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You have a consistent monthly expense instead of large bills a few times per year.
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The money in the account is always yours. You receive any remaining balance at sale or refinance.
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You might enjoy more competitive interest rates. Loans without an escrow account will often incur a price adjustment.
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What Perceptions Might be Keeping you from Saving Money with a Refinance?
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Have you checked out home price gains recently? In the most recent quarterly report released by the Federal Housing Finance Agency, all states in the union experienced growth in property values. In fact, average growth in home prices is positive for every state whether you look at 3-month, 1-year, 5-year, 10-year or 30-year averages.
What does this mean for you?
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It reaffirms the potential for growth in your home's value.
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Even if you've tried before and couldn't, it can open doors for refinancing. You may be able to access cash or save on payments and mortgage insurance.
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It reassures you that short-term recessionary dips can be overshadowed by long-term gains.
Click the image below for both an overview of home price appreciation rates and an opportunity to drill down to prices in your zip code. You may even want to bookmark it, as the numbers are updated regularly.
If we can answer any home financing questions or provide assistance to you or a friend or family member, please reach out. We are happy to help.
Your holiday to-do list is probably pretty long, with all the decorating, shopping, wrapping and gathering. If you want to keep your credit sparkling like the holiday lights into the new year, you may want to think about adding some don’ts to your list as well.
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DON’T open new credit accounts. A 10% savings at checkout is tempting, but that extra credit card could lower your credit score.
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DON’T run up your credit card balances. In addition to knocking points off your credit score, higher balances can make meeting your minimum payment requirements more difficult.
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DON’T put off paying bills. With so much going on, it’s easy to forget a due date. Those late payments are another factor that can lower your score, plus you will likely pay penalties. You may want to preschedule online payments so no due dates are missed.
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DON’T miss out on your annual free credit report check. Go to AnnualCreditReport.com, where you can get free access to your credit reports from the three major credit reporting agencies once every 12 months. No time during the holidays? Take a moment to set a calendar reminder for January.
Now that we've covered the “don’ts,” here are a few holiday “do’s” for you too:
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Do have fun.
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Do be merry.
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Do enjoy this time of year.
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Do reach out if Greenway Mortgage can be of service to you.
We hope you have a wonderful holiday season!
Overwhelm - It's a real thing and Erin the Expert (ETE) wants to help get you the info you need to start the homebuying process!
When someone is thinking about buying or selling a home, they want to be well-informed. They want to make the right decision for themselves and their family. They scour the internet for any information they can find about the housing market.
Today, there is an abundance of information available. It is often conflicting news. It can easily lead to confusion and concern, perhaps even causing a potential buyer or seller to cancel their plans to move altogether. Instead, the best things to do are sit down and take a deep breath.
In a recent article, Jeff Davidson, a recognized speaker on the subject of productivity, explained:
“The pace at which new information arrives will accelerate every day…Too often, the reflex to take action only exacerbates your time-pressure problems. Do not bite off more than you can chew, and acknowledge that often, the wisest response to too much competition for your time and attention is to simply slow down to assess the best way to proceed.”
To that point, here is an easy five-step process to follow if all of this information seems overwhelming:
- Calm Down – Don’t let the confusion lead to concern or panic.
- Slow Down – As Davidson suggests, just “slow down to assess.”
- Think – Remember the reasons you wanted to move in the first place. Are they still important?
- Plan – Determine whether or not the new information should change anything. If you need further clarification on some points, reach out to Erin for a better understanding for a better understanding.
- Act – After thorough consideration, feel good about your decision, whether you decide to move or not.
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