July 2010 Adobe Issue: 1
In This Issue
Streamline Your Refinance
How to Take the Stress Out of Buying
RAFFLE: Free Target Giftcard
Mortgage Rates Hit 39 Year Low
Free Credit Report
Free Target Gift
Welcome to the brand new edition of Adobe Card!
It's been a while since our last newsletter. We've
revamped it with a new look and filled it with helpful
homebuying tips and information that we will send out
Each month we hold a drawing
exclusively for our Adobe
Insight subscribers. The prize
Something to think about...
will change each month so you
must re-enter with each new
If building starts remain low, and in the long-run we are
issue you receive.
not building or replacing enough units to keep up with the
long-term demand of population growth, what does this
This month we are giving away
tell us? It tells us that real estate will be a great long-
a $50 Target gift card. To
term investment, especially at today's prices and rates.
enter, email your full name,
The problem always arises when we think about real
address, and telephone number
estate in terms of the short-run. During the boom,
everyone was looking to make a killing quickly. However,
real estate is a long-term investment, so anyone
with the subject "July Raffle
purchasing a home should be thinking in terms of years,
not months. Sure, there are bargains to be had and
some quick money will be made, but for most of us,
The drawing will be held at the
buying in a great location will payoff most over time. With
end of each month. Must enter
the aging population looking to migrate from the cold
by July 29th to be eligible.
weather states, the "sunshine" states will again shine
brightly and Arizona will prosper.
Feel free to forward this email
to friends and family using the
link in our 'Quick Links' section
below, so everyone has the
opportunity to win!
Principal & Founder
Mortgage Rates Hit A 39
Time to Refinance? Streamline it. Year Low!
Do you currently have an FHA insured loan at a rate of 5.5% or
higher? If this sounds like you, you may be eligible to take
advantage of a streamline refinance to lower your current monthly
principal and interest rate. This type of refinance converts your
current FHA loan to another FHA loan at a lower rate WITHOUT
. Mortgage rates fell this week
an appraisal of your home's value. Qualification is easy and this
to the lowest level on record
service can even be performed for zero, that's right NO, net out of
dating back to 1971, giving
pocket cost to you. With rates at an all time low, you have nothing
consumers added incentive to
to lose and everything to gain! Give our mortgage experts a call
lock in low payments for home
today to get you on your way to a lower monthly payment!
purchases and refinanced loans.
The average rate for 30-year
fixed loans sand to 4.69
First time homebuyers: How to take the percent, from 4.75 percent last
week, according to the
stress out of buying a home mortgage company Freddie
Mac. The previous record was
4.71 set in December 2009.
For many individuals the home buying Rates for 15-year and five-year
process can be very daunting because most mortgages also hit lows.
people don't know where to start or even
what the process involves. This however, Now is the perfect time to
does not need to be a source of anxiety. By planning ahead and refinance your
finding the right professional help, you can avoid many potential loan. Affordability has never
headaches and common problems. So if you are looking to buy a been better!
home follow these steps to help ensure your successful home
purchase: Content Courtesy of Associate Press
1. Set a budget- Know how much you can spend every month
but still have money to live on. When weighing affordability, it's Free Credit Report
critical to factor in the tax advantages that home ownership
provides. Namely real estate taxes, mortgage interest expenses
and at least some mortgage insurance costs are deductible. There
are calculators for this available on the Federal Housing Authority
One rule of thumb: Your house payment including taxes,
homeowner's insurance and mortgage insurance shouldn't exceed
one-third of your gross income.
2. Qualify for a loan- Know what's in your credit report before
you meet with a banker. You are entitled to a free copy of your Now through July 31st we are
report each year from the major credit reporting agencies, Equifax, offering a free, no obligation
Experian and TransUnion. Copies can be obtained by visiting credit report. If you know
www.annualcreditreport.com. someone who may benefit from
this offer, please feel free
You should review your reports months in advance to correct any to forward them this newsletter
errors and try to boost the score. If you need help with this, Adobe
so they may take advantage of
Financial would be happy to help you. this great offer.
3. Shop for a home- Hire a real estate agent to set up visits, For information, simply Contact
provide listings and who knows about homes that might be for Us. Please reference
sale. The agent will draw up an offer and help negotiate a deal "Newsletter Credit Offer" in the
with the sellers. Be aware that not all real estate agents are comment section.
Realtors, which means they are a member of the National
Association of Realtors and are held to a code of ethics.
4. Strike a deal- Negotiating can be very stressful. Your agent
will help you make an offer based on the home's value and one
that is realistic for the market. The offer should be contingent on
approval of your financing and home inspection.
If you were prequalified for a loan, it will be finalized in this step
after you provide several statements of income and other financial
5. Inspect the home- An inspector will check the roof, walls Find us on
and foundation, the heating, air conditioning and electrical
systems. You'll receive a list of potential repairs and must decide
which should be paid for by the seller. Major repairs could lead to
renegotiating the price of the home. A serious problem will permit Begin your loan
you to back out of the deal. That's why it's essential to make an application today
offer contingent upon the inspection.
Before you close the deal, you'll have a final walk-through of the
home. This is an opportunity to make sure inspection issues were Read more About Us
6. Close the deal- Be prepared to sign a slew of paperwork to
close the transaction. Also, find out from your mortgage banker
how much the closing costs will be so you're not surprised. The
costs include loan processing fees, the appraisal of the home,
attorney fees and inspections. It's common for buyers to negotiate
closing costs as part of their offer, which means they ask the
sellers to pay some or all of the costs.
On a typical mortgage, the bank will charge around 1 percent of
the purchase price to do the loan. In addition to that, most
borrowers will pay between $2,000 to $3,500 in costs. On a
$200,000 home, generally expect origination and closing fees of
$4,000 to $5,500.
This is the final step, though, once completed you'll get the keys
and the satisfaction of knowing you're a homeowner.
Content courtesy of MSNBC and the Associated Press
Adobe Financial Corporation
1845 S. Dobson Rd. Suite 117
Mesa, Az 85202
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