We See a Better Future - 08/27/09


For Immediate Release
8:00A.M. PT, August 27, 2009
Fredrick J. Bond, SVP/Mortgage Division Manager
805.369.5138
fbond@heritageoaksbank.com

(San Luis Obispo, CA)- A poll released this summer shows that more than three out of five Americans expect their money situation to get better over the next twelve months. “The public is increasingly optimistic that the nation’s economy will improve in the next year,” notes the Pew Research Center.

Despite this optimism, most of us say we’re reducing non-essential expenses. Many have pared back their vacation plans, and we’re barbecuing in the backyard rather than going out to eat on weekends. Most are cutting back in order to be prepared if their finances get tighter. Just a little more than one in three report they are spending less because their circumstances already have deteriorated.

We're in new financial times. Yet Americans generally have managed their personal finances well, and are taking smart steps now to handle tomorrow’s challenges. In the past we’ve made financial sacrifices so we can buy houses. Americans keep finding opportunity in real estate, and draw great enjoyment from living in their own homes.

BARGAIN RATES

Mortgage rates continue to fluctuate, but remain at attractive levels. Earlier this summer rates on 30-year home loans were more than one percent lower than they were a year ago. And that translates into a monthly savings of $165 on a $250,000 mortgage. Over a year you’d save almost $2,000 simply because rates are lower than they were in 2008. Obtaining a low fixed rate allows you to purchase a home or refinance your existing loan with confidence. You’ll then know your payments won’t change in the future.

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