There’s a draft of a proposal in place right now that describes a plan to phase out Fannie Mae and Freddie Mac over the next five to seven years, but even before the plan is finalized, borrowers could be affected by the parts of the plan that don’t require Congressional approval. For example, people may see more borrowing costs in the near future or fewer financing options. There’s some speculation that the 30-year fixed-rate mortgage, traditionally the favorite among home buyers, might become more expensive and more difficult to find.
What does all this mean? If you’re planning a home purchase in the near future, take action; you’ll likely get a better deal on a fixed rate mortgage now than you will in a year or two. But before you take that final step and purchase your dream home, be sure to have the home appraised by a certified real estate appraiser.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
