With the present low rates on the home mortgage loans in the nation, there are too many people who are looking forward to refinancing their mortgages so that they can easily be able to avoid losing their homeownership rights. Recent reports suggest that there have been too many foreclosures in the nation and this is the reason behind the large number of people looking for ways to refinance their home loans. If you too are unaware of the ways in which refinance can benefit you, read on the concerns of this article.
- You can grab lower rates: The biggest benefit of refinancing your mortgage is that you can easily grab a lower mortgage rate with the new loan. As the interest rates are the biggest reason behind the large number of mortgage defaults, most of them can benefit through a refinance as the rates that you will get on the new loan will be much lower than what you were paying on the present loan.
- You can extend or reduce the repayment term: The repayment term of the new mortgage loan can be extended throughout a longer period of time and this will lower the monthly payments on the new loan. On the other hand, if you wish to repay your debt sooner, you can shorten the term of the loan so that you can repay the loan within a short span of time and become debt free. Although the payments might be bigger than what you were paying before, you can at least be sure about owning your home sooner.
- You can change the kind of loan: It is possible to change the kind of loan that you take out and thereby stabilize the payments throughout the term of the loan. If you had taken out an adjustable rate mortgage due to the initial low rates that have been offered, you must have been subject to the outrageously high rates in the long run. You can change this by refinancing into a fixed rate mortgage so that you can at least remain sure about the stability of the monthly payments throughout the term of the loan.
So, if you want to reap the above mentioned benefits, you should opt for mortgage refinance. Shop around and get multiple quotes from multiple lenders so that you can choose the best one that is within your budget.
The Burlingame real estate market has experienced some of the most unpredictable fluctuations that the US real estate industry has ever seen. It has therefore left many to confusion when it comes to buying or looking for properties in the area. This is when an experienced and competent real estate agent comes in handy. They can help you discover the best properties and hot deals in the market to invest in. In addition, they can also provide you with some insight as to how the market works and how you can take full advantage of it.
It is important to delve into the actual facts in order to have a clear understanding on the state of the Burlingame market.
During summer, the performance of the real estate market was described by experts as brisk. From the period of June to July, only approximately 55 homes were sold. The average price for properties being sold in the area has therefore gone up to $1.3 million. When August arrived, the numbers became a bit more despondent. Only 22 properties were booked in on a deal.
This is not entirely shocking in the case of Burlingame real estate market. After all, the activity tends to slow down during summer months. Despite the reduced amount of home sales, there was an increase with the average values of homes. The average soared to $1.433 million in August.
But does it signal that the market is back on its heels again? The performance in September is relatively at par with the performance in August. The average home sales in the month of September for the past few years in Burlingame have been toying around 16 to 22. This has caused an increase in the average home value in the regional market that now stands at $1.5 million or more.
One of the most telling aspects of the Burlingame real estate market is the downfall of high-end properties. No houses above $2 million had been sold despite the fact that some of them had been on the listing for quite some time. On the flip side, low end properties had been selling consistently. This does not mean to say that the market is on fire but it has certainly generated a decent amount of sales. This is basically following the fluctuations and trends that the market has shown way back in 2010.
More promises await the market in Autumn because this is when sales tend to pick up again. Real estate agencies and brokers will be busy once again, and so will the buyers.