Low Mortgage Rates Won't Last Forever - Quicken Loans

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Youre listening to the Your Mortgage and Money Podcast, brought to you by Quicken Loans, the nations largest online lender and one of the nations largest FHA lenders. Heres your host, Mark Smith.

If youve been watching the news over the last several months, youve probably heard folks saying things like Now is a great time to refinance, or Now is a great time to buy a home. Many consumers ignore these statements, not realizing that its not marketing hype and that the low mortgage rates of today wont be around forever.

The window of opportunity to save on your mortgage is still cracked open and if you think you could benefit from a better rate, now is a great time to consult a mortgage professional. Mortgage rates are still at historic lows, meaning there are thousands of dollars to be saved out there!

But that money wont be around much longer. In October, The Fed will end its trillion dollar program of buying mortgage-backed securities which has kept rates low since last November, meaning higher rates are certainly around the corner.

If youve been keeping an eye out for that new home but have hesitated because you arent sure of the cost or qualifications, now is a good time to consider some of the great benefits out there. Homes are not only available, but affordable, with the average home price down nearly $50,000 from just a couple of years ago! Plus, if you have not owned a home in the last three years, theres an $8,000 homebuyer tax credit up for grabs.

But this too wont last for long. Just like you would close a window in the cool months of winter, the government is closing the window on the tax credit in just a couple months. Anyone planning to take advantage of the credit must have their loan closed by November 30.

This unprecedented environment of low rates, low home prices and a tax-credit for first-time homebuyers makes right now the perfect time to secure your financial future.

For Quicken Loans, Im Mark Smith.

For more information, visit QuickenLoans.com. There, youll find hundreds of useful tips and articles about home buying, selling, refinancing, and personal financial planning. You can also subscribe to the Quicken Loans mortgage news RSS service to receive free news articles and podcasts to help you better understand whats happening in the financial markets and how they may affect you.

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