New President, New Danville Mortgage Rates..act NOW!

Comments(0) By Mike Miller •November 5th, 2008

As expected, the United States has elected President Elect Obama to the White House.  Initial response from the mortgage market is positive, and rates have gone down a quarter percent overnight. This is certainly good news for my clients who own Danville Real Estate.  This can translate to thousands upon thousands in interest savings. 

However, in about a month, our area will be having the conforming loan limit reduced, which will spell HIGHER rates for Danville mortgage borrowers if the loan amount is between $625,000 and $729,750.  The rate PREMIUM can be as much as 2%!!!!

What this means is if you know anyone who has a loan between those amounts, they should check in with me to have a quick evaluation, in order to see if this change is something to worry about.  Our goal is to have every client pay the least amount of mortgage interest possible.  A five minute conversation can see if there are any overlooked strategies.

Also, next year will see mortgage guidelines tighten even further, so it is safe to say that now is the time to act, before it’s too late.

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