by Brian Short, CMC, CRMS, GMA
Tennessee Mortgage Professional, Brian Short, demonstrates why it is important for mortgage loan customers to use a mortgage professional who will not be simply guessing when it comes to very important final numbers on any mortgage transaction. www.ProMortgageMatters.com
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By Brian Short, CMC®, CRMS®, GMA®
How many times have you gone out to look at a possible house to buy and discover that you like everything about the house BUT – the windows, the flooring, the size of the closets, the way the bonus room is finished out (or not finished out) or the number of bathrooms? How many times have you thought, “There is no reason to move? We could just stay here in this house for 5-10 more years. Everything about this house still fits our needs BUT – the age of the kitchen and bathrooms, the size or number of bedrooms, the roof and siding need replacing, or the basement still leaks.”
What many homeowners and homebuyers don’t realize is that there is a loan available which will allow for the cost of repairs or renovation to be “rolled in” to a new loan used to buy or refinance an existing home. This loan is referred to by the Federal Housing Administration (FHA) as the 203k loan but I like to call it the “BUT Loan” – for those who like everything about that house – BUT…!
Just think about your current home. Would you like to update the kitchen with granite countertops, new appliances and the latest cabinets? What could you do to your master bathroom to make it more useful or roomy when you both are getting ready for the day or to make room for your Jacuzzi tub which would help you unwind at the end of a busy day? Do the kids need an extra bathroom now that they are getting older? Do you love your neighborhood and everything about your location but desire to build a new master bedroom or family room to give your growing family the space they need?
Have you been shopping to buy a new house closer to work or the schools you like but can’t find a house which has what you need? Are you hoping to move out and far away from the rush of the sprawling city but are only finding old farm houses and houses which are very dated?
The FHA 203k – or the “BUT Loan” will allow you to borrow the money you need to make the house you are considering your DREAM HOUSE since you will be allowed to have the extra money upfront to contract with skilled workmen who will come in and kick out all of the “BUTS” which are keeping you from loving your house. The appraiser will assign the value of your new loan based on the final improved condition of your house after the repairs and renovation is complete. Matter of fact, if you are buying a new home you can even roll in the mortgage payments – up to 6 months – if you are unable to live in you new house while the rehabilitation is being completed.
The down payment on the purchase of a house using the 203k would still only be 3.5% of the improved value and if you are using the this loan to update or improve your current house this entire project could likely be completed at no out-of-pocket cost to you as a home owner except for an appraisal which would cost less than $500 and could likely be refunded at the closing. All other costs could likely be rolled into the new historically low rate loan.
Do you know of family members who are hoping to buy a foreclosed house at a great low price but keep finding houses which are beat up, stripped of the appliances or in dire need of repair or updating? The FHA 203k will make their dreams come true when they find out that they can pick out their own cabinets, counter tops, appliances, flooring, siding, paint and wallpaper and not have to drag out these projects over the next 1-3 years. They can have all of these updates and repairs completed even before they move in and roll all of these costs into their low rate 30 or 15 year mortgage.
This loan takes only a couple of weeks longer to close than a normal purchase or refinance loan to make sure all of the repairs have been carefully calculated and the work has been outlined in detail. Nearly any house would qualify for this “BUT Loan” and many borrowers – even those with some credit blemishes in their past – will qualify for this loan when they might have difficulty getting a conventional loan – with no money allowed to pay for the repairs.
If this sounds like something you might want to know more about check out the website: www.REbuildTennessee.com for more details and some “before and after” photos of houses which have benefitted from the “BUT Loan”. Happy dreaming!
Brian Short (NMLS # 168856) is a nationally certified, state licensed mortgage professional with over 13 years of experience as a “Dream Maker and Problem Solver” in middle Tennessee who works for AmeriFirst Home Mortgage (NMLS # 110139). He can be contacted through his website: www.ProMortgageMatters.com.
2 Comments | Buying a new home, FHA 203k Rehabilitation Loan Program, Reviving the Housing Industry | Tagged: Brian Short, BUT Loan, Certified Mortgage Consultant, certified mortgage professional, Certified Residential Mortgage Specialist, FHA 203(K), First-time home buyers, home ownership, home purchase, low interest rates, rehabilitation loan | Permalink
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Sgt. Joe Friday (Jack Webb) from 50's & 60's hit TV show Dragnet
Buying a home has always been a big decision. But for some people today it’s a difficult decision because of all the conflicting information coming from the media. To make matters worse, that information is often outdated…or even inaccurate.
