Home Financing in Uncertain Times

What’s going on in the financial and real estate markets today is new territory for all of us. It’s reported that banks have written off $150 billion in loan losses so far. But did you know that on a volatile trading day, stocks can gain or lose $150 billion every hour? Kind of puts it in perspective doesn’t it? Some business journalists write articles out of fear and sometimes there are problems with the numbers being reported. Plus, bad news sells. So, that’s what we hear day after day. There is good news out there, and for some, now might be a great time to buy or refinance.

My name is Sam Giannakakis, and I am truly passionate about my profession. The result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors in the Twin Cities. My mission is to carefully guide clients through the entire home loan process so they feel confident as they choose from the many options available for their financing strategy. With many years and a wide range of experience in the mortgage industry, my team and I stand ready to assist you each and every step of the way.

I understand that it's not just a house, it's your home. A home is one of the largest financial commitments a person will make during their life, and many people view their home financing as just another monthly payment. I can help my clients realize their home is truly a valuable financial tool, and will help them achieve the dreams and plans they envision for their future.

By: Sam Giannakakis

Top 5 Benefits of Home Mortgage Refinance

Home mortgage refinance can make your financial life better and more manageable. Read on to know what the reasons are.
A home mortgage refinance is simply the process of getting yourself a new home loan. You will then use the proceeds of the new loan to pay off your existing one. The reason why most people refinance is because their circumstances and needs have changed through the course of their existing mortgage.

Refinancing brings about a wide number of financial benefits, based on individual situations. Let us look through them one by one and see which aspect you can bank on.

1. Home loan refinance will lower your monthly payment. If you refinance your home to a mortgage terms with lowered interest rate, then you can reduce your monthly payment. If your credit has fortunately improved, or your home has increased in market value, you can easily qualify for a lower rate.

2. Refinancing can help in optimizing your loan structure. Remember the time when you were applying for your first loan? Most people are very eager about their new house and go for any mortgage term that will give them the loan fast. Sooner or later you will realize that the loan structure you got is not suitable for you any longer. Perhaps you got yourself an adjustable rate mortgage (ARM) and your fixed interest period is just about to expire. Or, you might have gotten a fixed- rate mortgage but would like the more flexible structure of ARM. With a home mortgage refinance, you will be able to choose from a number of options based on what you think best suits your financial objectives.

3. Refinancing can shorten your pay off terms. Let's say you decide to pay off your mortgage in 10 years rather than 20 years. This can actually save you thousands of dollars in interest. If you can afford to pay higher payment plan and are 101% sure that you will stay in your home for a long time, then a home mortgage refinance based on these terms will save you heaps.

4. Home loan refinance can help consolidate all your debts. You can take out a new larger loan to pay off not only your old loan, but the rest of your debts as well. This way, you lower you monthly repayments and save yourself the trouble of having to pay higher interest rates imposed by credit card companies and other lending agencies.

5. Refinancing can help you raise funds for large, one-time expenses. In home mortgage refinance, there exists what is called as the cash-out refinance. This involves taking out a loan that is larger than your existing one. You will get enough to pay off your old loans, and excess funds which you can use for large expenses which can include home improvement, your daughter's wedding, medical bills, college tuition, and so on.

By: Alan Lim