There have been several questions posed by former clients, current clients, and perhaps future clients as to what the heck is going on in the Real Estate Industry. I'll try to outline a few of those right 'freaking' now! It should be pointed out once again that our beloved Media should be taken with a grain of salt. I firmly believe they've earned it. Listening & Reading the Media is like trying to shoot pool with a rope, I'll rant about them another time though. Here goes some questions that have come my way.....
Is 100% Financing Still Available? - You are damn right! Very much so!! That hasn't been affected by the market we so often hear about....
I just bought an investment property and am a newbie at Real Estate Investing. Can I do a cash-out Refi? Probably not, based upon the recently appraised value at least. The products just aren't out there to liquidate your investment. Hold onto to the property for a bit and re-think your exit strategy. As with any investment, there are right and wrong times to buy....hold on to it and make it right at a later date. Investing is like life, patience is often times a virtue.
I have an adjustable rate coming up, what should I do? Contact a Mortgage Professional that you trust and hear out your options. Guidance is just as much a part of your plan as short-term solutions. Evaluate both, and stick to a plan that makes sense for you and your family.
Rates are high, when are they coming down? We are spoiled brats! Rates are still very low, yet we fail to take advantage of that fact because we've been fed so much manure for so long. Let me clue everyone in on something, it's not only the rate that allows you to afford a house, it is you. People will always buy houses and need money out of the equity they have, regardless of the rate. If you think an interest rate of 6.25% is high on a 30 year mortgage...congrats, you are a renter!
There is too much Paperwork Involved, we are better off where we are at, aren't we? Well, let's look at the pros and cons of what you are doing. As far as paperwork, yeah, it does get a bit ridiculous at times. Yet, this isn't a Pay-Day Loan, this is a mortgage on your home. It's a financial decision that can very much affect your Capitalistic Life. Go to your local bank and then come back to me...see what you get. I already know.....a large % of the time, I will give you a better deal. But enough of me, it's about you.....
And you are important and have questions that we have the answers too!
I am Jason Sardi, I do Mortgages of all kinds for a living. I also occasionally write. Either way, if you want your Real Estate Financing Needs taken care of, I'm your guy. Or....I could make one hell of a drinking buddy. You want the truth, ask me a question. As far as the Market, it's more ALIVE than you think...
Jason,
Right to the point, Awesome :0) It's true there is plenty available, and we have the tools for us to use. Pink looks good on you.
Tom Weiss
Right on the money Jason! Now if everyone understood this we'd be golden :)
By the way, love your pink ribbon. Way to help promote Breast Cancer Awareness...seriously! I'm not a victim of that particular cancer...but have done the Breast Cancer 60 Mile Walk and various other Cancer Walks throughout the past 10 years. LOVE IT when the guys are helping the missions too.
Great post!
Very true...thanks for sharing it with us!
Take care & good luck!
Good stuff Jason. As usual. It's still very slow up here, but we have had a very good year in spite of it.
Cheers...
Jason,
This is good information for consumers, straight and to the point!
You are Damn right Running Man!
Beth - Good cause and if a 'A Man' has a problem wearing pink...they aren't much of a man.
Waldman - Thanks for the comment man, by the way....I get you....totally!
Armando - Thanks man, back at ya!!!
Gary - Cheers to you amigo, I'm very honored that you even read me....
Suzanne - Can I give you a 'MWA'.....even if I can't, thank you so much!
Matt - Just the facts man, I've tried to live and work by that.
Sis - I love you, there...I said it!
Chris - You 'Get It'....the reality. I like you already:-)
I love Jennifer....
as far as you Crouch, I LOVE YOU AS WELL...but there is no way I'm balking on what will be found.
I love you too Jason....
and you know I've fully subscribed to that :-)
Loveseat... we'll send you a video ;-))
Des...He doesn't need a subscribe button...he is subliminal! subscribe to me...subscribe to me
Jason, You might have given me a nudge to do a techie post about promoting positive marketing on your websites. The media has everyone Drinking from the Jim Cramer Kool aid stand.
Jason - You've just got to loosen up and say what you think.
Dead on, buddy!
Your fan in Cali,
Marlene
Video.....I like that Jennifer:-)
Do it Carney, Just Do It!
Amen Suzanne!
Lol Linda, thanks! I am brave....or something:-)
Sis - Back at ya my dear.
Marlene - I will try:-) Thank you for being you!
Lisa Heindel - It's a deal hun, I have family in New Orleans....I will look you up.
Thesa - Awww, thank you Thesa. You are the best!
Geesh ... there's too much love oozing all over this post for even the sweet one!!
Where's Chris with the Purell?
;o)
Jason,
You my Friend, Look like a new man in pink :0) No worries, all of Active Rain is turning Pink, because of one special lady ;0)
Take care Jason,
Tom Weiss
Jason,
Great job on this one. I'm sure you've answered a few questions for a whole lot of people out there. I liked your investor response especially. It takes time when investing...most of the time. If you're not ready for some ups and downs, don't do it. Thanks for the post, my friend.
Wonderful Post - timely and well written so anyone can understand it and it's so engaging! - not the usual "eyes glazing over" post about mortgages that I can't stand to read and give up on.
