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There’s a certain quirky habit that illustrates what I’m on a mission to teach everyone from young kids to my seasoned, repeat clients: Amassing spare change. You know those people who toss coins into jars and haul it to the bank every so often and come out with a few hundred dollars in paper money? They range in extremity from your average Penny Piler who empties pockets and doesn’t let the change collection get too large before converting it into more manageable currency to serious Cash Stashers who drop every single piece of metal money into water-cooler sized jars and build up over years. These coin collectors and the eventual result of their actions are a metaphor for how all worth and wealth is built: Small steps and amounts plus consistency add up to surprising rewards. While spare change in and of itself is ineffectual, it can become quite powerful when it’s part of a plan. These days, planning is critical in light another type of change….
So what’s your take on change? Love it? Hate it? Is it something you initiate and savor or do you find it’s usually crammed down your throat and you are forced to deal with it? Change is a funny thing. Some crave it and others resist it. There’s change we want to make and change that happens to us. I’ve got some changes to tell you about, some good – others ominous. Let’s start with the extension of the first-time homebuyer’s tax credit. People who haven’t owned a home that they’ve lived in for 3 years can still take advantage of the $8,000 incentive to make the move from renter to owner through April of 2010. Uncle Sam also decided to throw a financial bone in the form of a $6,500 tax credit to owners of existing homes who sell and purchase another between this past November 7 and the end of next April.
And now on to the not-so-good news : Mortgage interest rates have been amazingly low recently, but that will undoubtedly change (there’s that word again). I realize it’s tempting to smile, get comfy and feel like you can cruise a bit longer now that the government has extended the first time home buyer’s tax credit and created one for existing homeowners who sell and buy another; however, I can’t stress how important it is to act quickly if you or anyone you know will be seeking a mortgage soon. I won’t bore you with the complicated, boring factors that have kept mortgage rates artificially low, but the plug has been pulled on what’s held them down and they will begin rising next year. Remember, each single percent increase in mortgage rate devours up to 10% in buying power. Don’t let this change that we in the business clearly see coming rob you of an amazing opportunity. Low mortgage rates and free money from the government…don’t let it get away.
If you think you want to be spared from change, think of those Penny Pilers and Cash Stashers and know you can make a difference in your own future. Change is pesky because it’s constant. The only thing we can control is whether it adds up in your favor or subtracts from your progress.
LandmarQ Lending a branch of Marketplace Home Mortgage, LLC
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