| PRESIDENT’S MESSAGE
If there was ever a superstition that I wish had real validity, it would be the consequences promised from a ritual that took place on February 2nd in Punxsutawney, PA. On that day, Phil the Groundhog emerged from his hole and apparently did not see his shadow, therefore predicting an early spring.
Now I don’t exactly know what “early” means, but it must not mean any time soon. All I see when I look outside is snow, and as I write this article, the forecast calls for more of it.
Come on Phil, we’re ready for you to work your magic, and we’re definitely ready for things to pick up!
Keep in mind, even though the market is sluggish, there are still some things that can help all of us find business. Remember all of those balloons and adjustable rate mortgages we made a few years ago? Well, guess what? They are beginning to mature and adjust to rates that are not acceptable to the consumer. Or how about the interest-only loans we made? I’m beginning to hear from old clients that want to either redo these loans, or get out of them altogether.
It was recently reported that there are several trillion dollars in loans nationwide that are going to be adjusting this year. Use this information to your advantage.
If we seek out these loans, we can actually put together a pretty good “refi ” year. With all of the inventory in today’s housing market, these homes are not selling as quickly as they normally would. It is my belief that many of these listings are actually homeowners wanting to get out of these loans. So why not try to help them in some other way? Rates are still good. And it may be a better alternative than keeping the homes on the market for extended periods of time … at least until things turn around.
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