I can’t still get a 100% mortgage, can I?

If you are paying any attention to the mortgage loan market at all, you know that rates are at record lows. You know that if you could refinance right now, you could save thousands in the life of your mortgage. But you can’t because you do not have enough equity in your house to qualify for all the new standards. WRONG! If you have lived in your home for over 2 years, you might be eligible for a mortgage at up to 125% of your home’s value…yes, right now in 2010. You may have to provide a little more proof and income verification than you would have a few years back, but there is money available. People are getting these types of loans. I have a family member in the mortgage business. She tells me that she is currently working with a couple that is refinancing and will save over 7% on their APR with the re-fi. That’s unbelievable! I also know that 15 year mortgages can be gotten for under 4% for those that qualify.

So how does all this relate to a land guy? Well, during the “boom” years, I had many customers that took out equity lines on their primary residences to purchase land. I had some that refinanced and took out equity to purchase land. If you were one of those people, now might be just the right time to refinance and save thousands of dollars on those loans. If you have been thinking of buying a property and you have equity in your home, it might be a considerable tax advantage to you to borrow against that equity. Any investment adviser will tell you that when money is cheap (low interest rates), it makes sense to borrow money rather than take it out of other investments. Now I am not an investment adviser or a mortgage broker, but I am a land agent…one that has been around a while. Now is a good time to buy land. Buy Low, Sell High!…

If you are looking to refinance and take advantage of equity in your current home mortgage, let me know. I will be happy to point you in the right direction.

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