Quick Market SnapShot in the 757
As you can see in the Demographic Stats above for the Virginia Beach Area, the numbers has it's Pros and Cons.
Pro
- We are not in a Declining Market compared to the rest of the Nation and even our brothers and sisters up North in Virginia. Having a 0.9 Ratio in foreclosures is pretty tame.
- We are not in a Upside Market compared to the rest of the Nation. The Median LTV is 85% which is excellent in having that emergency equity.
Cons
- 50% Late Payments in the last 12 months. Seems like we are in a bind in trying to keep our payments on time.
- We have a HIGH ratio in ARMS(Adjustable Rate Mortgages) and ARM RESETS very soon. Almost 65% are in ARMS now and almost 42% will reset very soon.
Solution
Let's be proactive in converting your Adjustable Rate Mortgages over to a Fixed term to give you some peace of mind. Most Clients I run across have had already their rate Adjusted and were just putting off refinancing till the last minute or way past the deadline.
I know it's the start of Summer and you have a very busy schedule but don't delay in talking to your Mortgage Specialist in starting the process early so you can make time for your other priorities. By delaying, you can potentially lose out hundreds of dollars each month that you can better use for a much needed vacation or home repairs.
Can't ignore the inevitable, Get yourself into a Fix Rate Loan before it's too late, and then you can have the peace of mind of Enjoying your Summer :)
I know I will be, here's a photo of Alexander On The Bay at sunset.
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