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Times like this are not going to come back once they go away. It is totally a buyers market when it comes to housing. Prices on houses are going down, down, down. So, it would seem to be a great time to buy one, right? Not so fast. Prices all over the country are still falling. If you jump in with both feet now, you may find that you have a house worth less than when you bought it. OUCH! Especially if this is your first home, not good. And getting the financing is going to be harder right now too. If you were counting on that great loan, uh maybe not. Lenders are much more strict about things right now. Sounds nuts, right? Buyers all over the place. Start lending. But they have already been bit by the falling rates bug.
For those who are wanting to refinance, things aren’t so good either. When you got that loan it was one of those teaser rate loans. Now, if you want to refinance, it will cost you more. Fees, fees and fees. And getting that refinance loan will be much tougher for you too. Difficult deal all around.
I don’t know. Maybe it’s time to stay put, try to work it out on the current loan, get a few breaks and wait it out. That is NOT advice from someone who knows anything about this.
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