The Intelligent Decision
July 2009

American Financial & Tax Strategies, Inc.

Happy Belated Father's Day

RBI hope it was a great day for all you Fathers, Grandfathers, Step-fathers, Godfathers, Fathers-to-be and Father-Figures!
I wanted to focus on that last one for a moment - Father Figures - and give a special thanks to all those men (and women, too) who have stepped up, seen a child in need and helped fill that void. 
Good Job.
We live in a time where the traditional definition of "family" is changing. Like many of the things I write about, probably half of you think "good riddance" and the other half think, "How will we survive?". I will let you argue that one out amongst yourselves, but I think we can all agree that when you help a child, you never know how much that help will be multiplied as they move through their young life.
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Mortgage Refinancing

Yes, the timing is good and no, you are not too late.
I know many of you have refinanced your mortgages, co-op loans and home equity lines recently and that is great. Think about it, how many "Heads I win, tails you lose" transactions do we get? That is exactly what mortgage refinancing is like, if you do it right. If the rates move up, you are locked in; if they go further down, you can always refinance again. I know the paperwork can make dental surgery sound appealing, but it is worth it. Remember, too, that I am always here to help you.
If you haven't looked at refinancing recently, now is the time to do it. It is true that rates have come up off their lows a bit, but they still remain significantly lower than we have seen in decades. Many people see a serious bout of inflation ahead and that can mean much higher mortgage rates in the not-too-distant future. Make the intelligent decision and lock in what could be the lowest rate in a generation.
Beware of the traps, however. There are choices to be made as you go along and some will be better for you than others. Right now, a fixed rate, as opposed to a variable rate, is better for most everyone. But should it be a thirty year or a fifteen year loan? Pay points to lower the rate or not? If you do pay them, can you do it so they are tax deductible? If you don't qualify for a "conforming" loan, should you split it into a "conforming" and home equity line or take the "jumbo" mortgage?
I am happy to be of assistance in all of this. Please call or write anytime but don't delay. We just might just be looking at double digit mortgage rates before you know it. 
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