If you know anyone who is thinking of purchasing a home this year, please share the following information with them:
FACT 1. Mortgage options are still plentiful for borrowers with good credit scores and documented income. All assets & income will need to be fully documented in most all cases for the past 2 years.
FACT 2. There are still programs available, like FHA, that allow as little as 3.5% down payment, and many others that allow less than 20% down. VA Loans still allow an eligible Veteran to buy a house up to $417,000 with $0 down payment!
FACT 3. Jumbo mortgages are still available on loan amounts even in excess of $2 million dollars.
FACT 4. Vacation/second home financing can be obtained with as little as 25% down, even with jumbo mortgages.
FACT 5. There are FHA Renovation (203k) Mortgages available which can be used to update or repair an existing home. Small projects (under $35,000) can usually be done in such a way where the homeowner or buyer can use up to one-half of this money upfront to purchase materials and then pay the contractor once the project is completed.
FACT 6. Senior citizens can use their current equity in their home and actually relocate and buy a house and have NO MONTHLY PAYMENT on their new home for the REST OF THEIR LIVES. The FHA Reverse (Home Equity Conversion) Mortgage can be used by those 62 years of age or older to refinance their currnet home or buy their idea retirement home.
FACT 7. As of today, rates on most mortgages are still at historically low levels when compared to the last 30 years. Every indication is that rates will likely begin to increase before the end of 2011 – so delay if low interest rates are desired.
FACT 8. Most homes are selling at a big discount relative to 5 years ago.
Make sure your friends and family know the facts! Owning the home of their dreams may not be as hard as they think. Send your friends and family this link and let them know I would be happy to meet with them and help them determine what options are available in their personal situation.
Getting pre-approved for a mortgage BEFORE speaking to a Realtor could help make them a much stronger buyer in the eyes of a seller.
If there’s anyway I can lend a hand, I’ll be happy to do so. Thanks for your help and continued support, and if you have any questions about your own situation call or email me anytime!
Leave a Comment » | Buying a new home, College Graduates buying houses, New Rules for Refinancing, Reviving the Housing Industry | Tagged: Brian Short, credit score, debt, down-payment, FHA, FHA 203(K), First-time home buyers, home ownership, home purchase, low interest rates, rehabilitation loan | Permalink
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Thursday, May 26th – 9:30 a.m. – 12:30 p.m.
The Hotel Preston
733 Briley Parkway, Nashville, TN 37217
Grow your business and make more money by learning how 203k loans can help you move your “hard to sell” listings while giving your buyers an opportunity to borrow additional monies for repairs, upgrades, and other home improvements… based on the future-value of the property.
1 Comment | FHA 203k Rehabilitation Loan Program | Tagged: AmeriFirst Home Mortgage, Brian Short, FHA 203(K), First-time home buyers, home ownership, home purchase, housing market, Joe Daly, Nashville Title Insurance Corporation, rehabilitation loan, Tennessee Real Estate Commission, TREC Approved CE Class | Permalink
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The housing market still faces many challenges. High unemployment, foreclosures and other distress sales are keeping negative pressure on prices. This of course is good news if you are looking to buy as low rates and lower prices have brought affordability to record levels.
How Affordable? -Since 1963, it has cost an average of approximately 43% of ‘per capita’ or individual income to finance the cost of a median priced home (20% down payment and prevailing 30 year fixed rate mortgage). Right now, it’s only about half of that cost at approximately 22%.
Are you holding off on a purchase for fear that prices might fall further? – Chances are that some sellers might be thinking the same thing. If you’re smart about it, you can use that as an advantage to strike the best possible deal on a home today for once sellers believe that prices have bottomed or are going back up, your advantage will be gone.
Rates are low today, who knows about tomorrow? – Gambling on the expectation of a lower price tomorrow at the risk of higher rates can cost much more in the long run than locking in a sure thing today. Ex. $200,000 30 Yr. fixed loan @ 5% = $1073/mo. today vs. $180,000 @ 7% = $1197 per month later.
Own, Rent or Borrow – One way or another, a home is something we all need every day. The numbers here tell the story and it’s no secret that values have fallen, yet over time, that’s not the case. As you can see by the chart, values over the last 10 years show very healthy appreciation. Can you say the same thing about stocks over the same period?
