Every year about this time, I hear the voice of a Shakespearian actor playing the Soothsayer warning to “Beware the Ides of March” in my head.  (Don’t you?! – LOL)  The Ides of March refer to the 15th day of March on the Roman calendar – also the day that Julius Caesar met his untimely death as the victim of multiple stab wounds on what was usually a day of celebration  – complete with a military parade. 

My version of the “Ides of March” is generally far less dramatic:  This time of year, I’m ready to drop kick winter, reduce the number of layers I wear and watch trees leaf out, but all my wishing and wanting won’t make it happen any faster than it’s going to on its own.   But this March in particular has me thinking that there are some potentially serious “Ides” for renters, people who want to own a home at some point, homeowners paying more than 5% in interest on their mortgages, homeowners who have some equity, folks thinking of downsizing and anyone who needs a roof over their head.  I call them “I’ds.”  

One of my recent blog posts, FHA Mortgage Insurance Premiums – On The Rise definitely points out what could create a whole bunch of “I’ds” for a certain segment of the home buying population, but I must point out there are “Upper I’ds” and “Downer I’ds”  that apply to just about everyone. 

Let’s start with the “bad news first” approach:

Downer I’ds

  • I wish I’d known there were down payment assistance programs that could have made the difference between me being able to purchase a home at historically low real estate prices and interest rates. 
  • I wish I’d taken advantage of down payment assistance programs that were available to me.
  • If I’d taken advantage of down payment assistance programs, I’d have money left over to put in savings, update my kitchen, start a college savings fun, take a vacation…
  • I wish I’d bought a home back when interest rates were under 5%. 
  • I wish I’d have discussed my current mortgage and financial goals to see if moving up would have been possible in these interest rate and real estate pricing conditions we haven’t seen in our adult lifetimes.
  • I wish I’d contacted Carrie to find out if what is necessary for me to qualify to buy a home.
  • (This list could get really long – but you get the idea.)  

Now the good news (if you’re willing to be proactive):

Upper I’ds

  • I’d still be paying rent if I hadn’t attended Carrie’s first time home buyer class and learned all that was possible for me!
  • I’d still be trying to save up thousands of dollars if I hadn’t attended Carrie’s first time homebuyer class and learned I was eligible for down payment assistance!
  • I’d still be looking for a home if I hadn’t learned about Cornerstone’s FHA 203k loans that allowed me to buy a home that needed work and finance the improvements!
  • I’d still be in my old house that we were outgrowing if I hadn’t learned that it was possible for me to move up into a house that was selling for hundreds of thousands more a couple years ago!
  • I’d still be paying what’s considered a high interest rate today if I hadn’t contacted Carrie and learned there were refinance opportunities for me – even though we owed close to or more than what our home is worth!
  • I’d better get on the phone and contact Carrie to find out what steps I need to take to qualify to buy a home!
  • (This list can also get really long – and these are the I’ds you definitely want to be talking about this March and for many more to come….)

Housing is the biggest expense most people have.  I’m here to help you find the best ways to help you utilize those dollars and get yourself into a situation that fits into your long-term plans beyond your basic needs.  Let’s talk about what’s possible now and what you’d like to see in the coming years.  I’m here to help you get to the “Upper I’ds!”

Questions on the many scenarios we discussed in these lists describing real situations with real people?  We’ve got answers.  Contact Carrie today. 

The I’ds apply to people at all points on the home buying spectrum – but we’ve got events coming up….Are you a first time home buyer and you’re interested in learning more about FHA mortgage insurance, FHA 203K Loans, Down Payment Assistance Programs  and other financing options for first time home buyers?  Attend our Free First Time Home Buyer Class!

A little ironic in light of this blog’s topic, our next First Time Home Buyer Class is coming up this Thursday, March 15th from 6:30-8PM in Burnsville at 436 Gateway Blvd.  Register for our First Time Home Buyer Class Now or call 952-808-2810 for more details.  

Carrie Guarrero is Partner & CEO of GCS Title and a former Top Producing Loan Originator ****We'll connect you to an excellent Loan Originator in your area to find out if you qualify for any of the MN first time home buyer programs whether that be down payment assistance or closing cost assistance please contact Us first.

 

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