Don’t wait for rates to come on down.
Dear friends,
I hope all of the dads out there had a great Father’s Day. For me, the best celebration is being able to sit around and do absolutely nothing. And watch too much TV. But since I can’t turn my mortgage lender’s mind completely off, I started seeing so much wisdom in The Price Is Right. Because like winning a lifetime supply of Rice-a-Roni, solid financial strategy goes a long way.
All this can be yours…
If you go on vacation this summer and you fall in love with your summer rental, give my team a call. We lend in 43 states so chances are I can help you with the purchase. I’m also happy to sit down with you and develop the right financial plan to make that second home a reality. Whether it’s a showcase showdown-worthy vacation home or a rental property, it all can be yours.
If the price is right.
Trying to time your home purchase based on interest rate ups and downs is as predictable as playing plinko (hint: it’s not dependable). So the right strategy is to find out how much you can comfortably afford, consider how much to put down (another hint: it’s not always 20%), and buy the home you love if the price is right. I always say, “You can refinance the rate, not the price.” Fortunately, we are in a buyer’s market, prices are steady, and you have a strong chance of getting beneficial concessions. And if you’re comparison shopping, be sure to check out how long a house has been on the market. It’s a pretty good indicator of whether it is priced correctly for the neighborhood. “Stale listings” that have been on the market for a while usually mean they are haunted or priced too high—and just like on the game show, going over the right price is a sure way to lose.
And some priceless Dadvice.
If you are self-employed, set aside 25 cents on every dollar you make. Start planning for next year now and you will have a solid understanding of what price range for a home you can afford, and you will never have a problem paying the IRS.
Contact me any time you’re ready to build wealth; no games of chance or long game show microphone needed.
Mark Smith