We don’t get a history lesson in the news because the news is about the moment and the more dramatic the better. That’s what sells advertising and that’s how they get paid. For the rest of us, taking a rational, longer term view of things makes more sense. This is particularly true when it comes to a home, for this is something we are likely to own for many years rather than just moments.
Leave a Comment » | Buying a new home, House appreciation, Reviving the Housing Industry, Uncategorized | Tagged: Brian Short, First-time home buyers, home ownership, home purchase, house appreciation, housing market, Real Estate investment, Real Estate market | Permalink
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In August of 2010 the National Association of Realtors released a research study highlighting some of the social benefits of homeownership.
Their list included:
- Homeownership stabilizes neighborhoods.
- Homeowners are more likely to participate civically.
- Homeownership produces higher life satisfaction.
- Homeownership fosters less neighbor crime.
- Homeownership and housing stability lower teenage pregnancy and public assistance.
- Homeownership fosters quality property maintenance and improvement.
Most recently the NAR released these timely reminders:
“Good jobs enable people to achieve the American dream of home ownership. And every time a house is built, bought, or sold, jobs are created-lots of them-right here at home.”
- Home sales in this country generate more than 2.5 million private-sector jobs in an average year. For every two homes sold, a job is created.
- Each home sale touches 80 different occupations.
- Every home purchased pumps up to $60,000 into the economy over time for furniture, home improvements, and related items.
- Housing accounts for more than 15% of the Gross Domestic Product, making it a key driver in our national economy.
- Housing has led this country out of six of the last eight recessions.
“America needs jobs. Housing creates jobs. That’s one of the many reasons home ownership matters to people, to communities, to America.”
“Strong federal government support of home ownership equals strong support for American jobs. We urge the Obama Administration and the U.S. Congress—as they debate the new federal budget and reform proposals for the nation’s mortgage finance system—to continue federal support for home ownership.”
“Jobs and Home Ownership. You can’t have one without the other.”
1 Comment | Federal Government Intervention, Reviving the Housing Industry | Tagged: Brian Short, home ownership, home purchase, housing market, mortgages, Obama, stimulate economy | Permalink
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By Brian Short, CMC, CRMS, GMA
Tom and Sherry were looking for their “DREAM HOUSE” and had been saving, planning, praying and preparing for months – even years – for this day. Their Realtor had set-up viewing appointments on two other occasions when the three of them had spent over a half a day driving by houses and going into several on the list of their very detailed agent who was doing he could to narrow down what would be the ideal house for these seasoned home-buyers.
This would be their third house since they were married 27 years ago and they wanted this house to be their last move. Their kids were now on their own and this house would be the special house for the two of them for years to come. The price of the houses available were unbelievable and the current low-interest rates allowed them to afford much more of a house than they originally expected.
Today they saw four houses and Tom and Sherry were now facing a dilemma:
1. The FIRST house was just what they were hoping for BUT the previous owner had not kept it in good shape and it needed new carpet, kitchen counter-tops and paint – inside and outside. Now what could they do? They didn’t have the money for these repairs in addition to their down payment and closing costs.
2. The SECOND house was in much better shape BUT they needed an additional bathroom and the kitchen appliances were dated and were a color that Sherry could not stomach. Now what could they do? They didn’t have the money for these improvements in addition to their down payment and closing costs.
3. The THIRD house was prefect, BUT it was older and the windows needed to be replaced with more energy-efficient windows and some additional insulation was needed in the attic to help make this home more energy-efficient. Now what could they do? They didn’t have the money for these energy-efficient improvements in addition to their down payment and closing costs.
4. The FINAL house they saw was just what they wanted BUT the bonus room would need to finished in order for them to have the space they needed to for their home-office and study they needed for Tom and Sherry’s desks and work spaces. Now what could they do? They didn’t have the money for this bonus room build-out in addition to their down payment and closing costs.
We are now offering the FHA 203k Rehabilitation Loan Program which would make ANY of these “BUT” HOUSES become the “DREAM HOUSE” for Tom and Sherry because they could borrow the money they need to make any of these updates or improvements – even before they move into their new house. One half of the money they need to complete these projects would be fronted to the contractor so he could purchase materials and supplies and then he would receive the balance upon completion of the project.
