Here is a great email I just received from a local lender here in town named JR Spies from the Mortgage Link:

* Subject: Beware of Mortgage Rate Spike this Spring

Hi Everyone,

I know I haven’t given you much information lately because it seemed like there wasn’t a whole lot to share. However, you will notice from this latest CNN article  (click here to read article) that perhaps this is something we should all be aware of.

As I am sure you all know, Uncle Sam decided to extend the up-to-$8,000 1^st Time Buyer credit with an additional $6,500 incentive for those who have owned their home for 5 years or more who want to move-up or simply repurchase.

The bottom line: NOW IS THE TIME TO BUY. As you discuss this with your customers, you will notice how significantly one’s buying power is affected with simply a 1% change in the interest rates. Will La Plata County prices decline? Is it worth the risk to wait? Do 1^st time home buyers really want to wait until the last minute, like they did this last time?

My point with all of this is that it is good advice to seriously consider Real Estate-related financing sooner than later. If you know someone who has not refinanced, I would love to talk with them. There are still some streamline programs available that do not require an appraisal or that will allow up to 125% of value (of course certain restrictions apply). In general I have noticed that not everyone has explored all their options and I am happy to evaluate their situations.

Finally, my hope for all of you is that this will generate real activity that will benefit many involved.

My best to all of you for the coming year!

JR Spies The Mortgage Link

1099 Main Avenue Ste 302

Durango, CO  81301

970-259-8600  Office

970-259-8688  Fax

970-769-0800  Cell

www.linkdurango.com

Thanks JR!

Shaheen Hangval
Broker Associate/EcoBroker with Blue Ribbon Properties

835 Main Ave. Suite # 214
Office: 970-247-8388 Fax: 970-247-8360
Shaheen’s Cell: 970-769-2441