Be Prepared-The Key To Locking New Jersey Mortgage Rates

Posted by Rick Pristas
January 16, 2009

2008 may be remembered as a difficult year for New Jersey Homebuyers and homeowners,  but it did give three great opportunities to lock in low New Jersey mortgage rates.  Do you know when they occurred??

You fit into three categories at this point:

  1. You are confidently nodding your head up and down with a big smile on your face because you locked during one of those opportunities.
  2. You knew about it, but required more time to make a decision so you missed it.
  3. You do not know when they happened.

Our first opportunity was January 23rd with 30 year fixed rates dropping to 5.125%.  How long did it last? 4 hours.

The next opportunity was September 8th after the Federal government took over Fannie Mae and Freddie Mac.  How long did it last? 5 hours.

The third opportunity was on the morning of December 17th.  How long did it last? 3 hours.

If you missed the most recent drop in December you missed out on 30 year fixed rates as low as 4.5%.

Why did the person that is in category 1 capture that window of opportunity and the other two categories missed out??  They were prepared.

How can you be ready to take advantage of the next rate drop?

  1. Take a few minutes to discuss your situation with your New Jersey Mortgage Lender.  We will determine what you qualify for and what rate makes sense for you.
  2. Discuss this with your spouse or significant other that night so we can address any questions immediately.  In all of the situations above, clients that called back the next morning after being notified did miss out.
  3. Make a decision.

I follow rates everyday and if you have a plan in place with me I will call you when we get to your target mortgage rate.  Then you will be the person with a big smile on their face next time the opportunity arises!

FHA Mortgage

If you enjoyed this post, please consider subscribing to our FHA Mortgage Loan Blog feed and get future articles delivered to your feed reader. You can also share this article using the 'Share This' tool below.

Comments

No comments yet.

Sorry, the comment form is closed at this time.