Utah jumps on low mortgage rates. Are you prepared or will it be too late?
Both Goverment and Conventional mortgage rates are quickly becoming a major subject of discussion in Utah. I am starting to see radio ads, letters, postcards and other advertising. With a volatile market many of these types of advertising may be too late. We have seen the best interest rates come and disappear very quickly sometimes moving up over one percent in a matter of days. Don’t miss out on this opportunity that you can easily be prepared for.
| Rates Went Down Significantly |
Why Did They Drop? | How Long Did it Last? |
| January 23rd, 2008 | Emergence Rate CutFeds Cut Key Rate .75% | -10:00 am to 1:30 am |
| March 17th, 2008 | Stock/Bond Fluctuation | -4:00 pm until next morning |
| September 8th, 2008 | Fannie/Freddie Bailout | -10:00am through Sept 9th Close |
| September 15th, 2008 | Lehman Brothers BK | -10:00 am through end of day |
| November 25th | Fed announces plans to purchase MBS (Mortgage Backed Securities) | -Currently pressuring lower rates |
| December 11th | Auto Industry Bailout & Continued Bad Economic News | -Currently pressuring lower rates |
Experienced mortgage professionals were able to lock their clients in to amazing interest rates by staying on top of market trends. They have a program designed to allow you to choose your own interest rate. Once that interest rate is available they will lock your rate in and guarantee it for about 30 days. I call my own program the “Load and Lock”.
You will want to get some professional advice in choosing what interest rate and program will best fit your needs and financial goals. If you choose a rate too low you may never get a chance to lock in the rate. If you choose too high it may not be a financial advantage to refinance into the chosen rate. Make sure you speak extensively with a mortgage professional about the pros and cons of refinancing your home.
Your mortgage professional will also have you correct any issues that he/she thinks will harm your qualifications. Getting good advice and following that advice is crucial in getting the best interest rate. Remember there have been many changes in the last year on how interest rates are determined for individual borrowers and sometimes making some simple changes will save you a bundle.
Mike Harrison Send me an email
Principal Lending Manager
First Federal Mortgage, Inc
Salt Lake City, Utah
801-404-3540 Cell
888-800-1629 Toll Free
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