Any of these projects would qualify – all the way up to $35,000 and this extra money would simply be added to their loan balance at about $6 per month per $1,000. Therefore, if their project cost them $20,000 to complete, their monthly payment would only increase by $120. A small price to pay in order to have their “DREAM HOUSE”! This could all be completed with one loan, one loan transaction and one smooth closing!
Get out there and find YOUR next DREAM HOUSE and don’t let a few “BUT’s” get in your way jumping in on these historically low-interest rates and an abundance of great inventory!
Contact Brian Short at BShort@AmeriFirst.com or CLICK HERE for more information.
Leave a Comment » | Buying a new home, FHA 203k Rehabilitation Loan Program | Tagged: Brian Short, energy improvements, FHA 203(K), home ownership, home purchase, low interest rates, rehabilitation loan, up-date your house | Permalink
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Brian Short, CMC, CRMS, GMA - Licensed Mortgage Professional
Many people are afraid to buy a home in times like these, with the economy tanking and home prices continuing to fall. But if you’re brave enough to stray from the herd, you might be in for the home-buying opportunity of a lifetime.
Ask for price reductions, improvements, closing costs — whatever — and the seller, desperate to get a contract, is likely to work with you but when the market starts improving, your negotiating power will start to diminish.
If you’re qualified to buy a home now, and the purchase makes sense for your situation, and you’re prepared to live in that home for at least five years, there are four reasons you may be headed for a great deal:
1. Affordability is better than ever.
According to the National Association of Realtors’ housing affordability index, homes are more affordable now than at any other point since the group started the index in 1970. The NAR’s affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.
What’s your home worth?
Not all markets have experienced huge drops, however, so it’s wise to take a look at how far prices have fallen in your area. The Federal Housing Finance Agency’s Web site has a house price calculator that can help. Visit the calculator. http://www.fhfa.gov/
I have plugged in the information regarding my house in the Nashville market to see how values are beginning to turn in my favor as a homeowner. This means that values are starting to go back up and will never be as cheap as they are now.
MSA: Nashville-Davidson-Murfreesboro-Franklin, TN
Purchase Date: Second Quarter 2000
Valuation Date: Second Quarter 2010
Purchase Price: $225,000
Extimated Value: $314,781
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When using the House Price Calculator, please note that it does not project the actual value of any particular house. Rather, it projects what a given house purchased at a point in time would be worth today if it appreciated at the average appreciation rate of all homes in the area. The actual value of any house will depend on the local real estate market, house condition and age, home improvements made and needed, and many other factors. Consult a qualified real estate appraiser in your area to obtain a professional estimate of the current value of your home. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires that any appraisal used in connection with a federally related transaction must be performed by a competent individual whose professional conduct is subject to supervision and regulation. Appraisers must be licensed or certified according to state law.The House Price Calculator uses the FHFA Purchase-Only House Price Index for all states, including the District of Columbia, and for the largest 25 Metropolitan Statistical Areas and Divisions. |
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The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago. Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago. The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago.
2. You have a large inventory to choose from.
In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures. A large selection gives buyers more choices and drives down prices. And home sellers have gotten the picture.
Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May. This is the largest amount of existing homes for sale, in terms of months of supply, since August 2009. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008.
It’s fair to say that home sellers have become increasingly desperate. People who have had for-sale signs in the yard for six months are starting to become in tune with the reality of the situation. Buyers can take advantage.
But if you put off a purchase until inventory shrinks substantially, you might not get as good a price. And be forewarned: It’s nearly impossible to time the exact bottom of the housing market, and even if you do, there’s no guarantee you’ll make a killing.
Buy for quality of life . . . don’t buy on speculation. I wouldn’t buy a home expecting the housing market to rebound quickly in the next 10 years, and expect moderate gains in values when the turnaround does happen.
Historically, real estate appreciates about 5% a year over the long term. But as the country crawls out of a recession, many markets probably won’t see huge home-price gains any time soon.
3. Builders are offering big discounts.
Home builders are getting even more aggressive with their pricing. You may consider looking at completed new homes first because builders are offering such steep discounts. Plus, you’d have a warranty not only on the home itself, but also on the home’s appliances, he said.
Builders want to save their credit, save their brand, save their reputation and clear out inventory. They can go buy cheap land today with that cash.
My advice: Walk in with a pre-approval for a mortgage, make an offer, and then walk away without making a deal if you have to. Chances are, a builder will call back and reconsider that offer rather than let a potential buyer get away.
