The big buzz for 2007.............................. is that 7 billion dollars worth of home loans will start to adjust this year. In many cases payments will rise anywhere from $200-$1500 a month!! Yikes!
Especially with the record high property values in California alone..... many who chose to have 100% financing will be needing help when their adjustable loans rise.
This may mean you need to refinance before you adjust and before your house does not have the value it needs – you see the other buzz is that home prices will decline because the underlying pattern is “unsustainable”.
The buzz that follows is that this will lead to a huge rise in foreclosures, and someone must be listening, because we have been getting more and more inquiries on foreclosure reports – the investors are on the prowl!
The bottom line is that it is crucial to pay close attention to your mortgage, your property value, and the current market, like never before!
Your mortgage professional (that would be me :o) is as important as a good financial advisor, tax professional, or doctor. Right now rates and values are till very good, and we have many options to help, that many people don’t even know exist.
2007 has already brought us some big changes in the mortgage world – many of the programs you have seen advertised for the last few years are gone (at least for now) or becoming scarce, and new programs are being introduced quickly.
Keeping in touch with the market just got a little easier, don’t forget, your loan professional is just a phone call away! Here to help you save.
~ Inga
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