This is IMPORTANT INFORMATION that all of you should know.

Jean,

I have had many past clients call me about the solicitations that they are receiving for refinancing. Most of these are generated by out of town and many times, out of state, lenders whose markets are soft and they have nothing else to do. The solicitations look as if they are from the VA, but are actually from private mortgage brokers looking for business. They offer unbelievably low rates, like 4.25%, and ask clients to call for more information. That is like the spider inviting the poor unsuspecting fly into the web for a snack…before long the fly IS the snack! In the very fine print at the bottom, the rate is usually disclosed as an APR and is for 15-year financing with 2 points financed into the deal. That will add several thousand dollars to the principal balance of the loan and will make that house more difficult to sell in a few years…especially in a soft market. It offers very little real benefit to the property owner. I’ll be happy to counsel with anyone who is considering refinancing to see if it is truly in their best interest. Please refer them to me. In the meantime, I hope that buyers will consult your blog page to see what the realities of the LOCAL market really are.

Cyd West
Sr. Vice President
First Community Mortgage

Please make sure and always read the fine print. Make sure and take your glasses; you might need them.