It’s no secret. Rates are low right now. And, it’s not just mortgage rates, either — all types of rates are scraping rock-bottom. Borrowing rates, lending rates and savings rates are at or near their all-time lowest levels.

As a homeowner in Longmont , one way to take capitalize on today’s low rates is to apply to refinance your home. But there are other ways to take advantage, too.

In this 5-minute piece from NBC’s The Today Show, you’ll learn of a half-dozen ways to exploit the current rate environment, including:

• Refinance a car loan from a high rate to a low rate, for cheap, in an hour
• Balance transfers between credit cards with teaser rates lasting up to 20 months
• Move some savings to an “online” bank where savings rates are higher

The interview’s theme is to examine both where you’re spending and saving your money, and make sure you’re doing what’s best for your budget.

Federal Reserve Chairman Ben Bernanke has pledged to hold the Fed Funds Rate near 0.000% until at least 2013. So long as the Fed Funds Rate is low, there will be places you can save.

I know…I know…how can I possibly be talking about buying investment property with the recent developments in the economy.  The truth of the matter is rates are still at historic lows and it’s a buyer’s market in Boulder Colorado.  With depreciating home prices and a rise in foreclosures, why not try investing in real estate?  Sure, it’s takes some experience but with these helpful strategies, you’ll be ready to close a deal in no time.  Read more to learn some steps to take for real estate investing and take advantage of the buyer market. 

The first important part of this process is deciding on a location and strategy.  You have to choose an area based upon economic research and according to NuWire, this means finding the best neighborhood that suits your individual investment style.  Would you prefer a condo downtown or a single family home in the suburbs?  That decision also depends on the market.  Your agent can help you find the comparable properties and fill you in on what’s hot and what’s not.   Then, you need to decide if your strategy will focus on foreclosures, fix and flips, renovations, or rentals.  Each of which comes with its’ own pros and cons.  

If you haven’t, the third step is creating a checklist of property criteria.  I give my clients a checklist that includes the following; location, type of property, price, square footage, lot size if applicable, basement, garage, beds/baths, age, zoning, and repairs.  If rent is involved, the checklist also has rentals rates, vacancy rate, and potential return based rents.  What’s its’ minimum gross yield (potential rent x 12/purchase price x 100).

Fourth, do a comparative market analysis.  As mentioned before, you need to analyze the market by comparing as many recent sales as possible.  I have never had a client who did this themselves, so it’s something your agent should assist you with.  If there are enough, use only the last three months but not more than six.  I suggest using at least ten comps and determining the days on market, list price, sale price, equal repairs, square footage, and location. 

It is one of the best times to buy.  Rates are low and prices are down.  If you are one of those who have managed to save quite a bit of cash this is the time to use it.  Cash is King in this market and this may help you leverage a much lower price with banks trying to unload their foreclosure inventory before the end of the tax year.  Find a great foreclosure property to buy and you will make money.  Don’t let this incredible opportunity pass you by!