“What does Zero Interest Rate Mean to Me?”
I hope you have been well! I cannot believe what has unfolded before my eyes in the period of a week and a half’s time. Richie and I are working diligently to get our house market ready, installing a new heating system, painting, yard work and so much more. All we saw were dollar bills hypothetically seeing this home sell. We even have found land we wanted to build on. Working hard on our credit In the meantime.
We’re supposed to be meeting the realtor today to discuss contracts. Obviously I have no idea what the outcome of all this chaos is. Now I don’t feel comfortable signing anything. What does the federal reserve dropping to 0% interest mean? What does this mean for the sales market? Would we be foolish to buy now if the market is predicted to drop to 2008 levels? Would we even be qualified to buy a home any longer as business owners Doing a bank statement loan? What do you think is going to happen? I have a headache just thinking about this. Help! We need guidance!!
I have received so many questions about this topic. When it comes to mortgages it means very little.
The simple way to explain the prime rate, which is the rate or close to it that banks borrow money from the Federal Government. It will also affect home equity lines of credit, car loans and so on, but not fixed rate mortgage rates.
The bond market is the primary factor when it comes to fixed rate mortgages. Homeowners and home buyers can take advantage of lower mortgage rates. It is a wonderful time to take advantage of this opportunity. There may not be a better time to buy or refinance to lower your rate or take advantage of debt consolidation.
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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
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.
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