Interest Rates Still a Deal
In spite of this cold weather, the real estate market is buzzing! 2007 is off to a great beginning. I believe that we will see a great balance of buyer and seller markets this year. Itâ€™s great to live in an area where the economy is stable.
Last week I received a call from Drew Honeycutt with First American Bank. He reminded me about bond money the Alabama Housing Authority has made available to encourage home sales in targeted areas. This is a great program, and a couple of my clients are thrilled with getting rates at 5.625%. Another huge benefit is that closing costs can be rolled into the loan with no interest being charged on that portion. Of course, there are some guidelines about qualifying, but they are certainly worth checking into, and apparently only a few lenders have access to the AHA funds.
Of course, I still encourage not over extending your budget, but why rent when you can own your own home?