What You Should Know Before You Refinance Your Mortgage

It all depends on three factors on a sliding scale:
1. How much you can reduce your interest rate.
2. How much you’ll pay in closing costs.
3. How long you plan to live in the home.
The real key is the break-even point. That’s the number of months you should plan to keep the home after refinancing in order to recover your closing costs. For example, if you pay $3,000 in closing costs and you manage to lower your mortgage payments by $150 a month, you would reach the break-even point in 20 months. As long as you plan to live in the home longer than that, refinancing could be worthwhile. It’s a sliding scale. The smaller your savings, the longer you need to stay put.
There are a couple strategies to tweak the sliding scale by minimizing the price of closing costs when you refinance.
1. Ask your current lender to refinance you. In order to keep your business, your lender may be willing to waive certain closing costs.
2. Ask for the "reissue rate" on your title insurance, a savings of 40 to 50 percent.
3. Ask for an automated or drive-by appraisal, which is cheaper than a full-fledged one.
4. Get your lender to skip the credit check. After all, the company is intimately familiar with your payment record.

DETROIT'S DOWNTOWN HOEDOWN

The Downtown Hoedown was established in 1983 and is widely recognized as the largest Country Music Festival of its kind in the world. Hosted by 99.5 WYCD, Detroit's Best Country, and produced by Wasserman Media Group, the Hoedown is regarded by the Country Music Industry as a premier showcase opportunity for new and established artists. Located at Hart Plaza in the heart of downtown Detroit, the event attracts hundreds of thousands of enthusiastic country music fans from the Midwest and beyond.

May 14 - 16 in the Hart Plaza

ROLLERCOASTER RIDE!!!

The residential real estate market went on quite a roller-coaster ride in the past decade, rising to mid-decade peaks only to fall into the trough it remains in as of late 2009. While it may seem like real estate prices will never rise again - just like it seemed that they would never stop rising earlier in the decade - the real estate market is, at its heart, cyclical, and what goes down is bound to rise again.

Many experts believe that the market will continue to fall through mid-2010 but will find a bottom by the end of the year. The exception: extremely distressed real estate markets in California, Nevada, Arizona and Florida, which are likely to continue to fall into 2011. In the longer term, a number of factors - including interest rates, foreclosures, currency valuations and unemployment rates - will determine how quickly home prices begin to appreciate again.

Rising Home Sales

I can't say the real estate market has turned around, but any bit of positive news is great for everyone. From showing over 40 houses this past two days to a transferee that had to purchase a home in those two days, the choices of great move in condition homes was slim. It appears that many Sellers who would normally put their homes on the market are afraid of the depressed value of their homes and are not listing them. When in reality, the value might be better than they thought, if the house has been updated.



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