A Tax Credit - Cash For a Home (as I call it)

The real estate market has enjoyed another healthy month in real estate. Since it was introduced early this year, each month we have seen a remarkable steady climb in all the three jurisdictions. A tax credit of up to $8,000 was available for qualified first-time home buyers purchasing a principal residence beginning January 1, 2009 and before December 1, 2009, and this has really boasted the market.

Most people took advantage of this program and they got their dream homes. Paying less in mortgage than ever thought since 2001, an average of $550.00 to $1800.00 for a one bedroom to four bedrooms condos, town-homes, and single family - homes. This is regardless of whether one is buying a resale or brand new. These prices have never been heard of since years 2000-2001. So why delay, we are in a market that is much more affordable to own than to rent.

Look at it this way, why pay someone else's mortgage when you can get yours for less. Besides, your money will get you much more home for you budget. These mortgages come with conditions outlined by the FHA & Truth In Lending so that they are much simpler to understand. I urge anyone who is thinking of buying that there is no better time than now, this program is ending in November.

This is the time to act and stop doubting, no more contemplating with your money. Do the healthy thing for the money you work hard for. Yes it's true; most banks want to give as much loans as possible before the deadline. So call your bank now and arrange for an appointment to meet with a mortgage specialist, who will take time to explain and show you all the available programs that there are.

Don't rely on your Realtor(s) to do the work for you; you and no one else will pay for that mortgage. Therefore it is perfectly OK to ask every question on your mind and make sure when that Truth In Lending letter comes through the mail all the 'Ts' are crossed and each and every 'I' is dotted and says exactly what your mortgage person already told you. The lender usually mails out this letter once your loan is issued, before closing, and should be fully reviewed. If it does not, it's perfectly OK and commendable to walk away within the specified time.

If you need help or have any questions, don't hesitate to contact me regarding your transaction.