Real Estate Matters
www.reporterherald.com • Saturday, November 19, 2011 • Reporter-Herald
Refinancing now may be best option ILYCE GLINK TRIBUNE MEDIA SERVICES
THE
Ponderosa
by Midtown Homes
Q
uestion: I was listening to your radio show on Sunday, and after what you said about your mortgage, I’m thinking I should refinance again. I heard you say you refinanced your 15-year mortgage and continued to pay your current payment. My house appraised at about $400,000, and my mortgage balance is about half that on a 15-year loan at 4.375 percent. I’m a couple of years into that loan, so maybe I have 13 years left. I plan to stay in my house for at least five more years. I just heard Larry Kudlow on CNBC say that rates have not bottomed out. Do you think I should refinance, and can you recommend a good lender? Answer: We don’t recommend mortgage lenders. To find a great one, you should talk to at least one national mortgage lender, one local lender, a credit union and a mortgage broker. Ask your friends which bankers and brokers they have used; if they had a good experience with that person or company, give them a call as well. One advantage to you as you look for a lender to refinance your loan is that you have a great rate on your current loan; if the lender you decide to work with fails to come through, you can move on to another lender quickly. Unlike when you are trying to buy a home, your only pressure at this time is to find the right interest rate and to close on that interest rate as soon as possible to take advantage of the reduced rate. While there are so-called “experts” out there who believe that interest rates have not bottomed out, we decided to refinance our home loan to take advantage of the lower rate. We might have gotten a lower rate if we had waited, but we felt that the terms offered by our mortgage lender and the costs we were charged were an excellent deal. With rates as they are now, you might be able to lower your interest rate by about one full percentage point. If that’s the case, and the costs to refinance are low, you can immediately take advantage of that lower rate. Then, if rates go down further, you can always consider refinancing again. As a general rule, we try not to time the market — that’s how you miss getting a great rate. Here’s how it has worked for out for us: We thought mortgage interest rates had bottomed out a couple of years ago when we started to see 30-year mortgage rates under 5 percent. We thought the same thing when rates dropped another half percent, and again when they reached 4 percent. If we had waited until mortgage interest rates bottomed out, I’d still be waiting and I’d have missed reducing the interest rate on my loan
www.theponderosamodel.com
$7,500 cash incentives on select models through November PAID ADVERTORIAL
M
idtown Homes is setting the stage for some amazing values on select homes, including the top-selling Ponderosa, at Boise Village North. There are only two remaining Ponderosa ranches left priced at $199,900 and are move-in ready for anyone looking to move by the end of the year. Midtown is sweetening the pot with $7,500 in cash incentives for new contracts through the end of November on all Ponderosa and Telluride models. Part of this includes a $3,000 lender incentive towards closing costs with the use of Mike Turner, of Academy Mortgage Corporation in Loveland. Buyers can apply the rest of the credit against the price of a move-in ready home or on options and upgrades. Home options and upgrades include items such as granite countertops, tile backsplashes, wood flooring, air conditioning, landscaping, tank-less water heater, a stainless steel appliance upgrade, refrigerators, washer/dryers and more.
THE PONDEROSA The Ponderosa has 1,200 finished square feet with a full unfinished basement, three bedrooms, two bathrooms and an oversized two-car garage. The home has a full-sized window/
nook, main-floor laundry room, walk-in shower in the master bathroom and a large walk-in closet in master bedroom. Vaulted ceilings are in the kitchen, dining room and living room. The home also has a walk-out patio with a sliding glass door, a large kitchen island, alder cabinets, a walk-in kitchen pantry and a glass cook top. Two move-in ready homes are currently available:
• 1125 Caelum Court This home is situated on a quiet street in a cul-de-sac location and is located next to the city walking and biking trail. The home features an optional study with french doors instead of a third bedroom and wide plank hardwood floors in both the kitchen and dining areas. The home is ready to move-in with full yard landscaping already in place.
• 804 Libra Court One of the largest lots in the subdivision at 8,429 square feet, this home has front yard landscaping and fencing along the back of home. The back yard backs to subdivision open space. Beautiful natural knotty alder cabinets accent the other fine finishes in the home.
VISIT MIDTOWN HOMES Take time to come visit the Midtown Homes sales office to find out more about the MidtownGreen programs and the benefits of purchasing a Midtown Home. Hours: 10 a.m.-6 p.m. daily Address: 1899 E. 11th St.,Loveland For more information: Call 970-456-4600 or email info@newmidtownhomes.com
Bring in this voucher to receive
$7,500 in builder and lender incentives toward cash discounts, closing costs, home options and upgrades with the use of Mike Turner with Academy Mortgage Corporation in Loveland. The following homes are eligible for the $7,500 cash credit from Midtown Homes in conjunction with Mike Turner of Academy Mortgage Corporation in Loveland. The special will run through the end of November.
PONDEROSA (RANCH) Ponderosas feature 1,200 square feet, three bedrooms, two bathrooms and a two-car garage • 1125 Caelum Court: $199,900* • 804 Libra Court: $199,900** *8,429 square-foot lot, front yard landscaping **Cul-de-sac, full yard landscaping
TELLURIDE (MULTI-LEVEL) Tellurides have 1,375 square feet, four bedrooms, two bathrooms and a two-car garage • 902 Delphinus Place: $195,400* • 998 Delphinus Place: $195,600* • 1832 Gemini Court: $186,800** • 1820 Gemini Court: $185,600** • 1827 East 11th St.: $184,300** • 1863 East 11th St.: $179,900 *Large corner lot with fencing **Full yard landscaping
www.newmidtownhomes.com
I See GLINK/Page E2
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