Pick up the phone | You Should Call Your Mortgage Lender in 2017

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We all fall into the same bad habit: Once we take out our mortgage loan, we tend to forget about it – at least until it’s time to send in our payment each month.

U.s Dollar Bills Pin Down on the GroundBut vow to take a different approach in 2017. Instead of mostly ignoring your mortgage this year, take an active role in managing it.

To do this, give your mortgage lender a call. You might be able to tweak your home loan so that you can save some serious dollars this year. Here are three big reasons to call your lender, and take control of your mortgage loan, this year:

It might be time to refinance: Mortgage interest rates have been low for a long time. And they continued to drop throughout the end of 2016. So maybe it’s time to talk with your mortgage lender about the possibility of refinancing your home loan.

Sure, a refinance isn’t free. But if you can drop your interest rate by a point or more, you’ll generally pay back your upfront investment quickly. If you plan on staying in your home for more than five years, the odds are good that refinancing your loan to one with a lower interest rate might make financial sense.

You’ll never know, though, unless you give your lender a call. Your lender will be able to run the numbers to determine if a refinance is the right move.

You might be able to eliminate a ton of interest by shortening your loan’s term: Maybe your interest rate is already low. You can still save money by refinancing your mortgage loan to one with a shorter term. Say you are paying off a 30-year fixed-rate mortgage today. By refinancing to a 15-year version of this loan, you can reduce the amount of interest you’ll pay over the life of your loan by tens of thousands of dollars.

Again, though, you should talk to your mortgage lender to determine whether the interest savings make the cost of refinancing worthwhile. A lot of this depends upon how long you plan to live in your home.

You might be able to pay off your mortgage early—but doing so might not make sense: Maybe you’re coming to the end of your mortgage loan’s lifespan. That’s good news. You might even be tempted to pay off your loan early just to get rid of the monthly payment.

But often, paying off a mortgage loan early isn’t the wisest of moves. Again, checking in with your mortgage lender might be in order.

Mortgage debt generally comes with lower interest rates than do other forms of debt, especially credit-card debt. If, then, you are paying off this kind of debt, it makes more sense to concentrate your money on reducing it than it does to pay off your mortgage loan early.  kaybakerassociates@ec.rr.com

www.cbbaker. com

Categories: mortage planning, Mortgage choice, Mortgage Fine Print, Mortgage ideas

LOOKING FORWARD Real Opportunities In Real Estate This Year

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Whether you’re looking to buy your first—or 15th—home, this year holds many opportunities for you. And, if you need to sell this year, the same holds true. 2017 is looking to be a great year for sellers, buyers, investors and those who need to relocate or settle down with a second home, too.

How is that possible? First, financing continues to be available to a wider group of consumers as lenders increasingly work to open up some qualifications. Secondly, interest rates continue to sit near historic lows, making mortgages affordable for many. Lastly, with rents increasing in many regions, it makes more sense to buy a home than it does to rent one. (And, if you’re an investor, with rising rents, it makes more sense to grow your rental property portfolio this year.)

Additionally, your credit plays a big role in landing affordable financing, so we’ll give you the year’s scoop on how to monitor your credit report and protect your identity and financial details in light of all-too-frequent data breaches.

Free stock photo of wood, light, house, luxuryAnd, if you’re just staying put in your home, we’ll give you the remodeling outlook for the year, too.

No matter your real estate plans, we are here for your home-related needs. Contact us. We’re eager to work with you this year!

SMART CHOICE

When It Makes More Sense To Buy Than Rent

In many areas today, rents are rising faster than home prices. In such situations, it often makes more sense to own a home than to rent someplace to live. Even when renting and owning seem like a wash, owning can still come out ahead.

Consider these facts as you look at buying a home in 2017:
  • Don’t forget how the mortgage interest you’re paying will likely benefit you at tax time. (Consult with a tax adviser for details specific to your situation.)
  • If you plan to live in the same place for a length of time, your home is likely to appreciate so that at sale time, you’ll find yourself with a gain, or at least break even in many cases.
  • Buying gives you a home that you’re free to customize as you wish, while also giving you a place to put down roots and get involved in the community.
  • Depending on the financing you choose for your home purchase, your monthly home mortgage amount may be fixed from 15 to 30 years, allowing you to budget for other expenses more easily.
  • Renting puts money in the pockets of your landlord while paying off a mortgage results in a home paid off, and resulting in no more monthly mortgage/housing payments.

Consult with a local mortgage professional (contact us for recommendations) to get preapproved for a mortgage. Then let’s talk about home shopping! kaybakerassociates@ec.rr.com 

Categories: buying a home, real estate, Uncategorized, wilmington nc, Wilmington NC homes


Kay Baker Associates | 1001 Military Cutoff | Ste 101 Wilmington, NC 28405 | kaybakerassociates@ec.rr.com | 910-202-3607 | Fax 910-338-2428

Copyright © 2017 Wilmington NC Real Estate Guide. All rights reserved. Disclaimer: All content on this blog is my own opinion and should not be treated as fact or relied upon when purchasing or selling real estate.