When most Americans purchase Real Estate they shop for the financing base on the lowest Interest Rate they can qualify for.  First, make sure you are comparing Current Mortgage Rates for the same type of Mortgage. When shopping for a Mortgage, you want to be sure you are getting your best information.

A prudent person knows when to seek out professional advice before making important decisions. 

Don’t base your Home Loan decision on Interest Rate alone.

Mortgage Rates and Closing Costs can change significantly from one day to another, so if you are comparing offers from multiple lenders it must be done on the same day.

For example, if you are shopping Mortgage Rates and have a quote for a 30 year fixed at 5.75%, only compare it to other 30 year fixed quotes at 5.75%.

Next, compare the total of all Points and Lender Fees for each Mortgage (from section 800 to 813 on the Good Faith Estimate)

Ask to see a copy of the Amortization Table…that is the price of the Mortgage over time.

Then WHAT is the “Date” you will be completely DEBT FREE?

Understand that the Interest Rate is only one element of a loan transaction and that in some instances the low Interest Rate quoted by our competition is compensated for by unusually high or unnecessary fees or is tied to loan program that is ill-suited to the Borrower’s needs.

If you are Refinancing, you will also need to review the cost of Title Insurance, Closing/Attorney, and Appraisal. Some large National Companies have negotiated excellent Rates for these services on your behalf.

The company with the lowest combination of Points, Fees and Third Party Costs for the same Rate and Product has the Best Mortgage Rates. But, do they have the best overall Financial Strategy for you? Review the Amortization Table to see what is your Financial FREEDOM POINT Date?

Finding you the BEST combination of Rate, Points, Fees and Third Party Costs is the easiest part of my job!

Lawmakers and businesses are calling for expansion of a Tax Credit for First-Time Homebuyers that has helped spark Home Sales in an otherwise dismal Real Estate Market. With the Tax Credit scheduled to expire in the fall, some business groups say the amount of the credit, now capped at $8,000, should be raised to $15,000 and applied to anyone who buys a Home.

The Credit, introduced in July 2008, was expanded in February as part of the Economic Stimulus Package. The proposals may face headwinds amid growing public criticism of Government spending to rescue the Economy and the widening Budget Deficit.  Some Economists say a Tax benefit is vital to spur Home buying and help stabilize prices.

Virtually every Economist/Governmental/Business Leader has stated that restoring health in the Housing Market is a requirement for the economy to regain its footing.  While various States have added their own Tax Credits to the Federal Tax Credit for First- Time Homebuyers, the Housing Market shows only the faintest signs of life.

While sales are not falling further, neither are they picking up.  Prices continue to fall in most markets.  The high end which had not been fully impacted until 2008 in most markets is now as quiet as it has ever been.  The nearly $800 billion of economic relief that was passed earlier this year has not had and will not have, much impact on the overall economy.  Much will not even find its way into consumer’s pockets until 2010 or later.

It is time for Federal and State governments to realize that should they want to stimulate the Economy, firing up the Housing Market is the place to start and that the remedies this far put in place are not sufficient to do so.

Current proposals:

 
A Senate Bill to expand the tax credit to $15,000 for any homebuyer regardless of income was introduced this month by Sen. Johnny Isakson, R-GA. It is co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn.  (Isakson was formerly the president of one of the nation’s largest real estate brokerage firms and would likely know more about what it will take to put a floor under the housing market)

A House Bill to keep the $8,000 credit in place until June 2010 and expand it to all homebuyers was introduced last month by Rep. Kenny Marchant, R-TX. It also would provide a $3,000 credit to homeowners who refinance.

Another Bill in the House, introduced by Rep. Eddie Bernice Johnson, D-TX, would extend the credit to all homebuyers through 2010.

 
The Business Roundtable, a consortium of CEOs from large companies, urged Congress this month to expand the Tax Credit to $15,000 and make all Homebuyers eligible.

I ask you to contemplate using Amerisave Mortgage and my many services. It would be an honor and a privilege to serve you in any capacity that you see fit.