8 for 8 home owners I have spoken with this morning have told me that they ‘want to wait to refinance because Mr. Obama is going to make rates fall after January 20′ - that’s just greedy. It reminds me of one of my favorite sayings “Little piggies get fat, hogs go to slaughter!”
Greed is not good. Have we not learned this yet? My other favorite saying is “the Wealthy man said he always sold (or bought) too soon.” You don’t get rich calling the bottom or top, you get in and out when every one else is being greedy, or so claims Warren Buffett.
After 20 years of ‘daily’ watching interest rates I can’t call a bottom in home mortgage rates, but I can tell you when people are getting dumb and greedy. When a home owner can save $50 or more a month, and decides to hold out to try and save $10 more… this is near a bottom. When everyone beleives rates will go lower or stocks will go higher or gas prices will be $6.00 a gallon - you get the picture.
Take your winnings (savings) and get out of the casino while you are up! There is inflation in the future, trillions of dollars are being printed by governments around the world, this means higher interest rates in the future - bet on it.
I admit it, I root for The Banker on ‘Deal or No Deal’ it is amazing to me how greed gets the best of good people - even without TV cameras - greed is not good and is more often than not punished, it just takes a while.
Should U Refi? Deal.
Post a Comment