Sam Coleman

Mortgage Update

Home Loan Specialists, Inc.

Spring 2008

Home Values And Interest Rates Down...

First And Second Home Opportunities Abound!

Housing values are down in many areas while mortgage interest rates remain low. This mix can make for many great home buying opportunities. Some individuals who could not buy a home a few years ago because of higher home prices are seeing a number of properties slide into their affordable range. This is good for the buyers but, not exactly the best of times for all sellers. Some people who need to move now but, purchased in the higher market, may/will loose money.

Another area of opportunity is in the Second Home market. With present economic conditions pinching the pocket books of many consumers, a number of multiple property owners are looking to sell their cabins and lake homes. The foreclosure factor is influencing values for principal residences and in the second-home-world. One of my clients recently purchased a lake home from a bank for $165,000 and the bank actually paid for a portion of the closing costs. The original asking price for this property was around $235,000. The price was then lowered to $199,000. Another 30 days passed and the bank reduced the asking price to $175,000. Then, the final sales price was negotiated.

If you are secure with your economic circumstance and are interested in a second home, now may be the time to act. Values abound! Call me and we can go over your numbers.

The Dinner Winners

Denise “Bo Bo” Balinski  &  Susan “Petie” Davis

In the Fall 2007 Sam Coleman Client Update, I invited my readers to look at three pictures of me and guess what year each picture was shot. For the two of my clients who came up with the best guesses, I offered free dinner at a nice place! Participants needed to be a past or present clients and be willing to have dinner with me and my wife, Cheryl. About thirty-five guesses came in via e-mails and calls. The best two were from clients, Denise “Bo Bo” Balinski, of Detroit, MI., and Susan “Petie” Davis, of Manchester, MI.

I am looking forward to having a delicious time with Bo Bo and Petie! Thank you to all who took the time to make a guess! Dinner details to follow in the next Client Update.

                 A. 1979                                   B. 1969                         C. 1959  

·          PMS = Personal Mortgage Service

·          PMS From Sam Is A Good Thing!

1-866-SAM-4-YOU

                                                      (1-866-726-4968)

Do Your Mortgage Right - Always Call Sam!

Set A Time To Do Your No Cost

Mortgage Review With Sam!

I try to contact all of my clients several times each year to say “hello” and do our regular Mortgage Review. This on-going Personal Mortgage Service (PMS) is intended to save you money by insuring that your mortgage matters are always well managed. If for some reason, I have not recently gotten through to you, please call or e-mail me at your earliest convenience, so that we can set a time to do your Mortgage Review!

The process is simple but, important. We review all aspects of your income, savings, debts, equity, short and long term goals, cash flow, etc. This Critical Money Objective Study helps in the understanding of your true circumstances so that an appropriate action/s can be initiated to conclude a logical strategy for your unique mortgaging circumstances.

I look forward to talking with you in the very near future.

Possible Reasons To Change Loan Programs

·          Switch To A Lower Interest Rate

·          Convert To A Fixed-Rate From An ARM

·          Eliminate Costly Private Mortgage Insurance (PMI)

·          Use Equity To Pay Off Credit Card Debt At A Lower Rate

·          Move To A 15 Year Mortgage To Pay Off Home Faster

·          Use Equity For Down Payment To Purchase A Second Home

Values Making Refi Deals

Challenging...

It Might Be Smart To Act Sooner

You have probably heard that home values in many areas are down. It is a true and declining market factors are making some mortgage refinancing deals challenging if not impossible to do. Lower value can make for a higher LTV (loan to value). Many lenders are now shying away from high LTV loans while scrutinizing appraised values in an almost insane manner. If you are thinking about refinancing, for any reason, it might be smart to act soon and not wait. The Federal Reserve has lowered some of it’s key  rates which may, or may not, make for even lower mortgage interest rates.

In a recent message to his associates regarding these developments, Jim Wickham, President and CEO of Lender LTD, (HLS is a division of Lender LTD. - Envoy Mortgage) explains things like this, “I hear through regular dialogue with a handful of our Loan Officers that there is hesitancy on the borrowers behalf to refinance at the moment as they feel rates will continue to decline…  Fed funds rates may decline, but realistically values will too…  We need to motivate the consumer to refinance now if that is their intent as the option may not be as readily available if values do not stabilize…”

Jim’s words make sense, if you think you might need to redo your mortgage please contact me ASAP. I will do my best to fill you in on all of the latest mortgaging developments.

“It Always Alright To Do The Right Thing!”

Copyright © 2008 Sam Coleman