Rafael Perez

Your best bet isn't going with the biggest or going wiith the lender who offers you the lowest rate. Go with a lender who is equiped to help you figure out how to integrate your mortgage into your overall long term financial plan. Getting the best rate on the wrong mortgage can cost you thousands of dollars mroe over time.

A good place to find a professional is the CMPS institute. The institute's graduates are some of the best mortgage planners in the country and you will not get stuck with someone who has their own best interest in mind. http://www.cmpsinstitute.com

Rafael Perez, CMPS
Mortgage One Lending (619)231-7533 - Mon Jan 14 2008, 17:12

Ray,
If you look at market declines (any market) over history the most a market typically drops before rebounding is 40-60% of it's highest peak. I think that if you can find something for at least 40% lowe than it's "value" at the peak of the market it makes sense to buy now. Pair that with a historically low rate (rates are as low as 5.5% on a 30 year fixed right now) The most important thing is your long term plan. If you don't plan on living in the home very long, it may make sense to rent. But if you think you will be there for at least a year or two, you need the tax deduction (If your living in the us) or you can afford the second home, buy when the deal on the property you like presents itself.

Market declines have historical patterns and there is not going to be a bell that goes off when we hit the "bottom." If this isn't it, I think it's close enought to make sense if you can get a foreclosure at below market value. Getting a good deal cushions you from further price declines.

Rafael Perez, Certified Mortgage Planner
Mortgage One Lending (619)231-7533 - Mon Jan 14 2008, 17:05