Tax Credit countdown and a few things to consider

Tax credit countdown ...Everyone is telling you “it’s a great time to buy” Is it?
Few questions to ask yourself:
Are you presently renting? If yes, has your landlord thanked you for paying his or her mortgage recently? Most likely the answer is no. One thing you can be sure of is that your rent is going to increase every year. Fixed mortgage rates stay the same?! No landlord is keeping the rent at the same level; they charge what the market will bare. Has your landlord told you that your rent will always be the same? Most likely, not. Most all rents will go up every year. At the end of 5 or 10 years, you own nothing.
Have you been thinking about buying a home but have been cautious and concerned because you don’t have enough information? No one can blame you. With all the horror stories on the TV, news, financial reports and internet, who would not be concerned?
Here are some facts which may help your decision process before you call a reputable and well trained Buyer’s agent (ABR): if you have not owned a home in the past five years – you qualify as a “first time buyer”. This “gift for buyers - one never heard of before” is a tax credit of up to $8000.00 if you purchase a home before April 30th 2010... At the rate you are saving money today, how long will it take you to save up to $8000.00? Months most likely Years… By that time you could be paying a mortgage on your very own home.
Interest rates are now the lowest in the recent history. Some financial analysts claim that in 2010 and 2011 interest rates are going to go up because the financial institutions need to make up the difference in their profits; to offset losses due to the higher rates of foreclosures and due to the newly imposed restrictions… A difference in monthly payments for the same house could be much higher that one would think. An example on a home purchased at $255,000 with a mortgage of 6.85% vs. today’s potential of 4.85% could be $260/mo or $3120 per year. Market changes daily, we are inching above 5% even with great credit scores... We all know that money can be used for other purposes.
Call an experienced agent who will help you and guide you. For most commonly asked questions go to countdown link.