Monday, January 18, 2010

How much do you like beer?

Hello People.
Rates dipped under 5% last week to 4.99%, down 6 basis points from 5.05%. Sweet. On a $300,000 loan your monthly principle and interest payment will be $1608.63 instead of $1619.64, saving you a colossal $11.01. Que?
People, we all want to save money, but don't out smart yourself and try to time interest rates or the bottom of the market. If you like the house and the payment isn't going to force you to deliver news papers or eat "Blackened Alpo Delight" with a side of tap water, then go for it. Have your lender lock you in and be done with it. I see it too many times when people are paralyzed by trying be too savvy and wait for the perfect situation. Don't be one of those people saying "I could have bought real estate when prices and interest rates were at a all time low and I let $11.01 a month stop me". People, $11.01 doe not get you a twelve pack of bad beer. Would you let bad beer get in the way of buying a house? If so, you might want to check into a clinic.
Click on the title to read an article regarding this fabulous drop in rates.
God Bless.