This is a great time to get financing on a new or second home in Panama City Beach. We are seeing Panama City Beach mortgage rates like we have not seen in many years.
The lending criteria is undergoing some major changes that will make it harder to buy a condo in Panama City Beach as a second home. It seems that the Panama City Beach mortgage rates will make Fanny Mae and Freddie Mac unable to make condo loans in the near future. This will not have an effect on the second home market that is not a condo. In fact, it makes it an excellent time to buy that Panama City Beach home because of low interest mortgage rates. I also believe that Panama City Beach townhomes will be able to be purchased as second homes, just not condos. They have absolutely stopped the condo purchasing as of yet, but anyone on the fence thinking about making a Panama City Beach condo purchase and who plans to make it a second home mortgage purchase should move on that idea before it is too late.
Just an example of what the Panama City Beach mortgage rates are for 30 year conforming loans, Banks in our area are offering 30 year fixed rate mortgages of 5.125% as of 1/16/2009. A 15 year fixed mortgage rate is as low as 4.75%. Both of these loans are with no points with 30 or 45 day lock.
You can also get a Jumbo Fixed Mortgage Rate @ 6.875% with no points.
With the lowered mortgage rates, this is an excellent time to buy a Panama City Beach property as an asset diversification or just to fulfill a long time family or personal dream of owning a Panama City Beach home. We are seeing many cash buyers in today’s Panama City Beach market, as it is a way to diversify your holding and still get the potential of great appreciation in the next 5-10 years. If you’re holding much cash today, it is a difficult thing to know what to do get the most return. CD rates and money market funds are not paying out much in the way of income in today’s crazy money climate.
If you are holding cash in an IRA, we now have Panama City Beach companies that will manage your IRA assets in a way that allows you to purchase Panama City Beach investment properties with your IRA. In this unknown world of investments we now find ourselves in, it is comforting to have a variety of assets held in your IRA so as not to be totally dependent on the stock market or money investments.
Even in spite of the fall in real estate values in these past many months, most of the people that held Panama City Beach property in their IRA did better than the stock market did. But this too requires careful buying, so that your buying values are good long term holds and will not leave the Panama City Beach buyer at the whims of the up and downs of the Panama City Beach mortgage rates.