The Real Estate and Mortgage markets never stand still. Neither should you.
Now is an ideal time to examine your current mortgages. By reviewing your interest rate, loan term and property value along with your personal financial situation and goals, you can assess how you can benefit from a new loan.
The loan you have now might not meet your needs. A fixed rate loan on a property that you plan to sell in the next few years is not the right product. Conversely, if you have an adjustable-rate mortgage on a property you plan to keep long term, now might be the right time to convert to a fixed rate loan.
Exploring a shorter loan term can yield tremendous benefits as well. Lower rates can make a 15-, 20- or 25-year loan more affordable while significantly reducing the amount of interest you pay over the life of a loan.
Considering a new purchase?
Today, a potential purchase looks a lot different than it did a year or two ago. Changes in mortgage rates and home values, a revised tax code and an increase in the number of loan products that are available all impact the financial side of a purchase. Understanding the new environment is vital to making the right decision when it comes to buying a new home.
Learn how to treat a mortgage like the financial tool that it is.
Educated owners understand that there are many ways to make real estate equity and a corresponding mortgage work for them. Home values have increased significantly over the last few years. This can mean increased equity for many homeowners, equity that can be put to work efficiently in a low-rate environment. Whether it is a primary residence, second home or one or more investment properties, there are many programs that will allow you to access equity.
A new loan can then be used to consolidate higher priced debt, to fund the purchase of a new property or to invest in any way that you see fit. As you get more sophisticated with mortgage debt, you can use that knowledge to your advantage.
Had difficulty in the past getting a loan?
Over the last few years, bank’s notoriously tight underwriting guidelines have begun to loosen. Self-employed borrowers have historically had a difficult time getting mortgage financing, but that has changed. More and more loan programs have been created to cater to this large segment of property owners, so now is a great time to review what is available. You might be surprised with what you find. The LM Consulting and Advisory Services (LMCAS) team is available to offer advice and solutions for any numbers of transactions.
Contact your LMC professional or LMCAS’s Lee Hamway (email@example.com) to discuss how you might be able to benefit from the constantly changing mortgage market.
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