SJM_AskTheExperts_9_21_REG3 . qxp_Pages 9 / 23 / 21 4 : 39 PM Page 3 SPECIAL ADVERTISING SECTION ask the expert questions and answers ATTORNEY MORTGAGE BANKER REAL ESTATE AGENT Do you think my home will have the same When is the Right Time to File Is now a good time to refinance your value today as if I decide to sell it in the Bankruptcy ? current mortgage ? Sometimes , it may be preferable to wait . Oth - You re - finance and get a lower rate but the Spring of 2022 ? er times , the time to file is as soon as possible . opportunities don’t end there . You’ll Reduce In answering your question which has become a If you are seeking debt relief , there are many your balance faster . With a lower interest rate very popular one lately . . . I will need to reflect on factors to consider . you pay more principle with each payment . the trends from the 70s 80s 90s and early Example : after 5 years of payments on a 30 2000s . We had very similar markets in 76 - 79 , year loan of $ 200,000 at 4 % you will pay 87 - 89 , 98 - 2000 , and then what most called the While not exhaustive , below are some of the $ 19,706 in principle vs $ 17,105 on the same big bubble which was 2004 to 2007 ! What's dif - reasons why you may consider bankruptcy to loan at 5 % . That’s an extra $ 2601 in benefit on ferent about our current market is the buyers gain control of your debt problems : top of the $ 7,052 in interest savings . Total ad - must now truly qualify for the loan . There's no 1 . Your house is appreciating in value and vantage $ 9653 . You can Own Free and Clear such thing as a no - doc - loan and a 20 % down no may exceed the homestead exemption sooner . There are two ways to make this hap - strings attached , that is a thing of the past . We amount if you wait ; pen . Pay extra principle . Apply your monthly now see an influx of baby boomers selling their 2 . Your house is appreciating in value and savings towards principle to shorten your loan large homes . First - time generation purchasers you can strip a fully unsecured Second term by several years . Example : using the are leaving the city life and realizing the burbs are Mortgage or Home Equity Line of Cred - same loan terms above , pay your $ 118 safer and a lot easier to raise a family and let it , but may not be able to in a few monthly savings as extra towards principle their dogs run too ! Plus , some of us here in months ; and cut your loan from 30 years to 24.33 South Jersey have seen 5 % to as much as 15 % 3 . The home you own is worth less than years OR Refinance for a shorter - term loan . appreciation in just the past 18 months ! So , does you owe , and you want to let the house Rates on 25 - year loans are typically lower this mean buyers will start pulling back ? Or does go and get out of the mortgage debt ; than rates on 30 year loans , so a payment on this mean there will continue to be added appre - 4 . You are delinquent on your mortgage a shorter term loan may still be in a comfort - ciation ? Two things may happen as we approach and want to stop foreclosure ; able range for you . Tap into your equity . If you spring 2022 . Remember land can't be repro - 5 . You have had a car repossessed or lost need to make home repairs or improvements duced . Number one : interest rates must remain your home in foreclosure ; th you’d be surprised at how much cash can free under 3 7 / 8 % . Number two : sellers must price 6 . The only way you can pay for things is up without increasing your monthly pay - their homes according to recent comps . This will using a credit card ; ments . Enjoy peace of mind there’s comfort in allow inventory to remain low as more buyers 7 . You use one credit card to pay off an - making a prudent decision and putting a plan feel that homeownership is better than leasing . other ; into action . We’re here to review your options 8 . You are considering withdrawing mon - Remember once buyers feel your home is no help you decision what might be right for you . ey from your 401 ( k ) , Pension , or anoth - longer reasonable , they will quickly adjust their er retirement account to pay bills ; offers , and bidding wars will end . However , just 9 . You are expecting a wage increase or keep in mind real estate like anything has its ups Greentree Mortgage Company , LP transitioning from unemployment to and downs so if you decide to wait until 2022 to John Varano work , work to unemployment , retire - sell , you won't be disappointed . Prices should still ranch Manager | NMLS # 142739 B ment , disability , and similar changes to remain around the same as they are now in Oc - 5001 Route 42 , Turnersville NJ 08012 your income ; tober 2021 . But , don't be surprised if you end up ( 215 ) 219 - 7357 ( Cell ) with multiple offers on your home anyway ! ( 856 ) 227 - 7011 jvarano @ greentreemortgage.com Keller Williams Law Office of Joel R . Spivack JohnVarano.GreentreeMortgage.com Val Nunnenkamp Joel R . Spivack 03 E Route 70 , Suite D 415 Marlton Pike East , Suite 302 1 1 Licensed Mortgage Lender by the NJ Dept . of Banking Marlton NJ 08053 Cherry Hill , NJ 08002 and Insurance , Licensed Mortgage Lender by the PA Dept . of Banking and Securities License # 21020.002 , ( 856 ) 355 - 5700 ( 856 ) 488 - 1200 Licensed Mortgage Lender by Delaware Office of the Val.Nunnenkamp @ kw.com SpivackLaw.com State Bank Commissioner License # 019649 , Licensed Mortgage Lender by Florida Office of Financial Regula - tion License # MLDB4740 . Equal Opportunity Lender . SOUTH JERSEY MAGAZINE volume 18 issue 6 SouthJerseyMagazine.com 56 |