Rizzotti JH Real Estate Blog

Real estate strategy
February 16th, 2009 8:33 AM

Real estate is a long term asset. Many have made big profits over the recent prior short term, but that is the exception, not the norm.

If you own a home, condo, townhome or 2 - 4 unit property, and want to build wealth long term, now may be the time to consider refinancing into a lower rate mortgage and/or lower term mortgage. Saving on your monthly mortgage payment and/or reducing the term of your loan from say 30 years to 15 years, may provide significant benefits.

If you are contemplating listing your property, delay this before you try to refiannce. Lender's will typically require a certain time period lapse between a cancelled listing and loan approval.

Consult with your mortgage professional immediately, and have them determine the break even point in terms of months and the potential monthly savings or savings over the life of the loan.

Also, consider maximizing any HELOC that may be availalbe, for when opportunities arise. Do not use a HELOC as a ATM machine, as this can be disasterous!





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Posted by KENNETH RIZZOTTI on February 16th, 2009 8:33 AMPost a Comment

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