My kids are buying a home, their first home. They are pre-approved for a mortgage through USAA: 4% for 30 years, but USAA wants 20% down for this conforming loan. Question: while that seems like a great rate, is it wise to put so much down? My advice, which may be bad, was to get a slightly higher interest rate and put less down. They need the tax deduction, and while they have saved up enough for a down payment, I feel like 20% is a lot.
Is Mom giving out bad advice? And what kind of rates are you seeing out there?
My prediction: glorious low rates in 6 months. Today was my last full day of class at Champion School of Real Estate before my elective and then — I take the state exam! I am getting my real estate license to be a better real estate reporter for the D Empire and our forthcoming new website. Learned a ton – have TOTAL new respect for agents and brokers. From remembering intermediary to sub agent to IABS forms always need to be in size 10 type to HB 489 to independent contractor status to TRELA and TREC, ostensible authority and agency by estoppel, MLS to agent with appointment, without appointment, all I know is HOW DO YOU AGENTS DO IT? And I need an appointment with a glass of wine!
But, while I was ensconced in academia, history was made in the interest-rate realm. Here a couple of takes on that, jump for one from Philip Walker, one of my favorite agents at Keller Williams Turtle Creek, who brought lunch to recruit the A-plus students. Mortgage rate comments are on and the meter is running: