Who is left to refinance?


Plenty of folks, per the number crunchers at CoreLogic. Putting aside the question of, "What will a world of 3.5% 30-yr borrowers look like in five years?" there are still oodles of homeowners with rates in the 5% and 6% range who could benefit. "Roughly 69% of American homeowners with mortgages at the end of the second quarter had rates of 5% or higher and about 33% of them had rates above 6%, according to detailed mortgage data provided to The Times by Santa Ana research firm CoreLogic."

-Terry O'Donnell

I know there are many people who have tried but various problems keep them from refinancing.  If I haven't talked to you about it shoot me an email or call at (615) 777-4663 and we can discuss it. 

Whew! Tax Day Was Yesterday!

Since tax day has passed, I feel compelled to advise those of you who are getting a tax refund and do not own a home a piece of free advice. That refund (on average $3000) can help you get into a new home of your own. The payment will likely be less than your present rent if you get a home of comparable size. You may not even have to use your refund, but even so you will probably need new drapes a new grill and will have moving expense. You may not have to use it because in spite of what you have heard on the media, you might get into a home for little to no cash. I am reading everywhere that the housing recovery is here. That will most certainly drive interest rates up.


Here is a surprising statistic. The P and I on $150,000 at 3.75% (today’s FHA rate) is $696. If rates go up 1% which is a good probability that same payment will only finance $133,300.

So it doesn’t pay to wait to see if prices might drop some.

These payments are Principal and Interest only, not the total payment. Call me at 777-4663 for details or email me at george.margrave@migonline.com . 

What better gift could you give yourself than a new home?

What better gift could you give yourself than a new home? It may be one of the best times ever for that purchase. The rates are still really really great. You can probably find a home for 25-50% less than you could have 5 years ago.

The prices around the country seem to still be declining a little, but according to the local Realtors Association they have stabilized in middle Tennessee. In fact the median price is increasing.

Call me at 615-777-4663 and let's discuss your possibilities.