↑ Grab this Headline Animator

Inflation Raises Interest Rates Is Your Mortgage Protected

April 19 2005 Adjustable rate mortgages are beginning to look scary Just ask Jon Julie Bloom who took out an adjustable rate loan two years ago and are now facing the possibility of a rising mortgage payment
As interest rates plunged over two years ago the couple was facing life changes so many young people experience With their first baby on the way and Jon's layoff from a small bottling company in New Jersey money was tight To afford their monthly mortgage payment the couple refinanced and tapped into their equity to pay off some credit cards It seemed like a great idea at the time and the loan program allowed us to keep our home explains Jon In addition the loan helped them increase their credit scores by eliminating credit cards which reported some late payments in the past
In fact Jon and Julie Bloom did what so many young Americans facing rising debt payments do they refinanced into an adjustable rate loan a program that gave them a smaller initial loan payment As they approach the expiration of their two year fixed term they are now faced with a rising mortgage payment in addition to higher gas prices and more expensive consumer goods
Richard Nacht president of New Jersey based Equaloan Mortgage Services explains that it is still a good time to lock in a fixed rate Rates are at an all time low and while they are inching up consumers should start looking for a long term alternative to an adjustable rate mortgage
We are still seeing a lot of consumers scrambling to refinance even though the refinance boom is rumored to be over People want to eliminate their credit card debt and secure a home improvement loan before they start seeing the effects of inflation explains Nacht Part of the reason for Nacht's is still seeing refinance customers is because Equaloan is doing something most lenders cannot afford to do He is pricing his rates so low that his margins barely cover his operating expenses When consumers see that our thirtyyear fixed rates are the lowest rates in New Jersey and that we charge no lender fees they don't want to pass up the opportunity to refinance
The strategy seems to be attracting a savvier kind of borrower Equaloan is seeing consumers who understand what inflation will do to their wallet and their financial picture in the coming years They know that to succeed in the rising price environment they have to lock in a lower fixed rate then invest their cash into the stock market or realestate Since the stock market is still not showing any promising results Nacht has received much business from investment property buyers and borrowers looking to secure their future with rental income
About Equaloan
Starting operations in 2005 by mortgage industry veteran Richard Nacht Equaloan is currently one of the fastest growing privately held mortgage companies in New Jersey With over twenty years of success in the consumer finance business Nacht has expertly engineered the growth strategies of two previous mortgage operations With its diverse product offering and attractive pricing httpwwwequaloancom is poised to capture substantial market share as the most competitive direct lender on the East Coast

↑ Grab this Headline Animator

---

This article has been robotically scanned and tagged by Prnewsnow with the following search tags. No human manipulation of these tags take place.
| Sales | Vice President | president distributor sales |

---

4869 readers online...

, Local News