Have You Ever Gotten a Gift Card or Gift Certficate?
I was discussing the historically low mortgage rates we’ve been experiencing with some folks the other day and an analogy came to mind. Have you ever received a gift certificate or gift card to a fantastic restaurant in your area? See if the following resonates with you:
Most people put these gift cards in a drawer or someplace where they will always be able to find them knowing that one day soon they will grab the gift certificate and head over to the restaurant to enjoy some great food. The reality is that most people, myself included, put off the trip to the restaurant until some date in the future. They know they will eventually get there so they keep this in the back of their mind but don’t really focus on it. One day, something reminds them about the gift certificate so they reach in the drawer to start planning a great dinner and they realize that the gift certificate has expired!
Has this ever happened to you? I know it’s happened to me quite a few times – and every time it happens I tell myself that I’m never going to let it happen again! Regardless of my attempts to avoid this in the future, I know that it is almost inevitable that I will miss the opportunity to use that gift card!
While we’ve been enjoying low mortgage rates for a long period of time, the most recent rate environment has been so unbelievably low that I would look at this opportunity the same way as a gift card. These low rates won’t last forever and the low rates coupled with the low prices in the real estate market make this the perfect time to think about cashing in that gift card! Don’t let it sit in a drawer for some later date only to realize that you, or someone you know, has missed a potential opportunity.
I’m not saying that everyone should refinance or buy a home right now. However, I do think that we will all look back at this time in history and realize just how amazing the opportunity might be to either buy a home or to save money on your current home. Here is my suggestion, explore the options. If refinancing or buying a home right now makes sense for you then you will be taking advantage of an historic opportunity. If you decide that it is not the right time to buy a home or refinance then at least you will never have to look back and wonder “what if?”
The best thing to do is call and discuss your specific situation and see what options are available for you and then you can make the decision about whether this is the right time for you to buy a home or refinance. We perform this analysis for free and with no obligation so if you, or anyone you know, is thinking about taking advantage of these historically low rates please feel free to call.
As always, you should never feel any pressure to do anything. A mortgage professional should help you analyze your current situation, help identify your goals and provide options to help you make an informed and educated decision about whether this is the right time for you to buy or refinance a home.