Well, if you have been waiting for the right time to purchase a home now might be a good time to get pre-approved and start shopping for a primary residence or possibly an investment property. Rates hit another historic low today with rates dropping to 3.75% for a 30 year fixed rate. This is incredible and obviously very helpful for potential buyers that have been on the sidelines. With SOME NOT ALL homes having a fair asking price there is the potential to land a very attractive home for a very low price if your timing is right. For instance, a home went on the market in Beverly, MA yesterday for $189k. The house is located at 99 Corning Street in the COVE section of Beverly. Walking distance to Lynch Park, RIce Beach, Woodbury Beach and downtown Beverly. The house does need work but this house fixed up with moderate updates is worth approximately $400k after renovations. When I say renovations I am talking about adding $100k to the house. Now you are at about $300k total and your home is worth $400k. Not a bad day for a first time home buyer. So get preapproved and go after a property. Once your in the game life can get a whole lot better.
Click on the link to read more about the mortgage rates!