4. Mortgage rates are historically low.
It’s not just the price of the home that will affect affordability; mortgage terms will also affect your monthly payments. These days, rates are very attractive for conforming loans, those that can be purchased by mortgage agencies Fannie Mae and Freddie Mac. (The current limit is $417,000.)
Earlier this year, rates on the popular 30-year fixed-rate mortgage hit a level not seen in decades, and rates have stayed relatively near that low for weeks.
More mortgage help could also be on the way. Recently, President Obama said that his new economic plan would help lower the cost of mortgages for home buyers, although he did not give specifics.
But low rates don’t mean lenders are handing out mortgages easily. You’ll need good credit, a substantial down payment and a willingness to document your income in order to qualify for those great rates.
Leave a Comment » | Buying a new home, College Graduates buying houses, National Interest Rates | Tagged: Brian Short, home ownership, home purchase, low interest rates | Permalink
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-> Sales price
-> Appraised value
-> Loan amount
-> Borrower’s employment status and history
-> Credit scores and payment history
-> Amount and source of down-payment
-> Date of closing
-> Immigration or citizenship status of the borrower
-> The housing type and location (Single family dwelling, Duplex, Condo, Townhouse, PUD, suburban, rural, urban, etc.)
-> The county where the home is located
-> Mortgage Interest Rate
-> The Term (length) of the Loan
-> The Title Company being used to close the loan
I have worked for several mortgage companies during my mortgage career and even owned my own company for 5 years. I know that some “loan guys” will “low-ball” the initial estimate, only to pull out the “surprise” at the closing table when your options for making any changes are very limited. Of the 21 separate line-item fees on the “Good Faith Estimate” I give to my borrowers when they sign their loan application forms and disclosures, only one of those fees is the same for every loan and is not dependent on any of the variables listed above.
Mortgage interest rates change daily (sometime, even more often!). I could simply print off a “Good Faith Estimate” with made up numbers as some customers request (as other ”loan guys” may do) but it will not be accurate because of all of these variables I have mentioned. That process of collecting “Good Faith Estimates” prior to having all of the above variables identified will very time-consuming and wasted effort by the borrower and “loan guys” passing out worthless forms with inaccurate numbers.
My goal is to take the worry and uncertainty out of the process of originating, processing, underwriting and closing the loan. I help guide my borrowers through their negotiations with their seller by providing honest numbers as they become available rather than simply making up numbers to get “my hook set”.
I have been in the business for over 11 years and nearly 100% of my business comes from referral and repeat business. A businessman can not build that kind of business by being a con-man, cheating others or participating in the bait-and-switch tactics that have riddled this industry for years.
This helps my my borrowers understand how I have built my business and how I provide a level of confidence and professionalism which will make my borrower’s Real Estate purchase a very smooth and cost effective transaction over the next.
So, you ask, how should I select the Mortgage Professional to close my loan for me? I’m glad you asked. Allow me to give you a few guidelines for starters:
1. Choose a Mortgage Professional who is EXPERIENCED. Was he selling shoes or washing cars last week and then some buddy of his talked him into “trying out the mortgage business”? Does he really know what he’s doing? Has he been originating mortgage for 5-10 years? Does he do this full-time or this just a hobby or part-time gig?
2. Choose a Mortgage Professional who is CERTIFIED. Has proven to anyone that he knows the laws, the process, the programs and theory and mechanics behind the mortgage industry. Has he taken courses and exams to measure his competency? Is his certification a national designation? Is his certification from a professional association who can objectively measure and monitor his expertise or from some mail-order outfit looking to make few bucks?
3. Choose a Mortgage Professional with a GOOD REPUTATION. Is your selection a true professional who is respected and well-known in his industry. Who knows him and what kind of work he does? Who has ever closed a loan with him? Who can speak for his level of trustworthiness, honesty and attention to detail? What do you know of his character and personality?
4. Choose a Mortgage Professional who is a PROFESSIONAL. Does your choice know the market, the industry, the community, the history, the trends and your desires? Is he a member of his professional association? Has he been awarded and recognized by his peers and fellow business associates for his contribution to the industry and community?
During the month that your loan is supposed to close it is the most important transaction in your Mortgage Professional’s office. “Getting it cheap” doesn’t mean much when your “loan guy” drops the ball and makes a mess of the whole deal simply because he has “never seen anything like this before.” That stack of bogus ”Good Faith Estimates” collected 30-60 days prior to your closing will mean very little when you find out that returning phone calls, diligently following up on underwriting conditions, and working long hours to insure that all of the bases are covered on your deal are not his priority or part of his work ethic.
