Financing Just Got Easier

If you’re considering buying a home at all in the near future, you’ll want to know that mortgage rates came down huge on Tuesday. When I first heard the news, it was from a mortgage broker I know, I told him “the only way that could happen is if someone finally started buying mortgage backed securities”, which there haven’t really been buyers for in any significant numbers since August ’07. Sure enough, I found out later that the government is spending $600 billion (note the “b”) to purchase these things. That is an incredible development that brought rates down to around 5.375% for a 30 year fixed rate under $417,000.


People who should really consider buying a home right now are first time homebuyers, or those who have not owned a home for the last three years. For these people, you have low rates, low downpayment options, and the $7500 first time homebuyer tax credit (also for those who have not owned for three years or more). Oh yeah, and did I mention that home prices are way down. There are four really good reasons!


--Ward Spears

The Spears hereby launch headlong into the world of blogging. In the coming months and years (God willing) we will be writing about developments in the real estate market in the Portland area, new ways to sell homes, developments in mortgages, and special projects we’re undertaking. We will also cover less serious issues, such as lessons we learn, cool remodels we participate in, and properties we’re involved with.


Why do we do this? We think it’s a great way for people to get to know us, and become comfortable with the idea of working with us, before we even dialogue for the first time. For example, if someone has a friend they would like to refer to us, they can read a bit of our blog first to decide if we’re a good fit for them. So before you call, email, text, or instant message us, feel free to read awhile. We’ll do our best to make the posts interesting and informative.


-- Ward Spears