A Call Can Make A Difference- Finances

What's the market doing ? The question is on everyone's mind. Your home is your biggest investment. You want to be in the know. So here are the most common questions in rapid order.

Is anything selling?  Yes it sure is. We have started the year much stronger than 2015.

Are prices still coming down ? I think we have stabilized.

When is a good time to buy? It is a buyers market. Prices have come down, inventory is up and mortgage rates are low. Win Win Win

Are you seeing a bunch of repo's? No

There is no doubt our city is much quieter. Talk of hour cuts, wage cuts, job sharing and lay offs happen regularly. If you are a security motivated individual such as myself, you could be losing sleep. The "what if's" sneak up on us when we least expect it. You can be proactive and call your lender. Putting a plan in place, just in case makes sense. Hopefully you will never need it. Once the layoff happens many of these options are no longer available. Before we get into it, I am not a financial advisor. Options will vary by individual, credit rating and financial institution. 

Refinancing - you may be eligible to withdraw equity from your home up to 80%.

Consolidate - credit card and high interest debt might be able to be consolidated

Skip a Payment - short term option may be available if you are in a pinch. Call to see and prearrange

Extended skip payments - may be available in special circumstances

Extended Amortization - if you have been in your home awhile might be a solution

Line of Credit - secured and unsecured may be available. Much lower interest rates vs credit card debt. Is it a good idea to juggle debt ? Remember we are looking at a back up plan. It might give you the breathing room you need.

Call your lender now to discuss finances and set up your plan. Once a lay off happens they have fewer options for you. 

Being prepared will keep the stress level down. Make the call. If I can be of assistance or guide you to another professional for advice, let me know.



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