by Barbara Gressens, Broker/Owner

While there is no quick or clear answer to what will happen over the next six months in our financial markets, what is clear is that with the government bail out of Fannie Mae/Freddie Mac, we are seeing the lowest interest rate levels since 2005. Also, less cash is needed now than will be required in 2009 to purchase a home.

FHA had mandated the increase of down payment minimum from 3% to 3.5% to occur October 1, 2008 which has been pushed off until January 1, 2009. The final plus for buyers is the softening of the market and the upcoming holidays. Sellers are growing anxious knowing that sales traditionally tend to slow down around the holidays. Serious buyers have a great opportunity this fall and winter to purchase homes at good values with the least amount of cash out of pocket and having the best interest rates since 2005. All of this equates to more buying power.

To secure the best interest rate possible for your financial situation, buyers need to develop a relationship with a lender just as they would with their real estate agent, builder/architect and closing attorney. Today’s lenders are working hard to “fit” buyers into the new criteria to receive a loan. There are many loan programs available, but there is only ONE loan program that is the best program for your home purchase goals.

While working with a real estate agent who can introduce you to lending professionals with proven track records, you need to spend time introducing yourself, your qualifications and your financial goals to get the best loan program. The loan officer that you meet is the person who will prepare a “profile package” that represents who you are and why you are a good candidate to receive the requested loan program. This package is submitted to the underwriters who have final loan approval. The buyer never has access to underwriters, but the buyer’s loan officer does and can communicate with the underwriter with helpful information about the buyer if the loan officer has come to know the buyer.

The Triangle Area’s steady economic growth and property value appreciation is a testament to the stability of our area and the promise of a bright future. Buying low and holding onto your real estate investment has historically been the building block to personal wealth. Buyers Advantage Group Realty agents are experienced to advise and direct our clients to the best opportunities and terms for their home buying experience.

To get started on developing your relationship with a loan officer, call Katie at 919.573.6150 or chat with her online at www.buyersadvantagegrouprealty.net. She is standing by to help you get to know the housing market and starting your path to building personal wealth!

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