The decrease in property values, combined with prepayment penalties, is making it very challenging for people to get out of adjustable rate loans. Mortgage Brokers and banks are seeing more loans fall through, particularly in markets such as Arizona and California where home values have softened. It just might be the tip of the iceberg [...]
With rates on many homeowners’ adjustable-rate mortgages rising, some who would like to refinance into a new loan are finding they can’t. In most cases, it’s because their loan carries a prepayment penalty, which would require them to come up with thousands of dollars if they refinance in the first few years. Pre-payment penalties are [...]
Enter your email address below to receive updates each time we publish new content.
Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
Enter your email address below to receive updates each time we publish new content.
