The end of the summer is near. It seems that everyone I talk to is either on vacation or just got back from vacation. August is the time to take that last summer vacation and get the kids ready to go back to school. In this economic cycle everyone seems to be spending less, but why get less? If you are thinking about refinancing or moving into a new home make sure you take advantage of $250 off closing costs by coming to me for your mortgage. This is the best deal in town coming from the Best Bank in Town.
Great Afternoon!
Today I am sitting here in my office looking out the window at the new Target that opened a few weeks ago. Car after car is filing in and it makes me wonder if people really are spending less like the media is trying to convince us to do. I understand that California, Florida, Michigan, and some other select markets are having major housing issues after their sudden jump in value over the past half decade but does that really change the spending habits of our local economy? Or is it just hear-say? Our market is solid, still growing, and increasing in value.
This is a great time for homebuyers to get into a home at a great rate and price. Right now rates are stable and still low. That could change rapidly. The bond market is what affects mortgage rates and certainty now is better than the unknown later. I believe that rents will go up as a result of demand which means it will be almost the same per month to rent as it is to own. Most mortgage interest is tax deductible (consult your tax advisor for specifics) so you will see that money again on April 15th which makes owning cheaper than renting after taxes.
Late last month a new bill was passed to attempt to correct our current housing cycle. One of the big changes is a $7,500 tax credit to first time homebuyers. Get prequalified now and take advantage of that before it expires. I will give more details of the bill in my next newsletter so stay tuned.
I have always been told that moderation is key. This applies to foods you eat, friends you hang out with, work habits, and life in general. Over the past decade we have seen scores of banks rise up very quickly and now we are seeing many of them fall even faster. There is not much consistency in the financial world right now with the exception of few. One of the few is BB&T. In a market that was offering pick-a-payments and reverse mortgages, BB&T made a conscience decision to remain stable and consistent and is now seeing the benefits. BB&T did not get involved in those mortgages that are now toppling many of the Fortune 500 banks.
It is times like these that consumer confidence needs a boost. I am no psychologist but it seems to me that people care about consistency and value. I am not simply a loan officer at a big bank, I am a Mortgage Advisor looking out for the people who trust me to do so.
Please forward this message to people you know, maybe they want to be added to my mailing list.
Thank you for your attention!
Your positive-attitude mortgage advisor
Jon Massachi
Jon's Mortgage Spotlight
Balloon Mortgage
This is a great loan for buyers looking for a low rate. Balloons are usually amortized over 30 years with a short-term payoff of up to ten years. If you only plan to be in your home for a few years or if you know you are going to want to refinance soon, a balloon may be right for you. If you or a friend would like more information please contact me.
Jon Massachi
Mortgage Advisor
Branch Banking and Trust
Office: 704-243-7590
Cell: 704-650-9568
Fax: 704-843-1863
JMassachi@BBandT.com
BBT.com/mlo/JMassachi
