Kansas City Real Estate Overland Park Homes

In response to: Kansas City real estate: Kansas City up in smoke!

Incredible picture. Keep safe.

In response to: Mortgage Rates Report: May 12, 2008

Tom:

That depends. A mortgage is a financial instrument and as such is personal. I would “prescribe” a 5/1 ARM for most folks who are refinancing because the odds of them staying in that mortgage, for more than 5 years, are low. Purchases are often made with a set time frame so we can “match up” the expected hold time to the fixed period.

I’m not certain the credit crunch will last forever. However, higher home prices will present great opportunities for “equity harvesting” which requires a refinance. Did I suggest that home prices should be higher in 5 years than they are today?

Yep…I did.

Eric:

I do agree; ARMs are underutilized today

In response to: Mortgage Rates Report: May 12, 2008

Thats a great tip. In this market no one mentions the 5/1 arm and I do not know why as it makes sense to a lot of people.

In response to: Mortgage Rates Report: May 12, 2008

Hey Brian,

I wanted to ask your opinion, I’ve been getting a lot of people asking me about ARMS, and most of them are scared of ARMS. In light of the tightening of the credit markets, do you think there is any risk that people who take out an ARM right now could end up with a problem in 5 years IF they decide to stay put and aren’t able to refinance?

I’d like to hear your opinion on that.

Thanks!

Tom Vanderwell

In response to: Mortgage Rates Report: April 29, 2008

Hey Ann, staying positive is the only way to go. We’ll all be laughing about how we made it through the “Depression of 2008” in about 4 years or so

In response to: Mortgage Rates Report: April 29, 2008

Brian - I agree with you regarding the ‘choppy seas’ for the next few months. From what I see in my marketplace and in talking to others around the country, you’re right with that description.

I find it’s very easy to get overwhelmed with all the day-to-day news in the financial arena, and at times, it can be very disheartening, but we just keep a positive attitude and continue making lemonade out of lemons.

In response to: Eureka Springs Ark is a weekend get away from your Kansas City home!

Great town and loving it as a great reminder of my youthful days in the New Orleans French Quarter.

In response to: Mortgage Rates Report- April 14, 2008

Thanks, Ann.

We do loans in all 50 states and funded one in Concord about 3 months ag.