Ready. Set. Buy that house!

If you were priced out of the housing market during the previous boom, it’s finally time to take advantage of the current economy and become a homeowner. Tumbling home prices and increasing inventory have made 2008 a buyer’s market, particularly for those who have waited patiently and prepared for the right time to jump in.

Advantages of homeownership

The advantages of homeownership are hard to ignore so don’t sit on the fence too long. If you
do, you may miss this window of opportunity. The advantages of homeownership range from the ability to build household wealth and equity to generous tax deductions (your tax advisor can help you with this one).

While nothing is a sure thing, owning a home and paying a mortgage can help you achieve your financial goals.

Know how to buy

The first step toward buying a home is education. Take the time to research federal and state government and community agencies information about assistance on purchasing a home. Such help comes in various ways and forms. For example, some cities fund qualified first-time home buyers by offering certificates to receive a federal income tax credit towards the interest they pay on their mortgages.

In any case, it’s worthwhile to check out what’s available. You can start with these Internet links.

First-time homebuyer resources

U.S. Department of Housing and Urban Development (HUD)

California Housing Finance Agency

Fannie Mae

TCU’s Real Estate site

Refinance for a fixed rate

If you’re a homeowner looking to refinance your mortgage, this may be a good time—but that depends on your current loan. Millions of consumers with payment option adjustable-rate mortgages (ARMs) will see their interest rates and payments increase this year. If you are one of them, we may be able to help you refinance your loan to one with a fixed payment for the term of your loan. Also, we’ll gladly review your loan documents if you don’t understand the terms of your existing loan.

Act now

Whether you’re a first-time home buyer looking for a great rate and quick mortgage processing or a current homeowner looking at options to refinance, contact our real estate lending department today at (707) 469-2000 or (888) 698-0000 to see how we can help you. Ready or not, the time to act is right now.

Source: National Association of Realtors.