P.S. the market is on your side…
Since publishing this article, I’ve received a lot questions regarding the current state of the real estate market. They sound like this:
And the list goes on and on.
However, there is a common theme in all of these questions. Everyone is concerned about making/saving more money. Ever since the crash of 2008, the general public has become more skeptical and therefore more aware of the current state of the economy.
So, how do you maximize your dollar in this current state of economy? Well lets take a look at the current state of the US market.
According to the Bureau of Economic Analysis data:
- The Dow and S&P 500 closed at fresh records Thursday (11/7) even after reports emerged of “fierce internal opposition” in Washington over a new agreement with Beijing to cancel tariffs in stages.
- The Federal Reserve lowered interest rates by a quarter of a percentage point.
- Wages and salaries, the largest component of personal income, showed no change in September after increasing 0.6 percent in August.
- Personal income increased 0.3% in September after increasing 0.5% in August.
- Real gross domestic product (GDP) increased 1.9 percent in the third quarter of 2019.
Although, the US market is solid, there are some key indicators to look at. The stock market just closed at record highs yet again this year. This indicates that large financial institutions and investors trust the current state of the US enough to continue to reinvest dividends into the stock market.
The Federal Reserve lowered interest rates by a quarter of a point again this year! In other words, they have made it even cheaper to borrow money. The Fed will tighten or loosen the ability to borrow money in order to stimulate the US economy. If you are in any current loan, it would be in your wallets best interest to look into your current interest rate.
The US market is in a position where it is cheaper than ever to buy or refinance big assets. Real estate owners know how important it is to leverage the banks money at a cheaper price and are refinancing current property holdings. This is saving them hundreds of dollars a month!
Whether money is tight or not, your mortgage payment is most likely the biggest bite out of your paycheck.
Here are some ways to lower your monthly mortgage payment:
- Refinance the loan to a lower rate
- Eliminate mortgage insurance (PMI)
- Apply for a loan modification
- Refinance to a longer term
- Get your home’s tax assessment redone
- Increase your credit score
There is more than one way to lower your mortgage payment. In order to determine the best option for you, decide whether you need a temporary or long-term solution. Then, speak with a professional about the pros and cons before moving forward.
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