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It's a Great Time to Buy

This fall could be a particularly great time for first-time or buyers long out of the market to jump in, say a variety of real estate professionals.

Here are the reasons why:

Prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae.

Interest rates are likely to decline as Freddie and Fannie get government help.

The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It's going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.

The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.

The tax credit will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don't owe tax, will get the money as a refund.

The government's definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.
 

Diversified Funding and Asset Management is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.

Whether you are buying for the first time, looking for an investment, looking to move to a larger home, relocating, or just want to consolidate your debts, our Real Estate and Loan Specialists are here to assist you. Our goal is to provide you with the expertise and market information so you can make the best possible decision based on your financial goals and retirement objectives.

If you are planning to buy or sell your home, please click on this link: www.buynsellahouse.com



Learn More

Homeowners refinance not just to take advantage of low rates, but to reduce their mortgage costs, pay off their mortgage earlier, or help pay off debts. DFAMI can help make refinancing quick and easy by simplifying the process and providing assistance at each stage.

If the rate you pay on your existing mortgage is higher than current interest rates, you may save money by refinancing. You may most benefit from refinancing if:

  • You plan on living in your home for a number of years
  • You've built up considerable equity in your home

Refinancing makes sense for many reasons:

Lower your monthly payments.
If interest rates are lower than when you bought your house, refinancing may lower your monthly payment and the finance charges you pay over the life of the loan.

Stabilize your monthly payments.
Converting from an adjustable to a fixed rate mortgage may keep your monthly payments from changing over time.

Consolidate debt.
If you've built equity in your home, you may use refinancing to consolidate your personal debt into one easier payment. Credit card balances, auto loans, and second mortgages often carry an interest rate higher than that of a refinanced mortgage. Refinancing may reduce your monthly payments by decreasing your monthly interest charges. In addition, unlike with personal debt, the interest on a refinanced mortgage is generally tax-deductible (consult your tax advisor), giving you attractive tax advantages for refinancing.

Convert equity/cash out.
If you've built up considerable equity in your home, you may be eligible to refinance your existing mortgage to a larger loan amount. This would provide you additional cash that could be used for debt consolidation, home improvement, or for personal use. The interest paid on your "cash out" refinance, unlike personal loans, could be tax deductible (consult your tax advisor).

Reduce the length of your mortgage.
Reducing the number of years on your existing mortgage often provides a significant reduction in interest costs over the life of the loan. Although this strategy may mean higher monthly payments, you will own your home faster and become free of mortgage debt quicker.

Closing Fees
Because refinancing involves taking out a new mortgage, you will usually have to pay many of the same fees you incurred with your existing mortgage, such as points, title insurance, and loan origination fees. To minimize the refinancing costs, consider a loan with a slightly higher interest rate and fewer discount points, or finance your closing costs as part of your total new loan amount.

Convenient Closing
Closing a mortgage loan can include lots of time spent on paperwork and travel, that's why DFAMI now offers the option to close from the comfort of your home. Our Loan Notaries will travel and meet you at your home when it is convenient for you.

Call us and find out why it is so easy to deal with DFAMI.

Call us today at 1-800-785-0760.




Diversified Funding and Asset Management

Ph: 1-800-785-0760
Fax: 951-674-5244
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Flying the Empty Nest

 

Selling a family home is never an easy decision. If you are thinking of downsizing, use the experience and knowledge of a Seniors Real Estate Specialist® (SRES®) to carefully guide you through your transactions.

 

SRES® designees are REALTORS® who have demonstrated the knowledge and expertise to counsel senior clients through the major financial and lifestyle transitions involved in relocating, refinancing, or selling a family home.

 

A REALTOR with the SRES designation can also refer you to other professionals such as a C.P.A., estate planner, or attorney who also have a specialty interest in senior clientele issues.

 

linda@dfami.com

 

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