The DeLeva Group

Refinancing will once again become a subject of great interest in 2009 for many. Even if you have recently refinanced or purchased a home you may once again be wrestling with the question of whether to refinance or not. With interest rates on long term mortgage products recently dropping below the previously low historical rates that were common place through out 2008 many of us will once again in 2009 seek even more savings.

Mortgage interest rates are expected to remain historically low through out 2009. In my 26 years in the Real Estate industry I have never witnessed such low interest rates and real estate market dynamics like the ones making daily headlines today. For those of you that are settled in the home that will serve your needs for many years to come refinancing in the first quarter of this year will likely make sense assuming your current rate of interest is at or above 5.5% or you are presently in some form of an adjustble rate product. For those that are considering making a move up you will find no time in the last 30 years that would be more attractive than now. With interest rates at or below 5% on fixed mortgage money and homes being deeply discounted due to high supply and low demand you can not miss making a great investment. Some of the deals that I have seen in the last 60-90 days have quite literally shocked me, we have folks buying homes for 40 and 50 cents on the dollar and than obtaining finance at or below 5%...incredible.

Today a $100,000 mortgage would cost you $521 dollars monthly (PI) and $200,000 would be $1042 (PI), these kinds of figures coupled with discounted housing values equal a steal no two ways about it. 

In any event feel free to contact me anytime to discuss what if anything you should be doing to take advantage of the unprecendated mortgage rates and or real estate opportunities.

In the last 6 months the mortgage and real estate industry that I have been a part of for nearly 25 years has experienced some very dramatic and unprecedented changes. I am writing to you today to share with you my outlook and thoughts about these markets and how they effect all of us, including our families and friends. I also want to assure you that professionals like me and those of us that engaged in good business and refused to be part of the sub prime market will be here long after the negative effects of the sub prime market have subsided.

It is important that you know that you still have a reliable and credible source of mortgage expertise and funding available to meet your future mortgage and real estate needs. The DeLeva Group remains ready and able to bring applicable and creative solutions to the table to serve any of your current or future financial needs. Do not believe for a moment that all mortgage bankers are the same, the good news...most of the bad ones are gone.

We will continue to see a soft housing market along with historically low interest rates for at least the next 12 months. We will also continue to see a rise in foreclosures with the hope that a peak will be realized by years end. I am confident that the northeast Ohio area, while considered the epicenter of the foreclosure crisis, will recover most likely sooner than many other areas of the nation also hard hit by the sub prime mortgage fallout. Our attention in the coming months should be focused on improving our job security by increasing the value that we bring to our respective places of employment; we should also look to reduce our discretionary spending while increasing our individual rate of savings. Don't be the proverbial deer looking into head lights...prepare.

Finally, if you have any financial or real estate challenges regardless of how small or large they may be, please don't hesitate to call me, I can't promise a solution but I can promise a competent and earnest attempt to help.

Sincerely,

John DeLeva

"Your Personal Lender for Life"

14600 Detroit Road
Lakewood, OH 44107
PH: 216-228-5626 x14
FAX: 216-228-9186

Email: jdeleva@ammcorp.net