Happy Monday!

Since the world didn’t end on Saturday as predicted, I figure it’s time to focus on the future again. Obviously rates and home prices are low right now, but in this episode I talk about two more reasons why someone should consider buying a home.

Find out more in today’s video:

(Watch it on your mobile phone or email reader here)

A few days ago a man in Utah found $40,000 in the attic of a home he just bought. Click here to read the story

What would you do Realtors, I would target everyone who sold their home because the world was ending. They probably need to buy a home again, at least until December 21st, 2012 when the Mayan’s predict the world will end. Personally, I think they should just rent for now to save transaction costs.

For the rest of us, I wanted to point out a few facts today about home ownership that I think get overlooked when deciding to be a homeowner or not. Besides the fact that rates and home prices are extremely low and more affordable, there are a few other things I think you need to consider.

1) How long do you want to make housing payments?

When you are struggling with the decision to rent or buy, it’s good to consider that everyone has to live somewhere. You can live with your parents, pay someone else’s mortgage, or buy your own home. In either of the latter cases, you will have a housing payment.

If you decide to be a renter over the long-term, you are making a decision to have a housing payment for the rest of your life. If you don’t like that idea, then homeownership it the way to go. For those with a mortgage, it will be paid off in 30 years. This means that the sooner you decide to become a homeowner, the sooner you can start paying off the Mortgage of your choice.

2) Consider the hard times

The other thing some people don’t consider is what happens when you fall on hard times and can’t make your payments. If you are renting and miss your payments, you are on the streets in 60 days in most cases. Homeowners have a lot more flexibility to work with the lender to make arrangements or at the very least go through the foreclosure process, which right now can be anywhere from 6 months to two years. This should not be the reason you buy a home, but it should be added with all the other benefits of homeownership.

Mortgage Bonds are in the positive territory and again testing the 200 day moving average. Debt concerns in Europe are again helping bonds get a boost today.

Today’s rates with no lender fees are 4.5% on a 30 year fixed, 3.75% on a 15 year fixed, and 3.0% on a 5/1 ARM. Click here to get the details and other rates I found today with NO lender fees.

Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!

See you tomorrow!

– Mike

To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.

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