O.S.O.K.
05-27-2011, 06:48 PM
http://finance.yahoo.com/blogs/daily-ticker/risks-enormous-why-morgenson-rosner-worried-152700730.html
Notice that the guy says "when the interest rates go up"...
This is what I was worried about happenening that caused me to move on purchasing land right now. I was concerned that I'd get caught in a rising interest rate and not be able to pull it off.
As it is, I was able to get 5.5% - which helps a lot.
If you are considering making a move - I would strongly urge you to go ahead and pull the trigger and get your loan set with a low rate.
Of course, things may also be such that my income disappears... and the housing market crashes further.... which will make it hard to sell my current house. But I do have an assumable mortgage - which I count as a plus as it will alow a qualified buyer to keep the low rates that we have on this mortgage... which may allow us to sell.
We are living in interesting times... as in the ancient Chinese curse.
Notice that the guy says "when the interest rates go up"...
This is what I was worried about happenening that caused me to move on purchasing land right now. I was concerned that I'd get caught in a rising interest rate and not be able to pull it off.
As it is, I was able to get 5.5% - which helps a lot.
If you are considering making a move - I would strongly urge you to go ahead and pull the trigger and get your loan set with a low rate.
Of course, things may also be such that my income disappears... and the housing market crashes further.... which will make it hard to sell my current house. But I do have an assumable mortgage - which I count as a plus as it will alow a qualified buyer to keep the low rates that we have on this mortgage... which may allow us to sell.
We are living in interesting times... as in the ancient Chinese curse.