2/23/2007

Rear View Mirror is Always Clearer Than the Windshield

Among the ten biggest homebuying mistakes: Waiting for a better market and interest rates.

You only have the market you're living in right now, and that market is also tied to whatever the economy around you is doing. Think about how long you plan to live in that property, and find the best loan for it. In the past, 30-year mortgages were just about the only choice. But the national average shows that most people move again in about 7 years, whether it's due to job choices or a growing family. Getting a good interest rate is tied to your debt and to your FICO score, and as long as you have lower debt and a good credit score, you will probably be able to pick out a 5 or 7-year fixed rate which could save you money on your payment. Even if you have to pick a more costly loan to buy a property in the naer term, you always have the choice of refinancing when the market becomes more advantageous. Remember, real estate happens in cycles, and you can't predict the future. The opportunities you see before you right now may actually work out the best for you in the long run. That is why waiting for a better market is only waiting. People typically look backward later on and see what it was they missed, and then find it all too easy to live in the past. Take a careful look now and do the work that is necessary to make the best choice possible.

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