“Looking into my Crystal Ball”

“Looking into my Crystal Ball”

 

 

 

 

 

Hi Joe,

We have been house shopping for the last 3 months and getting discouraged, do we just sign a lease extension for 6 months? We are supposed to be out by the end of April.

One more question, we keep reading about a recessing that will happen in 2020, how will this affect us if we do find a home to purchase?

 

 

Truthfully, I have seen so many recessions in my lifetime, I am a bit callus to them. There are so many prognosticators out there. Most folks that make these predictions don’t have any better guess than you and me. Here is what I shared with my clients:

 

“Let’s look at the long-term view of a possible home purchase. You are currently paying $1650 a month for rent. The numbers we discussed during the pre-qualification process estimated a mortgage payment of under $2000, not a huge difference, but when you factor in the tax benefit, there was no difference.

The two of you are self-employed and fortunately you are both doing well.  You shared you don’t see anything that will slow your income. So, from what you have told me, not purchasing would not be in your best interest.

Regarding an extension on your lease, speak to your landlord and find out how soon before the end of the lease would you be required to resign. Also, ask if you can go into a month to month extension and what that would look like”.

 

 

Subscribe to my blog via Email:

 

Enter your email address:

Delivered by FeedBurner

 

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 6 commentsJoe Petrowsky • February 05 2019 08:26PM
“Looking into my Crystal Ball”
share
“Looking into my Crystal Ball” Hi Joe, We have been house shopping for the last 3 months and getting discouraged, do we just sign a lease extension for 6 months? We are supposed to be out by the end of April. One more question, we keep… more
“A Home Inspection is a MUST! ”
share
“A Home Inspection is a MUST! ” I promise not to question your recommendations again. Can’t believe I was actually so naïve that we thought a home inspection was not necessary, especially since I am a building contractor. This was one of those… more
“Doesn’t Sound Like Bailing Out to Me”
share
“Doesn’t Sound Like Bailing Out to Me” The teacher gave her fifth grade class an assignment: Get their parents to tell them a story with a moral at the end of it. The next day, the kids came back and, one by one, began to tell… more
“Can’t get over how Smoothly this Process is going”
share
“Can’t get over how Smoothly this Process is going” Hi Joe, I just wanted to touch base with you and make sure I'm not missing anything/anyone. I am working with your processor on all the paperwork and the attorney your referred for the… more
“Time to get Serious about Buying a Home”
share
“Time to get Serious about Buying a Home” Hope all is well with you Joe and best wishes for the new year. I’m sure you remember, but you did our mortgage three years ago. At the time we did an FHA 203K loan which greatly improved the value… more
“What Speed Limit? ”
share
“What Speed Limit? ” A cop pulls over a carload of nuns. Cop: "Sister, this is a 65 MPH highway. Why are you going so slow? " Sister: "Sir, I saw a lot of signs that said 22, not 65. " Cop: "Oh sister, that's not the… more
“Commercial Mortgages for My Clients”
share
“Commercial Mortgages for My Clients” Joe, hope you had a great holiday season! Thank you for helping my wife Kristine and I with our mortgage this past fall for our house. I had a question about commercial mortgages. Is that… more
“Only the Best Referrals are Good Enough for a Friend”
share
“Only the Best Referrals are Good Enough for a Friend” Natasha – thank you again for your confidence and trust. I have discussed your situation with two of the most trusted individuals. Andy is an “A” attorney and is very… more
“This One Made My Wife Laugh”
share
“This One Made My Wife Laugh” Looking in the mall for a cotton nightgown, I tried my luck in a store known for its hot lingerie. To my delight, however, I found just what I was looking for. Waiting in the line to pay, I noticed a young woman… more
“It’s All About Planning”
share
“It’s All About Planning” Hi Joe, Hope you enjoyed the holidays. Not sure if you remember me or not, but we spoke last May about mortgages. You had pulled my credit and I attached a copy of it from then. Since then I have paid Citi, Barclays and… more