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Borrow, Buy and Refinance Now!
Letter from the Editor
Brian Faso

" Free money, free money! Well, almost."

Are you still renting and waiting to buy your first home? Have you refinanced your home yet? Are you still delaying the purchase and installation of that home improvement? Stop delaying! Move now before the interest rates go up.

Banks are lending large amounts of money with low interest rates to people like you and me. The lending is in hopes that we will spend and get the economy back on track. This is the opportunity we have been waiting for, it is time to take advantage and borrow. But, only borrow if it will be good for you!

Before you run out and borrow, make sure that you have a solid plan for your borrowed money. Make sure your plan will benefit you, not the banks. Make your plan a plan that will increase your wealth. Do not borrow money just borrowing to borrow because of low rates. A good plan that will make the borrowed money work for you includes long term goals and short term procedures. Before you borrow, make sure you have the plan in place and all of the details accounted for. Never borrow and pay interest (even low interest) on money that will be spent on consumable goods that will not create a financial return for you over the long run.

If you are currently renting your residence, I am sure you have been told that you are throwing money out the window every month. You are probably paying a higher rent payment every month then what you would have to pay as a mortgage to own your current residence. Every time you send a rent payment, you are paying your landlord's mortgage and giving him/her some extra spending cash. So why not borrow the money now, at a low interest rate, and buy yourself something that will increase your assets. This way every month you will be putting money into your pocket rather than your landlords.

If you already have come to this realization and have purchased your home, now is the time to consider refinancing. Only refinance if it will save you money in the long run not just on your monthly payments. Remember, when you refinance, you will have to close on your home again and pay those lovely closing costs. This may not be worth the monthly savings on the lower mortgage payment. In general, if you will not take two or more percentage points off of your mortgage, it probably is not worth it. Just because you are lowering your monthly payment, it does not guarantee you will be saving money over the long haul. Be sure to do your homework.

Considering a pool? How about an addition or a carport? If it will increase your property value and you will get good use out of it, now is the time to borrow and get to work. Low interest home improvement loans can add enjoyment and value to you home. The will also make your home more marketable when the time for sale comes. With low interest loans, you can improve the home and raise the property value of the home more than the amount you borrowed. Say your home is worth $100,000.00. You borrow $10,000.00 to put in a pool. You may have increased your property value by $25,000.00, to $125,000.00. When you sell the home, you pay the $10,000.00 back and walk away with $15,000.00, and you enjoyed a pool for the last year or so.

If you fit the profile of any of these individuals, you may want to evaluate you current situation. Banks are lending large amounts of money with low interest rates. This is the opportunity to borrow before interest rates go back up. But remember only borrow if it will financially benefit you!

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