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I’ll have a side of re-fi with that, please…

By in Buyers with 0 Comments

Foreclosures are on the rise in the Tri-Cities area, and state-wide, for that matter.  According to today’s Tri-City Herald (2/25/07), there were 25% more foreclosures in ’06 than in ’05 across the state.  In the Tri-Cities area, there was an almost 19% increase in ’06 (738 trustee sale notices vs. 601) over ’05.  However, the title company that supplied these numbers (Benton Franklin Title) did point out that they had only been tracking numbers since the middle of 2004.  So, theoretically, 2002, 2003, and 2004 could have been just as bad as 2006, but we don’t know for sure.

In any case, foreclosures sometimes happen when an Adjustable Rate Mortgage (A.R.M.) leaves its fixed-rate period behind and starts, well, adjusting.  This can increase the monthly mortgage payment significantly, and people fall behind on their payments.

 So, I think I’m going to periodically remind people…if you’ve got an A.R.M., and you’re almost at the end of the fixed-rate period, go get it re-financed into a fixed-rate mortgage if you possibly can. 

This has been a public service message brought to you by Cari McGee. 😉

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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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