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Follow on Google News | An Industry of Opportunities: Act Now Before Loan Limits Drop to $625,500!Opportunities abound in the mortgage industry. For those with loans at or below $729,750, purchase or refinance before the limits drop to $625,500. Time is ticking fast on this opportunity.
By: Christopher Patrick King As I see our government debate issues surrounding our national debt, I’m intrigued by the way in which our country mirrors the financial position that many of us are experiencing (find it hard to balance the check book and make all of those credit card payments recently?). Indeed, if the nation is a reflection of its people, it makes sense that a country that has attempted to bail out corporations and individuals should also be experiencing challenging fiscal times. In an effort to shelter all of us from complete financial failure, our government has shifted a tremendous debt burden onto itself. Regardless of the “season” in which we may find ourselves, however, my focus continues to be on the opportunities that exist for my clients. Consider, for example, the fact that a California Association of Realtors report found that “home values nationwide declined at a faster pace in the first quarter of 2011 than in any other quarter since 2008.” This could seem all “gloom and doom,” but consider the implications for first-home homebuyers or investors. In a separate article, CAR reports that “Trulia shows that buying a two-bedroom condominium. . . is more affordable than renting in 80% of the 50 largest cities in the U.S.” CPK Mortgage seeks to advise our clients in this challenging environment. I would argue that viewed from the right lens, there is potential for growth in any season. In line with this idea, have a loan amount that is at or below $729,750? Currently in many counties throughout the country, this is the current maximum Fannie/Freddie Jumbo Conforming loan size. However, that loan size is set to expire on September 30th, 2011. The limit will then decrease to $625,500. For clients looking to obtain outstanding interest rates, you have just a few weeks remaining--unless the government extends the higher loan limit. I urge you to take advantage of a loan amount that may soon be considered a Jumbo loan with higher interest rates. End
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