I read this one all the way through and was interested!
Thanks,
Jason,
Nice localism post...hopefully the public will read this and get all the facts straight.
Jason,
Now tell us what you really think!!! Nice post! Thanks, Fran
Jason,
I will now take lessons from You!!!! :0) Nice Post..
Tom Weiss
Right on! The media is screaming Chicken Little and people are confusing hysteria with facts. There is no such thing as a "national real estate market"... just lots of "local real estate markets". In our area (Annapolis, Maryland), foreclosures are DOWN 25% and prices are holding pretty steady - yet all my non-real estate friends are under the impression that real estate is tanking...
-Ginger Allen
Jason. You are absolutely right. The media will NOT report good news, except a rise in the DOW on the CNBC.
I researched different states efforts to prosecute mortgage fraud yesterday and posted an entire article of states who are prosecuring mortgage fraud. I didn't even finish, just ran out of time. I never got ANY of that from the media.
It appears to me that states are vigorously prosecuting mortgage fraud. Further, it appears to me that if a buyer is credit worthy, they can get any loan they wish.
We have to keep beating the drum here because it will never get reported by the media.
JUST HEARD ON THE NEWS: Mortgages are double from this time last year. Yeah, they'll report that.
Pinky, you did localism and got a star. Loved it, and actually understood what you were freakin talking about. Congrats on your
Hey Jazzy Jason - really COOL post, and I love your response to the "rates are too high - when are they coming down?" question. I say something very similar to what you wrote.
You are just a handsome fella in pink, I must say!!
Ann
Great post and congrats on the Feature :) Best wishes to you!
Thanks Jeff, I like that line as well.
Love is in the air Cooper!
We are more pink than the Panther, I can dig that Tom!
Trevino - I would love to talk soon, how is your schedule next week?
Michael - True, true....amigo.
Diane - Thank you hun.
Rebecca - Very true and oh yeah....very freaking true!
Brad - Can you imagine that, me on Larry King? I'd give the chap a heart attack.....
Debbie - That is wonderful to hear!
Crouch - I don't forget easy man....
Neal - My hope as well...
Fran - God Forbid, eh?
Tom - No need to take lessons, just notes amigo.
Thank you Rick & Ines!
You are the barometer Lenn, I think you know what I mean...
Tracey - I can't/won't be anything freaking else!
You are one of the few Janet!
Amen....Karen.
Joshua - The Media needs a stiff kick in the gonads...there, I said it!
Sharon - Opportunity= You are darn right....I think I would love to work with you in a second!!!
You owe me a steak, medium-rare Rey. Well, not really, but I like steak:-)
Jeff - You are right on with that, though I don't consider myself an expert in that particular niche. A large part of our career is evolution....good call man. I need to hit the books on that.
You do Missy and I can't quite blame them.
MWA @ Ann.
Thanks Fred.
Jason - great job wrapping up today's market in a wonderfully stated nutshell.
Jason,
If you think an interest rate of 6.25% is high on a 30 year mortgage...congrats, you are a renter!
Spoken like a mortgage pro. Great addition to localism
Karen - You got to be nuts to put into a nutshell, luckily I fit the bill:-)
Joe - Thank you Joe!
Ginger - Would love to visit Cali someday, I'll hold you to it:-)
LMAO @ Marlene!!!
Thanks Thesa!
Bob & Carolyn - Pink works for me I think.
I appreciate it Gary.
Every once in awhile I make sense, Right Geary?
Jason-Excellent post...you are right....this business is what we make of it. Who cares what kind of market it is...go out and get your fair share! I do love your direct approach...doesn't every customer deserve that?
Good deal Scott, I try to learn from the best...
Midori - You are darn right they do!
How quickly people forget - interest rates used to be 8%, 9%, 10% on home loans! Now is a great time to buy a home! People are scared ... why? The media isn't helping - Buyers were flocking to pay way too much for a house because the interest rates were ridiciously low -
Go figure!!
By the way - I love the pink :) Good for you promoting breast cancer awareness!!
Rita
Very true Rita!
Thank you Jill & Ron!
Re: Rates are high...lol
You are correct. I vividly remember the conversation around the ole water cooler used to be " gosh if rates would just fall to 12% for 30yr fixed we could really sell some real estate". I can also remember swallowing hard and buying a $5MM committment for 30 yr fixed at 17.325. Filled it in a week (average mortgage size was about $70K)
Thanks for putting it all in perspective for buyers and sellers who have a tendency to act spoiled...
One of my best friends is from Johnstown. Isn't that near you?
OUr State Association of REALTORS is outting together a media campaign to fight the effects of all the national negative press. To tell people about how strong our state is in real estate. And not following the same path in percentage of SUb-Prime loans or Foreclosure rates.
And from one Real Estate Pug to another... this is exhausting work!
Troy - I grew up in Clarion, Pennsylvania which is in the vacinity. Johnstown is in Western, Pa....Allentown is on the opposite side of the state.
Sarah - It sure isn't easy but worthwhile tasks rarely are.
Allison - Yup....I miss good old Pita:-(
Mike - In retrospect, I actually liked this post. Though at that the time...not so much. Glad to see you around again:-)