Best Mortgage Moves In Slowing Housing Market by jolinmilioncherie


									   Best Mortgage Moves In A Slowing Housing Market
   (NAPSA)—Given the recent           sellers that you are a serious
changes in the mortgage and hous-     buyer.
ing markets, many current and               Existing Homeowners
potential homeowners are asking           If you are a homeowner with
themselves the question of what to    an adjustable-rate mortgage
do next in regard to their home       (ARM), hybrid ARM or interest-
financing situation. Whether you      only mortgage, now is a good time
are looking to purchase your first    to consider refinancing into a
home or are already a homeowner       fixed-rate loan. Even if the overall
and want to maximize your invest-     interest rate rises, there is a good
ment, there are a number of home      chance that a fixed-rate mortgage
financing options to consider.        payment will be lower than what
GMAC Mortgage (http://www.gmac        you may pay if your adjustable- offers the following    rate loan adjusts soon.
tips to help you make your next           Homeowners currently repay-
mortgage move:                        ing variable-rate home equity
    First-Time Homebuyers             lines of credit should also review
   The biggest concerns for first-    their options. Refinancing to a
time homebuyers right now are         fixed-rate home equity loan could
fluctuating interest rates as well    be advantageous, but you should
as home values. However, buying       first check with your lender.
a home with a fixed-rate loan now                 Buy-downs
will ensure that future rises in          Another option, whether you
interest rates will not impact your   are considering refinancing your
monthly payment. In addition,         current mortgage or exploring
because of current market condi-      your first mortgage, is to elect to
tions, many first-time homebuyers     buy down the interest rate. With a
have a large inventory of homes       “buy-down,” a borrower or seller
from which to choose. Prices in       pays part of the interest up front,
many markets have stabilized or       lowering the borrower’s monthly
moved off their highs over the        rate for a set period of time.
past year as demand has softened,         With the proper research and
so your dollars could go much fur-    the assistance of a qualified mort-
ther than they have in the past.      gage professional, securing the
   If you decide to move forward      right mortgage product can put
with the search for your first        you in a more advantageous situa-
home, consider getting pre-           tion to help you meet your home-
approved for a mortgage. Becom-       ownership goals.
ing preapproved will give you a           For more information on mort-
much better idea of your buying       gage strategies, consumers can
power as well as reassure home        call (800) 888-GMAC.

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