Interest rates hit bottom, first time home buyers should buy now

by Dan Havey on August 23, 2011

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Part 1
Welcome to the velocity of money, this is Michael J Barnes and you are listening to KFNX 1100, Arizona’s news Talk Leader.

Welcome to the show today.

Today’s show is sponsored by Velocity Financial for all financial needs real estate related call (480) 835-6248 that’s (480)Velocity.

We have a special guest back in the studio today is Dan Havey, Dan Havey has been a great promoter for Velocity Financial .

Dan and I have been working together for about 14 years now.

Dan, thanks for being on the show.

Thank you for having me Michael Dan has brought with him some really, really interesting facts and figures for people who are wondering what’s happening, wondering if we are at the bottom of the market, wondering how much further we are going to have to go.

We are going to talk about lots of different things like that.

He’s got some really good information, in my opinion some good stuff some good solid data to make some good facts about whether or not you should or should not buy right now.

But a couple of more important things to talk about first off are it’s Stacey Childs Birthday today, Happy Birthday Stacey and how about the bachelor this week wow, not only did they have the bachelor then they had an after the rose ceremony then they had an after the rose, after the rose ceremony a great week for reality tv.

In other news Brett Favre retired and we get to keep that other Quarterback, what’s his name? I don’t know, Kurt Warner? Kurt Warner it is so we got Kurt Warner for another two years.

I think that’s fantastic for Arizona who knows maybe we will have a replay of last year with the exception of another ring to take with us so Welcome back Kurt Warner and good luck next season to you and to all of the Cardinals.

So, Today was the official day that President Obama’s Plan was rolled out it was designed to help some 8 to 9 million homeowners, responsibly homeowners people who purchased homes in the peak with putting 20% or more down.

It’s just so darned convoluted it is very complicated people are calling wondering what’s real what’s not real what’s going happen.

The bottom line is about 19% of all the homes financed utilized Fanny Mae or Freddie Mac.

People, who have Fanny Mae or Freddie Mac loans, were conventional type loans that put 20% down that used full documentation which means tax returns to qualify for the loan those are the only people that are actually going to be helped with this program and there are so many little caveats to it.

It’s not going to help nearly the number of people it’s very unfortunate that it’s just not going to be as popular as we thought.

The other thing that people were hoping for and we have heard this a lot that they are waiting for mortgage rates to get down to 4%, it is not going to happen if you are out there ready to refinance but holding out waiting for rates to get back down to 4% you need to get off the fence and get something done the trend is upward mortgage rates are going to go up, yes the fed is buying mortgage backed securities so that should help a little bit the reality of it is 4% is just not going to happen in this lifetime that I can see so if you are in the middle of the process find something that works good for you and make it happen.

The other thing is to and we are going to talk a lot about this today is when rates do go down which there very well may be a little dip and there very well may be in the next couple of weeks everyone tries to rush in and take advantage of that rate and that’s not really what you should do.

What you should do is get in with your lender and get the information to them so they can start working on it, put your case together and have everything ready to go so if the rates do drop you will be ready to execute immediately on that so you are welcome to call Velocity Financial (480) Velocity for more information on that.

Interest rates are really good and we are going to spend a lot of time talking about interest rates and how to buy a home, first time home buyers programs and things like that today but I just had to mention that I get this question all the time when can I lock in 4 and a half or 4%? Well there you go that’s my prognostication I am certain that I am right but we will just have to see as time goes on.
Real Estate Marketing This Week

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