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November 26, 2008

Comments

Realistic

Job losses a good thing? With all due respect I think you are stretching things a bit too thin in an effort to put a positive spin on current conditions.

Yes, there are some companies in this area that will benefit from the new administration. However, there are many large companies in this area that are in the process of (or are getting ready to) make serious cuts in their local workforce. There is also very little doubt that the incoming administration is going make significant cuts in the defense contracting sector. That sector employs a very large portion of the population in the Northern Virginia area. The majority of jobs that the incoming administration will ATTEMPT to create/preserve will fall in areas well outside of Northern Virginia, and most of those jobs will not pay nearly enough for someone to buy a house in the Loudoun County market (although in all fairness the rental sector could see some benefit). The incoming administration's focus is to create/ preserve jobs in hard hit areas such as Detroit, not in a relatively 'wealthy' county such as Loudoun.

Radar

I've found that the rates quoted on BankRate.com are overly optimistic. Case in point: My wife and I purchased our current house six months ago, with 33% and credit scores in the upper 700s. None of the reputable lenders would wuote us anything near the rates we were seeing on BankRate.com. In fact, I just punched in our loan info into BankRate and it came back with two lenders: Quicken Loans at 6.4% and Bank of America at 7.4%. Where are the 5.75% rates? Probably from companies that are fly-by-night or say two days before closing that they can't give you the originally quoted rate.

You're better off getting a more realistic rate quote from Mason Dixon or one of the other reputable lenders.

Tony Arko

Realistic, The size of the government and the contractors that cater directly to the government located in the Washington Metro area dwarfs the size of all other industries let alone a single company. As as the US employment and economy continue to contract the government will expand to fill in that void. They have done it during every economic contraction since the Depression. Those are facts. Ignore them at your discretion.

Radar, I just talked to my loan officer at Wells Fargo and he has a loan right now for buyers under $417,000 at 5.5% and no points. For people just calling off the street or applying online, lenders will not give out their best rates or loan packages. They will advertise it but you won't get it. You gotta know someone and as an agent that is constantly referring business, they call me directly with the deals.

Radar

Tony,
Great, can I refi at that rate?

Radar

Never mind, we're refinancing at 5.125%, no points, no closing costs. Saving us $250/mo.

Reak estate news

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sharadkumar

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