Wednesday, May 20, 2009
Savings First Mortgage
With the economy going the way it has been, I know that we, as most everyone can use all the tips we can get so I thought I'd take a second to pass on some great information I recently learned about.
For those of you on the East coast, I just wanted to let you know about Savings First Mortgage Refinance. They are the leading mortgage company in Maryland, Delaware, Pennsylvania, Virginia, and Washington D.C.
They answered a ton of questions that I had, and you probably do as well, about mortgage & refinancing. Check out this great information.
Believe it or not, there are ways to take advantage of this poor economy. With historically low mortgage rates, you can refinance your home to access cash or get a better deal, but you may need to act quickly before home values fall further.
There are usually four basic reasons to refinance:
To reduce your monthly payments,
To consolidate outstanding debt,
To access cash, or
To get out of a mortgage with a high rate, or an adjustable rate that is set to rise soon.
If one of these describes your family situation, you may want to refinance now with a reputable mortgage refinance company like Savings First Mortgage.
Should I Refinance Now?
Interest rates are very low, and now is a great time for a mortgage refinance. Refinancing can reduce your monthly payments, consolidate debt, give you access to cash, or get you out of a high interest rate on your current mortgage.
Rates could go lower, but there’s a risk in waiting. Here’s what you need to know about why now is the time to refinance.
The Risk In Not Refinancing Now
With home prices dropping in most neighborhoods, most homeowners are watching their equity erode. Say you have a $200,000 mortgage on a home worth $250,000. That’s an 80% loan-to-value. If your home drops 10% more in value to $225,000, the same loan now represents 89% of the home's value. You’ve just jumped up one “equity benchmark” and therefore will have less refinance options.
“It’s important to remember that the number crunching lenders do to determine your mortgage refinance eligibility depends on how much equity you have in your home,” says Harry Korotki, President of Savings First Mortgage.
This is why you shouldn’t wait to refinance your mortgage. If your equity decreases because home prices are decreasing in your neighborhood, you have very limited refinance options.
If I’m Considering Refinancing Now, What Should I Do?
Do the math. Determine the current market value of your home. Also get a sense of the trends in your neighborhood. Are prices stabilized, going up, or down -- and how fast? Ask yourself, what if prices fell another 10%? Getting nervous? Start shopping around. Visit the Savings First Mortgage website to learn how to select a Mortgage Refinance Company. Call them, they’ll help you with the numbers free of charge.
For a free, no obligation consultation to learn all your loan options, call 866-356-4900 or visit the Savings First Mortgage Website applicable to you.
Mortgage Refinance in MD
Mortgage Refinance in Virginia
Mortgage Refinance in Pennsylvania
Mortgage Refinance in Delaware
Mortgage Refinance in Washington DC
Although home ownership is still about two years away for us, I do know a tiny bit about the housing economy and that a company like Savings First Mortgage, with over 100 years of experience is what I would be looking into myself, if it could apply to me. Savings First Mortgage will help explain the process, the numbers & the benefits they can help you with in simple, friendly terms and they usually work start to finish in only 30 days!
Consider calling Savings First Mortgage, to discuss the benefits of these historic low rates that they could help you with in refinancing your home today.