Projects Possible

With the recent reductions in the prime interest rates NOW may be the time for you to consider refinancing you home to get out of a variable interest rate loan or a loan with a large balloon. Perhaps you’d like to do some debt consolidation, or a remodel…you could get a Home Equity Loan or a Home Equity line of credit for this purpose.

We currently have 2 pieces of property that we are going to refinance.   One of these was a construction loan rollover that has a variable interest rate that I would like to get fixed. The other is a fixed rate loan but is an older loan than has a higher rate than I believe we can get today.  When I started looking for loan options to replace these loans I did my usual web searches and of course you get a ton of mortgage brokers as well as large national companies like Countrywide.   I also called my local banks.   The key thing here is to do your research!   Find out all you can about loan programs that you qualify for, and when you find the one that is right for you then and only then take the opportunity.  

Make sure you understand things like prepayment penalties, the interest rate and its structure - is it variable or fixed, is there a balloon, when is it due, is the loan assumable, when are your first payments due, are taxes and insurance included in your payment, etc.

Don’t wait around… the programs abound and you could definitely get yourself into a more secure financial position. 

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