We get a break from the rain today go get out and enjoy the sunshine! My take is that we are having a lot more rain than last year, but I can not find a good site with totals. If anybody has one, let me know.
Beyond water, one of the big issues in the North Bay Economy has been housing. The lack of inventory has led to rising house prices and rental costs. Rentals are very full and many rental properties are being sold by people to maximize their value. Because of this and other housing related issues, I spoke recently to Eric Taggesell of Summit Funding about what he is about and how he can help people.
Jim Sackman: Eric to start out, Mortgage Prices have been low for a long time now. With the changes at the Federal Reserve (aka The Fed), do we see movement coming in Mortgage Rates?
Eric Taggesell: Jim, I suspect that we will see increased rates over time. Mortgages are still pretty low, but I think that they will be somewhat higher by the end of the year.
JS: How will this impact your Business?
ET: Well, we have done quite well in refinancing loans and I think there is still a lot of business to be done there. Many people were living with bad mortgages and the rise in home valuations has allowed people to get into better mortgages. There seems to be still a supply of mortgages that need to be reworked.
JS: Anything people should know about this?
ET: In many ways, times have reverted to where things were some time ago. The documentation requirements are what I was used to prior to the Real Estate Bubble, so people that got their first mortgage at that time may be surprised.
JS: What makes you a person that people want to work with? I see your reviews on-line and folks have a lot of good things to say about you.
ET: To me this is all about knowledge. Buying a home is a huge transaction for almost everyone. Most people do not do it many times in their life. The process is complicated and there is a lot of information involved. This makes people face a set of choices without all the facts. I want them to have all the information that I can give them.
JS: Why is that?
ET: I saw what happened when the Real Estate Bubble popped. I found out that many people had loans that they did not understand. Because of that, they got themselves into financial trouble that did not need to happen. I think part of my job is to make sure that this does not happen to people. I want them to ask as many questions as they want. If a customer leaves unsure of what they are signing, then I have not done my job. That is my promise to people. Even if you have somebody that you think you want to work with, come talk to me and I will make sure that you have 100% of the information you need.
JS: You should probably offer a class.
ET: Well, it is funny that you ask. I DO offer a Home Buyers Class to help people with the process. Anyone can contact me at Summit Funding to find out when my next one is!
JS: Anything else that people should know?
ET: Yes, I want to help Veteran’s. VA mortgages are complicated and many people don’t want to deal with them. This is an area that is a specialty of mine and I would be happy to help any Veteran that I can.
So, there it is. Eric Taggesell will be happy to talk to you to make sure that you know about what you are getting when you get a mortgage. I would strongly recommend that you look him up if you are contemplating buying a home. Things have probably changed if you have not bought one in the last couple of years.
Have a great day, we will be coming up on Earnings soon!
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