs and you feel like you’re playing a shell game, find a new lender.

The majority of lenders in business today are the survivors who have built their business around ethics and customer service. You deserve to work with that type of lender. Unfortunately, there are a few bad apples that are still operating to deceive the consumer. With the few warning signs mentioned above, they should be easy to spot from teaser rates to confusing costs, with no track record and promises not kept. Wisconsin Mortgage would love to have you as a customer — contact us today.

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Categories: Home Buying, Real Estate News

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