Paper is cheap, and ink toner to print fictitious loan estimates is even cheaper. Experience, Certification, a Good Reputation and Professionalism are priceless life-long attributes and qualities you want in your Mortgage Professional. Leave the spreading of such worthless papers to those lying, low-balling, bait-n-switching, short-termers who do not deserve to work with someone like you who, understandably, expect it to get done right the first time.
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By Brian Short, CMC, CRMS, GMA
The job losses reported last week were the topic of an article entitled, “A Litany Of Job Losses: When Will It End?” written by Linton Weeks for NPR Online, “Read aloud the litany of lost jobs and it sounds like a funeral knell.
On Monday, Caterpillar construction equipment. 20,000 jobs. Gong … Pfizer pharmaceutical. 8,000. Gong … Sprint Nextel telecommunications. 8,000. Gong … Home Depot home improvement. 7,000. Gong … Texas Instruments computers. 3,400. Gong … General Motors automakers. 2,000 Gong …
On Tuesday: Corning glass. 3,500 jobs. Gong …
On Wednesday: Starbucks coffee. 6,700 jobs. Gong … AOL online. 700 jobs. Gong …
On Thursday: Ford Motor Co. 1,200 jobs. Gong … Eastman Kodak cameras. 3,500 plus. Gong … Also on Thursday the Labor Department reported that nearly 4.8 million people are on the unemployment benefit rolls, a historic high. Anyone who has glanced at the news in the past few days is not surprised.
You know the causes: mortgage shenanigans, housing values falling, construction paralyzed, credit market frozen. “
This negative economic news causes even the most positive person to swallow hard and take a careful inventory of what might happen if the bottom would fall out their own life. Some nay-sayers have even pulled out their notes from “dusty old” Y2K Prep Courses urging us to stock-pile dehydrated foods, water, gold and ammo – again.
All of those ideas might be worthwhile to consider if things fall apart and the government can’t keep control of our typically orderly society. However, what about your house and your finances in case “life as we know it” does not fall into complete shambles but continues to struggle month-by-month for next year or so as some have suggested.
Even our new President and his advisers have admitted that this economic recovery may take an additional 12-24months. One good way to prepare for additional lay-offs and a continued down-turn in our economy is to get YOUR house in order.
What if you lost YOUR job?
What if YOUR needed cash for medical bills without your employer-paid insurance?
What if YOUR fuel went back up to the all-time high July 2008 prices and stayed because of an international crises in the Middle-East or if another “super-power wanna-be” decided to test this new President like that last guy was tested only 8 months into his first term?
Mortgage interest rates are at a nearly 30 year low and many of your neighbors, friends, co-workers and family members are still holding on to mortgage interest rates at 6%, 7%, 8% and higher because they’ve been convinced by the press (their brother-in-law!) that those of us in the mortgage industry have folded up our shops and have gone away. This can not be further from the truth!
We are in the midst of a very strong refinance market because many who had adjustable mortgage interest rates are now refinancing to “fix” their rates. Others bought homes in the past couple of years and have been paying a higher interest rate but are now able to lower their monthly payments, consolidate their high interest credit card debt and lock in the peace of mind that a long term fixed rate mortgage in the low 5%’s would bring to their monthly budgets.
Who do you know who needs to get their house in order before THEY get a “pink slip” and then have lost THEIR opportunity to qualify for an historically low interest rate on their most prized and stable asset – their house?
I can help nearly any homeowner with their refinance needs by putting a new low interest loan in place or giving them a plan for systematically preparing for the day for when they would qualify for that new loan or for their next home purchase.
NOW is the time to prepare for what could be another of year of lay-offs and down-sizing. And one way to prepare might be to re-work the mortgage in order to lower the term, the monthly payment or the total out-flow of cash from the monthly budget. Help is now available even before any new “stimulus packages” are snookered through Congress!
Leave a Comment » | Preparation for Economic Down-Turn, Uncategorized | Tagged: adjustable mortgage interest rates, Brian Short, economic recovery, home purchase, job losses, Mortgage industry, mortgage interest rates, negative economic news, NPR, pink slip, refinance, stimulus package, unemployment, Y2K | Permalink
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