Government Home Mortgage Programs Could End Sooner Than You Think
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Always, it’s in the back of your mind that you should do something. Right now, as it relates to home mortgage programs introduced by the government, we are reaching the point of “sooner rather than later”. One of the programs that could be ending rather soon is the first time home buyer tax credit. Indeed, in order to get the $8,000 first time home buyer tax credit, you will need to close by November 30, 2009. But you have to realize that closing takes some time. I was able to close on my home loan in 45 days a couple of years ago (in some cases it can be done in 30 days), but normally it takes around 60 days. Here is what Bible Money Matters points out about scheduling your closing to take advantage of the first time home buyer tax credit:
Now when you think about closing on a home around November 16th, and considering that normally closings are done 60 days out by default (can be negotiated down in some cases), that means that you would have to put in an agreement on a house by September 16th in order to close on your house in time – that’s only about 3 weeks away!
He recommends closing by November 16th because Thanksgiving will wreck a number of home closing plans if you wait until the last minute. This means that it is time to get cracking!
Making Home Affordable Refinance
You have a little more time if you are looking for a Making Home Affordable Refinance. You can refinance your home up until June 1, 2010. But, again, some advance preparation is in order. You should realize that if you want the best rates, you will need to improve your credit score. Additionally, an appraisal will be needed on your home. This means that the whole process, like buying a home, could take 30 to 60 days. Or even 90 days. If you want to refinance to a lower interest rate, you also have to take into account the fact that mortgage rates won’t remain this low forever.
In the end, if you want to take advantage of mortgage programs, you need to get on it. Shop around for the best mortgage for you, and prepare ahead of time. There are some great incentives to buy a home or refinance the one you’ve already got. But if don’t act quickly, you may be out of luck.
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