Maine Lakefront Real Estate – Mortgage Rates at Historic Lows

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Maine Lakefront Real Estate – Mortgage Rates at Historic Lows


This mortgage news came into my email box yesterday:
CHICAGO (MarketWatch) — The benchmark 30-year mortgage fell below 5% for the first time ever in Freddie Mac’s weekly rate survey as economic weakness continued to push interest rates lower, the mortgage agency said Thursday.
The article went on to say that this is the lowest rate ever recorded since they started tracking this number in 1971. The rate is 5% less than it was a week ago.
I know we keep beating this drum about low interest rates, but if you feel that we will find our way out of this economic mess and that the world is not entering into an economic death spiral, and that there is only a finite amount of Maine lakefront property available and that buying a little piece of heaven in Maine is something you’ve always dreamed about – and you know that Maine lakefront real estate values have generally avoided the wild swings we see in other areas of the country and that, over the years, has proven to be a very good investment, indeed – well, maybe it’s time, time to take a broader view, time to look out over your personal horizons, to literally look at the landscape, and see what possibilities might exist, and to think in terms of where you want to be in two, three, or five years down the road.
Even if you’re not a financial wizard, you can see that there are forces at work in the world of economics that are making it very attractive to borrow money. Yes, you have to qualify, yes, you’ll probably have to have a down payment, and yes, you may even have to pay a point, but mortgage money is available to qualified buyers and at rates never seen in our lifetimes.
The article went on to say, Mortgage rates could remain low at least until the summer, said Greg McBride, senior financial analyst for Bankrate.com.
“The outlook is very positive that these low mortgage rates will likely persist at least through the first half of the year. That is the timetable laid out from the Federal Reserve for pumping up to $500 billion in mortgage-backed bonds,” McBride said. Click here for the full article.
If this guy is right, we will have this great opportunity to lock in a low interest for at least the first half of the year. My advice? Start looking now. No need to rush into anything, but time is of the essence because preparation is the precursor to answering that door when opportunity comes knocking.
You can use out Lakefront Locator to survey all of the lakefront and lake access properties in the state of Maine and sort them by region, by lake, and by town (a new feature – more on that another day), and by price.
Take a look and see what’s out there. If you see something you like, let us know and we’ll send more information and set up a showing, if you like. You may also want to talk to a lender to see what mortgage rates you qualify for. You can see some local rates for Maine here.
Remember, we’re here to help you every step of the way. We know Maine lakefront property and we want to share that knowledge with you.

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