IGNORE THE HEADLINES - Don't wait, act today!

Consider a typical home that sells for $300,000.

You put down 20% and get a 30 year fixed rate mortgage at today’s rate of 5.25%.
Monthly principal and interest come to $1306.77.

Let’s say that 12 months from now the same house goes for 10% less, or $270,000.
But by then the recession is history and the Fed is jacking up rates to stem inflation.
In the meantime if mortgage rates rise just one point, to 6.25%, your monthly payment would be $1312.44 and you’d have saved NOTHING.

Meanwhile home prices might steady and sellers might become less willing to negotiate. To boot, you have spent a year living someplace you’d rather not be. 

For first-time buyers the urgency is even greater, close your home loan BEFORE December 1st, 2009 and you will qualify for the $8000 tax credit.