President Obama or President Romney … either way interest rates are sure to go up. Our country can’t keep borrowing 40 cents of every dollar it spends and expect inflation will not drive up interest rates. The United States has borrowed 16 Trillion dollars to pay for things it couldn’t afford. The government is expanding the money supply.
I remember the 1979-1982 recession. I was a young real estate agent struggling to make a career selling homes at 19% mortgage rates. A mortgage of $200,000 at today’s rate of 3.75% interest has a payment of $1,572.90 (PITI - principle, interest, taxes,insurance) + (MIP - mortgage insurance premium). Compare that to a mortgage of $200,000 at 19%... $3,824.45 (PITI+MIP). Let’s hope we never see those rates again.
It’s not my job to help with your voting decision… but I would like to advise you on your real estate. One thing I know for sure. Either buy NOW or refinance your current loan NOW… or you may be priced out of the market. Call me either way. I’ll help you buy a house, sell your house or hook you up with a great lender. 614-296-8350.