Interest rates are at the lowest levels in decades, but how do you know if refinancing is worth it? C. Brink Cawley, from Gold Star Mortgage Financial Group in Grosse Pointe, says there are some things to consider but the decision is easy.
1. How do I know if it makes sense to refinance?
If Your Current Interest Rate is Above 4%.
If You have an ARM? (adjustable rate mortgage.)
2. Can I refinance if I am upside down in my mortgage?
Yes, if you have continued to make payments.
Yes, if you have a job or income.
Yes, if you qualify for the government's HARP program.
What about buying? In Michigan inventory is down and there is a lot of competition. Cawley says low interest rates mean there are still deals out there.
3. Is this a good time to buy a home?
Yes, Home prices are at lowest level since 2002.
Yes, Interest rates are the lowest since the 1950's.
Yes, Michigan's economy is recovering faster than the rest of country.
C. Brink Cawley, a leading mortgage loan originator in Michigan, is returning to his hometown of Grosse Pointe to open and manage a branch office of Gold Star Mortgage Financial Group.
Gold Star is one of the fastest growing companies in the United States and is listed on the Inc. 500. The company is a full-service mortgage business that closes more than $1.5 billion in loans per year.
Cawley, who has more than 18 years experience as a mortgage professional saw a great need for a mortgage company on the eastside able to offer the higher level of customer service the residents deserve and expect.
An Executive Vice President of Gold Star Mortgage, Cawley is a 1989 graduate of Grosse Pointe South High School, captain of both the varsity hockey and soccer teams and earned his business degree from Wayne State University.
The new Grosse Pointe office is located at 726 Notre Dame just north of Cadieux and west of Kercheval. For more information call 734-973-7400