Buyers: Do Not Wait

Home buyers should not wait to see whether the conforming limit is raised from $417k to $725k in California.  Although a conforming loan has a lower interest rate (about .75% currently) the increase to the limit is only a proposal at this time and may not be passed in Congress.  If passed the increase may not take effect for 6-9 months as legislation moves forward very slowly in Congress.  Lastly, one can obtain a no cost loan now and refinance into the lower rate later at no cost.   Jeff Stricker