Page 12 - March 2022 Issue.indd

This will be most noticeable to those
with high balance home equity loans.
Depending on what the home equity
balance is in relation to the balance on
your first mortgage and the rate on your

Because you deserve qqualified, llocal representation first mortgage, it may be a good time to

when managing life’s important issues. refinance and consolidate them. You
really should explore the possibility of
doing this if the balance on your home
? ESTATE PLANNING equity is $50,000 or higher.
? RESIDENTIAL & COMMERCIAL 300 Market Street
Suite 104
REAL ESTATE AND SETTLEMENTS Denton, Maryland For those of you with a mortgage, be
? LLC FORMATION & BUSINESS LAW 21629 aware that you could get phone calls
from your current servicing lender
? MUNICIPAL & ENVIRONMENTAL LAW about refinancing if you have not
? GENERAL LEGAL COUNSEL 410.310.1774 already. When you do, ask how much

Our attorney, Patrick Thomas, and our Settlement shayman@mlg-lawyers.com will refinancing cost and at what interest
Agent, Sandy Hayman, are available to travel to your www.mlg-lawyers.com rate. If they tell you $5,000 or more be
preferred location. suspicious. If they tell you $8,000 or
more tell them no thanks and hang up.
If you are purchasing a home, make
Dave’s David Grinavic, sure the rate being quoted is with zero
ASE Master Technician
Riverside 32600 Main St. points. If the rate quoted requires you
to pay points kindly tell the lender/

Garage, Inc. Queen Anne, MD 21657 loan officer you would prefer to apply
410-364-9336
those funds to a down payment, which
is equity, instead of points, which is an
COMPLETE AUTO REPAIR & MAINTENANCE expense. If they do not understand this
• Computerized Engine Diagnostics Oil & Filter Change concept, pick another lender or better
• Performance Tune-Ups up to 5 quarts of oil (most cars) yet, call me.
• Front End Alignments
• Brakes • Shocks • Electrical Repairs $ 25 95 Interest rates are going up. Housing
• Battery Replacements • Mufflers + tax inventory is down, and demand will
• Tires (Rotate and Balance) be exceeding supply for most of this
• A/C Service • Exhaust Systems MD State year and possibly longer. Waiting to
$
• Lock-Out & Jump-Start Service Inspections 70 purchase a home hoping that prices
• And more!!! will peak and come down will only end
up costing more in the end, as prices
inflation number came out in January Although mortgage rates have could have some more going up to do.

and showed that inflation had increased increased to the high 3% range for 30

And with limited inventory, multiple
7.04% in December 2021. All of the year mortgages and mid 3% range for

offers on aggressively priced homes will

sudden, 5% inflation in June of 2021 15 year mortgages, as of the middle of
be the norm. Get preapproved with a
that triggered the Fed to assure us it February they are still good in relation reputable lender and collaborate closely
was transitory ballooned to over 7% in to where they have been historically.
with a realtor who is in the market every
six months. Not as good as they have been but not
day and be ready to inspect a new listed
as bad as they could be.
Instead of raising rates in June it is now home as soon as you find out it is on

a given that it will be March. Instead Those who will be riding the bull, are the market.
of a gradual .25% increase there is talk those with credit card balances and
Mr. Rowe is Vice President/Lending for
that the move will be .50%. Instead home equity loans. As the Fed increase
Bay Capital Mortgage Corp. with offi ces
of waiting to back off the purchase short term rates, credit card issuers are in Easton and Annapolis. He has lived in
of mortgage-backed securities and likely to increase their already high
Caroline for his entire life and supports
treasuries they could start any day and interest rates. And for those with home
the county by volunteering in a variety of
stop completely by June. equity lines of credit tied to the prime
ways. He currently lives near Greensboro
rate, your monthly interest cost will
with his wife Jeanne and daughter Kelsey.
increase as the prime rate increases.
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