|
Rrrrrates...
Wow, what a week it has been. Interest rates have
been up and down, then down and up. Most of my
clients have been surprised to find that we offer
a free interest rate float down, which means that
if rates drop while your loan is being processed,
I will get you the new lower rate.
Thirty (30) year mortgage rates have hovered around
5.5% most of this week. If you
have an adjustable rate mortgage that is scheduled
to reset this year, you may be wise to refinance
while the opportunity for such low rates is still
around. Surely, these record low rates will not
last long.
The biggest bargain in the market place today
is fifteen (15) year mortgage rates, which are
below 5% at the time of this
writing.
__________________________________
What is the most frequent cause of lowered
credit scores for consumers today?
It is NOT late payments.
It is NOT collection accounts.
It is NOT bankruptcy.
The primary cause is high balances
on credit card accounts. Anytime the
balance for an account exceeds 50% of the credit
limit, we get a significant hit to our credit
score. Multiply this principle by three or four
accounts and you can easily see your score lowered
by 80 points.
If you or anyone that you know would like some
confidential assistance in improving their credit
score, just call me. I am glad to offer this value
added service at no cost.
|
 |
Welcome
to my March Newsletter
I strive to provide useful
information that you will find helpful when
making decisions regarding your mortgage.
My monthly newsletter covers different topics
each month to help increase your knowledge
of the mortgage industry and recent industry
happenings. Please take a moment to review
the monthly newsletter and click on the
links on the left hand side for more news
and resources. Feel free to pass this newsletter
along to any friends and family members
who might find it useful and contact me
with any questions you may have.
Thank You,
Bernie Saul
Spotlight
Arming Yourself During a Mortgage
and Real Estate Downturn
Preparing for the economic slump will ensure
you and your family come out on top.
As news about the collapsing economy is
disseminated throughout the nation, many
consumers begin to take the necessary precautions
to ensure they aren't left in the dust.
Keeping your assets and investments in line
throughout the remainder of this economic
downturn is essential to financial survival.
A few temporary financial adjustments will
not only help you maintain a comfortable
lifestyle, but will also ensure you do not
lose your hard earned cash and investments,
including your home. Stay on top of this
economic downturn by analyzing your current
financial status and by employing a few
of the tips below.
Down With Debt
Pay down debt as soon as possible. According
to MarketWatch, building credit card balances,
especially from holiday debt, can really
start to eat into your finances. The quicker
you implement a debt reduction plan, the
better.
Look into tackling current and anticipated
debt by applying for a home equity line
of credit. By using the equity in your home,
you may qualify for a sizable amount of
credit at an interest rate that is often
many times lower than most credit card rates.
Your home is likely to be your largest asset,
which is why many homeowners use their credit
lines to finance a large purchase and/or
to fund living expenses for an extended
period of time.
Call Equity Link Mortgage Inc. today at 303.933.1466,
or visit http://equitylinkmortgage.net to
learn more about home equity lines of credit
and other affordable loan options.
Bulk Up Your Savings and Emergency
Funds
By prioritizing spending based on needs
like shelter food and utilities, and depositing
the remaining balance in a savings account,
consumers become better equipped to confidently
deal with the slow economy. Starting a savings
account or an emergency fund provides a
safety net for those who are worried about
their job and financial stability. Even
putting a little away at a time is better
than no savings at all. Shoot for liquid
reserves equal to six months of income.
Handling Finances on the Home Front
– Buyers Sellers and Borrowers
Buyers, now is your chance
to be picky! The real estate market is slow
and homes are taking longer to sell, so
you can afford to look around for what you
really want. According to Money Magazine,
there are 3.9 million homes for sale nationwide,
up a third from two years ago. Sellers are
eager to sell and get their home off the
stagnant market, so look to get the home
of your dreams for a great bargain.
Sellers, the key to selling
your home is setting a reasonable asking
price. A recent study of the New Jersey
real estate market uncovered that homes
priced too high eventually sold for less
than similar ones initially priced lower.
List your home for an amount that's just
under what comparable houses sold for over
the past few months. This will help you
attract both buyer interest and fair offers.
Borrowers, take advantage
of your mortgage broker's knowledge to improve
your home equity and prepare for the opportunities
available on the upside of this economic
downturn. Interest rates are fluctuating.
What may have been a good time to refinance
can change within a weeks' time. Contact
Equity Link Mortgage Inc. at 303.933.1466
to discuss the best loan program for your
financial situation. By analyzing your plan
with your mortgage broker you can be sure
to have a full understanding of your current
loan product and its alternatives. Your
specialist's knowledge of the market conditions
and most cost-effective mortgage products
can help you finance your property affordably.
Keeping You Informed…
Equity Link Mortgage Inc. mortgage professionals
are dedicated to keeping you informed of
the latest market trends and mortgage options.
Visit us online at http://equitylinkmortgage.net,
or call us today at 303.933.1466,
to learn more about the best loan options
for your specific financial situation. Together
we can obtain your ownership and financing
goals.
|
|
