Time to get paid!!

This article came from a rep at ResMae Mortgage corp. Great info for us all!
NEW REFI BOOM??? FOOD FOR THOUGHT!!!
The Feds just recently announced that over $1 Trillion in Adjustable Rate Mortgages are set to adjust in March. Just to put some perspective on the situation: average start rate was 6-6.5% and average first cap was 2-3% a year ago, (BTW- ResMAEs is only 1% not a bad selling point right now), making this first adjustment appear to be app. 9%. Further to keep in perspective was that many of these ARMS sold two years ago only had a 2 year interest only period not the 5 year that is typical on today 2/28s. So not only will the first adjustment be at 33% higher rate but also a much higher payment taking into account the move from IO to P & I.
Also, further driving a new refi boom is that the credit card repayment section of the bankruptcy act went into effect last week. For those that do not know the minimum payment on credit cards is going from 2 to 4%. Pretty stiff for some families that are already over extended. Further creating this perfect storm is it is tax season along with property tax time right around the corner.
For those that like to look at the economy inflation is rearing its head and most importantly Americans have overextended themselves more than ever before.
Can you say CASH OUT!!! HAPPY HUNTING COME NEXT MONTH!!!
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