Captain's Log -- Supplemental

My mission... to boldly go... where no... mortgage BLOGGER has gone before...

Ok, you get the idea.

So here's the deal -- I'm seeing some additional activity as far as borrowers getting pre-approved, shopping for rates, etc. But the majority of buyers are still on the fence. And there's A LOT riding on this: low interest rates that have all kinds of pressure pushing on them to go up; the $7,500 tax credit for first time home buyers; a down market that is showing REAL signs of recovery (at least for Washington State), and many others!

And I can give them all of the facts --

that rates have been going down for more than 25 years and at this point it's hurting the economy (ergo they'll be going up soon, mark my words);

that just .5% increase in interest rates will take away 5% of their purchasing power;

that the conforming/FHA/VA higher loan amounts are going to go down at the end of the year;

that "buying up" in a down market means that you're getting free equity (let me know if you want this explained);

that if they wait, they will either pay more in price or pay more in rate. Either way they pay more!

If you are one of those buyers and you're kicked-back in that easy chair on that nice wide, cozy fence... if you don't get back in the game here, the only kicking you will be doing is kicking yourself for not acting!

Let's remember the immortal words of one of my personal heroes, Abraham Lincoln (I mean the guy lost many many more elections than he won but he kept trying): "Good things may come to those who wait; but only the things left behind by those who hustle."

Let's see some hustle out there people! Pick those knees up! MOVE IT MOVE IT MOVE IT!!!