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Low Rates Help Homebuyers and Realtors

August 17, 2011

From Loan Officer Eddie Kirby

The Federal Reserve made an unusual promise last week – it committed to keep the Fed Funds Rate near zero until early 2013 in hopes of stimulating the economy and housing market. It’s unprecedented – and gives prospective buyers and current homeowners a window to buy a home or refinance with a very low interest rate, which results in lower monthly payments.

Do you have customers who have hesitated to buy because they don’t have a sizeable down payment?  Because both home prices and interest rates are low, buyers need a smaller down payment, which can help them get into a home with less saved.

In addition, there are many programs like FHA, USDA, and VA loans that offer low or no down payment options for those who qualify. This is a historic time for all home buyers, but particularly first time home buyers who don’t have another property they need to sell!  Make sure you are reaching those customers with this news!

For clients for whom you’ve already helped to buy a home you can build goodwill and cement your relationship with them by letting them know how a refinance may relieve some of their monthly payment or allow them to reduce their term and pay off their mortgage sooner.  It can be as simple as a courtesy call or email – it’s a gesture that shows you want to help them with all of their real estate needs, even when it doesn’t directly benefit you with a deal.

Fixed rates remain very low – and some adjustable rate mortgages are even lower! Give us a call today and find out how you can leverage this time of incredible opportunity into closed deals!

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