Orlando Mortgage Blog

Purchase and Refinance Strategies

December 28th, 2010 1:01 PM by BILL WILBANKS

This is for the folks who procrastinated and think they missed out on that refinance opportunity or the family thinking about taking advantage of the great prices on homes right now. If you are kicking around making a home purchase or refinancing what you now have hopefully you have been actively watching rates in the last three months of 2010. That's right they are up just about a full percent from the truly unbelievable lows we had seen in the high 3's. For a great charted look at the recent few months rise on the 10-yr treasury yield you need look no farther than this attached article update today. It'll bring it home instantly as to what has been going on in the rate arena of late.

Most folks in the industry would agree that though no one can tell you when or how much...rates are likely to continue to be going up. So I'm going to be putting together some timely input that I've learned over my 3 plus decades in the business in markets very similar to the one we have today. Hopefully they may come in handy for you and at the very least dispel a few of the common misconceptions many people talk themselves into during a rising rate market that keep them from doing what they really want to do. And it may also confirm your current beliefs. I'll be hitting on these and a few more topics starting the new year out right:

Refinance strategies such as:

  • extending the term and lowering the rate to cut your payment
  • reducing the term and rate to reduce your repayment time
  • why buying the rate down with point(s) may work for you
  • combining a 1st mortgage with a 2nd or Home Equity Line Of Credit 
  • refinancing that ARM loan due to adjust shortly
  • determining if you can take advantage of the no PMI "HARP" programs

Purchase strategies such as:

  • Getting pre-qualified and receiving a pre-qualification letter in advance
  • Comparing the various program options available such as Conv/FHA/VA
  • Knowing what costs the seller can assist you with as part of the sale 
  • Preapplication preparedness on what you will need to provide a lender
  • If you believe values will be continuing lower for now and you see the many buying opportunities in the market, how long can you wait to sell yourself so you can take advantage of them?

So hopefully I'll touch on something that will help you reach your goal for 2011 and beyond. Check the site daily and whenever you have a question give me a call. I love coming up with solutions and exceeding your expectations.

Posted in:General
Posted by BILL WILBANKS on December 28th, 2010 1:01 PM


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