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February 04, 2008
Mortgage Rates Too Good to Be True?

How to sort through the fine-print and know what you're really getting.

We've noticed a lot of unbelievable mortgage rates being advertised lately. Like anyone we were impressed with rates as low as 4.00% covering the pages of the Dispatch in full color. But, then we got our magnifying glass out and read the fine print on the ads. Clearly, the news of lower rates has lead some builders to create finance packages that offer super-low rates, but they are sure to cause you grief in the long run.

Many of these super-low, below-market rates are the result of tricky financing packages. Sure, you'll get a 4.00% rate on your mortgage for the first year, but then what? The new paint in your kitchen will barely have dried when your rate spikes, as much as three points, in the second year of your mortgage. It is exactly these types of lending products that have brought so many Americans to the brink of foreclosure.

Could you pay your mortgage if it jumped a thousand dollars or more a month?

If there is one thing we have all learned from the recent turmoil in the mortgage market, it's that we must look into the future before signing on the dotted line. Read the fine print. Are there hidden costs that render your great rate useless? How long is that rate locked in? Where will you be financially when it jumps?

At Jeffrey Place, we will honor these advertised financing plans. We will help you get an impossibly and temporary low rate with high PMI and interest rate jumps, because we want you to be happy. But we will strongly advise another route. We've created a product that doesn't need smokes and screens. And we did our homework to find the best financing options available. At Jeffrey Place, we want our residents to make money, and to save money.

Here are a few ways Jeffrey Place protects our buyers:

           - Jeffrey Place buyers will not pay inflated purchase prices- a popular way our competitor's have covered their initial costs.

           - Jeffrey Place buyers never pay closing costs. Never.

           - Jeffrey Place buyers are purchasing property in the highest appreciating neighborhood in Ohio. Value per square foot is crucial- we have the best in the city.

           - Jeffrey Place buyers can get 100% financing with amazing rates- rates that will last the term of their mortgage plan) and no private mortgage insurance.

          - Our lenders have programs specialized for teachers, physicians and more. - You can get the rates you deserve, even with student loans for med school!

          -Jeffrey Place buyers get amazing rates and often buy for less than renting in the same area.
But at Jeffrey Place we provide these benefits the honest way. With high quality product, and straight forward lending packages, rate buy down programs and loans that make sense today as well as five, seven or thirty years from now.

We know our buyers. You are smart, you do your research, and you aren't tricked by the fine print. There are great financing options available and now is an amazing time to buy your dream home. We encourage you to explore what other buyers have discovered- Jeffrey Place is the choice for the discerning consumer. 

First let the Jeffrey Place staff help you find the perfect home to fit your lifestyle. Then let us you help you find the perfect financing that fits your budget. No fine print.

 

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