2012 Best Mortgage Options

As we embark into another year, Most of us are always wondering about which mortgage options are available and what kind of rates and fees are tied to those specific products.  So let me share what I think will be the best mortgage options for 2012.

 

 

Best Refinance Mortgage Options:

Rate/Term Refinance:

This year refinances will be driven by rates.  Right now we have historical low rates.  We are now seeing some equity in properties.  With equity the banks are approving these rate/term refinances.  Also, if you are in a property that still has quite a bit of negative equity, we have a new program coming out in March 2012, that will allow us to refinance quite a few more clients with high negative equity.  This program was first shared with the public in an announcement made by President Obama under the “HARP” program (Home Affordable Refinance Program).  At the time he announced the program, the market was not ready to implement it to the public.   This will be rolled out March 2012.

Cash-Out Refinance:

Yes for you lucky ones that have equity in your home, this option will be available.  With interest rates staying low, this is not a bad option by any standards.

Adjustable Rate Mortgage (ARM) conversion:

Some of you will be having your adjustable rate mortgages reset this year.  The rate could go up or down but knowing your best option of either staying the course with will be important to know.  I can always do a mortgage review and help you determine if a refinance option into a fixed option makes sense for you.

Term Limit Mortgage Conversion:
30 to 15 year conversion:  This is a great option to get that mortgage paid down with the historic low interest rates.
15 to 30 year conversion:  This can be a great option to help with having more cash back in your pocket.

Best Purchase Options:

Right now home prices in Arizona are at record all time lows and so are interest rates, so the timing could not be any better to buy some property.  Here will be the hottest options for 2012.

Primary Home Mortgage Option:

If you are a first time home buyer or want to convert your current home into a rental and buy a bigger home now is the time.  Rates are now at historic lows.

2nd Home Mortgage Option:

Arizona is a great place to own a 2nd home, we have excellent retirement communities for 2nd homes and great vacation homes in the mountains.  Rates are excellent and so are prices.

Investment Home Mortgage Option:

This one is got to be one of the best for investors.  Not only is our inventory of rental units affordable but our 2010 census report showed a huge growth in population statistics in the last 10 years.  Sharpen those pencils and lets make the math work out.

As your 2012 year comes together, as always, I hope you think of me for your next mortgage, where I stand behind my advice, products and services.

“Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.”, Chinese proverb