Unless you have enough cash in pocket to buy a home outright, you’re probably going to be looking to get a loan when the time comes.

And here’s some good news from the mortgage industry:

Interest rates for the Shelby Co. and Birmingham area have dropped, compared to a week ago.

Rates for 30-year fixed loans have dropped to around 4.8%, down from around 5.0% at this time last week.

Rates for 15-year fixed loans have also slipped from last week’s 4.3% range to the current 4.2%.

So, what does this mean if you’re thinking of buying a home? Simple: The cost of getting a loan is still extremely attractive.

If you’re considering buying a home in the Birmingham/Shelby Co. area and want to get the purchase financed, your best bet—even before starting to look at homes—is to start talking with a Lender. That way, you’ll be well on your way to having your financing already lined up when you find the home of your dreams!

David

So, you have to knock the price way, way down to get your home sold? Not always. While price is certainly important when it comes to getting your home sold, it’s not the only way to achieve a successful sale.

Ever heard of a buy-down? Lots of people have, but not everyone understands it. It’s not as complicated as you might think.

KC Haririan, First Federal Mortgage

A buy-down could be the ticket to getting a home sold in a deal that’s better for the seller and the buyer.

K. C. Haririan, a Loan Officer with First Federal Mortgage in Birmingham, is here to explain how buy-downs work.

So, how is the Shelby Co. and Birmingham home market looking as we forge ahead into 2009? We’ll share our thoughts and observations–and we’ll see if Fisbo, our very spoiled five pound poodle, barks during our recording session.

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Fisbo, the wonder dog

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We hope you enjoy the netcast!

David, Colleen and Fisbo

With all the news about government bailouts, plummeting shares and takeovers aimed at preventing failures, are dark days ahead for the economy?  Some, no doubt, think so.  But I can’t help but sense that—amid all the financial maneuvering and restructuring—something else is lurking:  Opportunity.

Oh, I might be nuts for thinking this, but I see some investors—the ones who’ve been conservative and cautious while others were wreckless—as coming out real winners in the long run.

Never a dull moment!

For example, consider American International Group, Inc., which is trying to come up with cash to pay off an $85 billion dollar government loan.  AIG owns $16 billion in real estate holdings throughout the world, including a 15-floor building in Marunouchi, Japan’s most expensive business district.  Some of these so-called ‘trophy’ properties, which don’t come up for sale often, may wind up with a big ‘For Sale’ sign out front.  Unfortunately, holdings like these are a little out of my league (!), but for someone, I think they spell ‘opportunity’ in a big way.

And speaking of opportunity, with the news media so focused on uncertain economic times, you may have missed what may be shaping up to be a modern day gold rush unfolding in one part of the Gulf Coast.  Speculation is growing that a natural gas discovery called the Haynesville Shale in northwest Louisiana could be huge.  Energy companies are buying mineral rights from property owners at a fast pace.

These are just a few of the reasons why real estate continues to be such a valuable commodity and—even during a jittery financial market—a solid investment.

David