More unwanted Real Estate advise...
This is for all of my Real Estate friends who have made a commitment once again to "plan a better tax strategy next year". Do the same for your Real Estate. Whether you plan to buy or sell your home this year or not, there are three things you should know.
Does your A.R.M. [Adjustable Rate Mortgage] have a ceiling you can live with if rates go up to the maximum? Without a reasonable CAP, interest rates could increase, adding hundreds of dollars to your monthly payment. If this is the case, refinancing to a 30 year fixed, or a new A.R.M. with a modest CAP could provide peace of mind.
Eliminate your P.M.I. [Private Mortgage Insurance] If you purchased your house with less than 20% down, chances are you have Private Mortgage Insurance that is adding hundreds if not thousands to your payments each year. With the increase in values in Utah & particularly along the Wasatch Front you may have the necessary equity in your home to have this extra cost eliminated. Your lender won't tell you, but they will respond to your questions. This could save you serious money.
Does your mortgage have a pre-payment penalty? Check the fine print in your Real Estate papers and see if you will be penalized if you sell or refinance within a certain period of time. In many cases that penalty is large enough to dictate when it makes sense to sell your property.
If any of these 3 items are "you", you probably need help. I dont give legal or tax advise but I would be pleased to give you the names of some trusted resources that would be happy to help. Call or e-mail me if I can help, or call your favorite agent.