SAVING MY EQUITY?
For millions of americans, Saving their equity is not longer an option. Many more are just one step away to join the foreclosure stats. The issue is that many people bought their home during the BOOM of the real estate market using mortgage products that have ARMS (Adjustable Rate Mortgages) Clauses on them. Refinancing for them is not an option since they do not want to pay the prepayment fees (prepaid interest which at tax time becomes a writeoff) or closing costs associated with the process of refinancing. While many are hesitant to take action and use their equity for a better use, the market is eating away whatever savings they have built into their homes. When those adjustments in their mortgage come and payments increase drastically is when we see desperate clients trying to take action.
THE PROBLEM. The mortgage field is not the same as three years ago. Many lenders (subprimed) have closed their door and there are not lenders readily available to refinance them. If these clients seek help from any lender programs, the negative amount built from the amount owed to the new appraised value does not allow the transaction to be done. That is what most people have found out that they cannot afford the new payment and join the many foreclosed families in USA today.
SOLUTION. The first thing that we recommend our families is to look into their loan programs that they have signed for. A lot of first-time-home buyers misunderstood or were misled by their loan reps and believed that they were on a 30-year-fixed rate mortgage, when in fact they were on a fixed rate for a period of time and a few months later their payments increase. Their immediate response was what can be done. Please give us a call at 1-800-253-0766 and we would love to help you with any possible solution to your personal situation.
Remember if your loan will adjust within a period of five years or less, your prepayment is a writeoff during your tax refund claim and home prices are continuosly declining. So get a 30 fixed rate or extend your fixed rate for a longer period of timeto play it safe until the market adjust.
WHAT ARE OTHER HOMEOWNERS DOING?
These are actual actions from clients who we are assisting
- Saved their equity and used it to shorten their mortgage to half the time.
- Saved their equity and used it to lower their payments.
- Saved their equity and placed it on High Yield CD accounts with Yield of upto 8%.
- Saved their equity and made their home more comfortable and valuable. Pool, New flooring,etc.
- Saved their equity and got rid of debts which were not beneficial to them. Mainly the revolving accounts.
- Saved their equity and took advantage of the misfortune of banks and increased their wealth by obtainig foreclosed properties. Remember that there are owners who no matter what, will not try to save their equity, so you can be smarter and seize great deals buying super low from them.
Give us a call and we can discuss what other suggestions or ideas that you may have to save your equity. Once again, we will give you the best possible advise and you will have the ultimate decision. New Wave Financial understands that to save your equity, the benefits must surpass the action in order for it to be beneficial to you. In other words, we will not waste your valuable time if the process is not beneficial to you.
|
