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Beat a Potential Fed Rate Hike by Refinancing/Buying a House Now

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Huntsville, AL HouseLast week, the Federal Reserve voted to hold key interest rate at current levels. Nevertheless, three board members voted for a rate hike, and Fed Chair Janet Yellen has said the “case for an increase in the federal funds rate has strengthened in recent months.” The decision came as a surprise to some economic observers who were expecting a small hike in interest rates. The Federal Reserve’s decision is good news for homebuyers and those looking to refinance at a low rate. If you are a potential buyer on the fence about purchasing a new home, your window of opportunity to lock in a great rate may be starting to close.

The federal funds rate is the interest rate by which banks lend money to each other, which the Federal Reserve uses to impact the amount of money in circulation. In turn, this rate effects how expensive it is for consumers to borrow money to buy houses, cars, and other large purchases. Even a small quarter-point rate hike can lead to a sizable difference in interest paid by the borrower over the term of a thirty-year mortgage.

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Homebuyers Guide to Title Insurance

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Title Insurance
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Buying a home is definitely an exciting and emotional time for many people. To help you buy your home with more confidence, we recommend that you get owner’s title insurance.

Click on the links below to learn why owner’s title insurance is important for you.

If you have any questions about title insurance and your next real estate transaction, contact our experienced legal team today.

Martinson & Beason, P.C. Receives Certification of the ALTA Best Practices

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Martinson & Beason, P.C. (“M&B”) is proud to announce that on August 31, 2015 it received certification of the ALTA Best Practices from a 3rd party Certified Public Accounting Firm.

The CPA firm issued this certification to Martinson & Beason as a result of an audit and our adherence to the ALTA Best Practices.

American Land Title Association (“ALTA”) is the national trade association that represents title insurance companies, settlement agents, and real estate attorneys.

The Best Practices cover areas such as

  1. Employee and Company Licensing
  2. Escrow Accounting Procedures
  3. Privacy and Information Security
  4. Settlement Procedures
  5. Written procedures for Title Policy Production, delivery, reporting and premium remittance
  6. Maintenance of appropriate professional liability insurance coverage
  7. Procedures for resolving consumer complaints

M&B meets or exceeds the standards established by ALTA.

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Don’t Miss out on Historically Low Rates! Refinance Now!

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Prime interest rates remain historically low, however, the strong possibility of increases means the time to refinance your mortgage or buy a house is now. Many have already taken advantage of the low rates but those who have not should strongly consider refinancing options. The current prime rate of 3.25% has been in place since 2009; the average rate for the nine years prior to 2009 hovered around 6.33%.

According to the Bureau of Economic Analysis, the average interest rate on an outstanding mortgage in early 2012 was over 5.09%. Homeowners are now regularly finding that by refinancing, they can substantially reduce their interest rate and even slight changes in your rate make a significant difference in the amount you pay each month. [Read more…] about Don’t Miss out on Historically Low Rates! Refinance Now!