Category: Mortgage
Banks typically require borrowers to buy mortgage insurance when their down payment is less than 20 percent of the purchase price. Although the borrower pays, the insurance protects the lender if the borrower defaults and the value of the home falls short of the outstanding debt. The lender gets the difference between the market value [...]
Who owns my mortgage? This a question I am frequently asked by people who are trying to refinance their mortgage or save their house from foreclosure. The answer to this question has become extremely important to many homeowners, and especially to those facing foreclosures or in financial trouble. There are many government and bank programs [...]
If an owner of a home with a reverse mortgage dies, does the family have to leave? I am often asked this question by clients and their family members considering a reverse mortgage. As far as this issues is concerned, reverse mortgages are somewhat similar to traditional mortgages when it comes to certain aspects and [...]
It’s a great time for Palm Springs buyers and homeowners to Reduce Costs with a 15 Year Mortgage. According to Freddie Mac’s weekly Primary Mortgage Market Survey, the relative “discount” of a 15-year fixed rate loan as compared to a comparable 30-year product is the largest in recorded history. The interest rate spread between the [...]
Reverse mortgage first started in Great Britain in the 1930s. In the United States, reverse mortgages have been available to senior citizens in various forms for the past five decades. The first reverse mortgage was given in 1961 by Deering Savings and Loan to a Maine resident named Nellie Young. She was a widow struggling [...]
A Home Equity Conversion Mortgage (HECM) most commonly referred to as a reverse mortgage is a special type of home loan that allows you to convert the equity in your home into cash. The equity that you built up over years as you made your mortgage payments can be paid to you in a lump [...]
Rates ended last week up .125%, which is the smallest increment consumer rates can move. So if you call that a roughly flat week, then it’s the sixth week of flat rates. But this rise is the result of an inflationary tone building in markets, and the latest business and consumer inflation data are released [...]
Palm Springs Mortgage interest rates increased this week, with the average on 30-year fixed-rate mortgages rising slightly to 4.87%, according to Freddie Mac’s weekly survey. Palm Springs Mortgage interest rates generally track U.S. bond yields, which move inversely to Treasury prices. Rates have climbed this year after slumping most of last year when prices rallies [...]
It’s here, Mortgage Relief for Unemployed: Keep Your Home California! Unemployed homeowners are now eligible to receive loans that will help them to avoid foreclosure, thanks to a new program by the Obama administration. After months of delays delays and efforts to terminate the Mortgage Relief for Unemployed: Keep Your Home California program, the $1 [...]
For the second straight week, mortgage rates were on the rise, but still remain overall low, reports Freddie Mac in its weekly mortgage market survey. While interest rates for the 30-year fixed-rate still stand below 5 percent, rates inched up slightly this week averaging 4.86 percent. Last week, rates averaged 4.81 percent. Last year at [...]
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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 [...]
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