Merry Christmas!    

We don't have to worry about Santa fitting down our chimney, these super low interest rates are our Christmas presents that are getting more people calling in and looking at your listings.  Jim Cramer with "Mad Money" thinks mortgage rates could go below 4%.  Wouldn't that be a great Christmas present?

What that would do is set off another refi frenzy for those with at least 25% equity that can get in a great rate without PMI with some money left over for paying the closing cost.  This will also allow those with debt in credit cards with equity in their house to cashout some equity to pay off some debt.  

Wait a minute.  Isn't that how we got us in trouble in the first place?  Aren't a lot of homeowners maxed out on their mortgage now because of the last refi boom?  And isn't this a big reason why many sellers are underwater and can't afford to sell at the current market price?    Well, yes this is a big factor but the declining market is another big part of this too and because of this, many won't be able to refinance any time soon.  

Also, another big difference now is that we have gotten back to the basics and have the traditional underwriting guidelines that should keep this from happening again.  Gone are the exotic no-doc loans and easier pre-approval guidelines.   Anyway, these super low rates might not set off another refi boom but it should get us some great buyers that have been sitting on the sidelines waiting on the bottom to hit.  

Quick note!  We Love Refis!!  Call me!  

Conditions for buying are the best they have ever been.  Focus on the first-time buyers that can get the tax credit and help them see how lucky they are to be able to buy a house in this market!   When they finally realize this, they are going to love you for years to come.  

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During your Christmas gatherings, make sure to hand out plenty of business cards to your family and friends.  THEY WILL HELP YOU IF YOU ASK THEM!    Here's a quick story.  My mom ran into a cousin at a funeral and the following week, a distant cousin that I never knew called me about his insurance business...  Our moms had been talking about us and were drumming up business for their kids!   

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Thanks for your business.

Senior Mortgage Advisor

Carolina Mortgage Company - 843-230-7929

Senior Advisor - Helping you GROW your business!

www.activerain.com./luckydog1 - SC

www.activerain.com/luckydog2 - NC

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Checkout:  http://www.activelaurinburg.com/   Active Adult Community Laurinburg, NC