Costa Mesa Real Estate Blog

Have you seen the recent crisis with the insurance giant AIG and maybe heard rumors about WaMu's demise? Or perhaps yo heard recently that Bank of America bought out Merril Lynch??

Obviously these financial giants have been rock solid for a long time- look at the 150+ year history of Lehman brothers.  Ultimately, these companies were brought down by the ARMs and other silly mortgages that they collaterized and backed as secure financial instruments.

OK, OK, you can get that stuff on CNBC, I know. What's in it for me you ask? As of yesterday, mortgage rates on traditional 30 year fixed rate products were 5.5% with no points!!!

Now couple that with this fact- if you bought the average 3 bedroom house in Costa Mesa you would roughly spend about $500,000, giving you a mortgage of $2838 with no money down! Guess what? It is still hard to rent a nice home in Costa Mesa for that same payment.......I'm trying to lead you to the conclusion that now is the right time to buy.

Sometimes you have to look past the chaos of the world around and really look to see "what's in it for me"......it's a great time to buy.

Give me a call at 714-743-9882 or e-mail me at colin@verandahomes.com to discuss the best mortgage products that would allow you to buy a home with as little as 3% or even no money out of pocket.

©Colin Delaney 2008