Tag: California Mortgage Professional
Mortgage Rates Continue Steady Increase
Mortgage Rates Head Higher: 30 Year Mortgage and Refinance Rates at 4.49% Mortgage and refinance rates continue to increase. 30 year conforming mortgage and refinance rates are averaging 4.49 percent, up from an average mortgage and refinance rate of 4.46 percent. 30 year home mortgage and home refinance rates in Idaho are higher averaging 4.53 [...]
Mortgage Rates Turn Back the Clock; It’s The Ideal Time to Refinace
The last time mortgage interest rates were as low as they are now, you could buy a gallon of gas for 19 cents, and you could buy a loaf of bread for 16 cents. So what’s turned the home loan clock back to 1951? The federal government’s attempt to fight a stubborn economy that seems stuck [...]
Lower Mortgage Rates Due To Quantitative Easing
Already low mortgage rates will probably stay low or even go lower in response to the Federal Reserve’s plan for more quantitative easing. What is Quantitative Easing? In the second round of quantitative easing, also known as QE2, the Fed is expected to purchase anywhere from $500 billion to $1 trillion in US Treasuries in an [...]
Extended Foreclosure Freeze Could Add Pressure on Housing Market
An extended halt of foreclosure proceedings could put additional pressure on an already strained housing market as federal and state officials press banks for answers on possible problems with mortgage paperwork. The issue has snowballed during past two weeks as four banks — Bank of America, JP Morgan Chase, Ally Financial’s GMAC mortgage division and [...]
New Law Gives CA Homeowners Deficiency Protection After Short Sale
California Gov. Arnold Schwarzenegger signed a state bill into law Oct. 1 prohibiting mortgage holders from pursuing deficiencies after a short sale is accepted. Before S.B. 931 was signed, distressed borrowers who sold their homes for less than the owed amount were still in danger of owing the debt left over, or the deficiency. Many [...]
Real Estate Recovery in 2013?
At least the real estate industry has 2013 to look forward to. Continuing foreclosures and an “overhang” in housing inventory will likely prolong the housing slump for several more years, said economists who spoke recently during an annual meeting of the National Association of Real Estate Editors. While home sales likely reached the bottom of [...]
Mortgage Refinance Might Have Drawbacks
The Van Ripers have moved up the date of their mortgage-burning party. When the couple purchased their St. Paul, Minn., home in 2005, they locked in a 6 percent interest rate for 30 years. But with mortgage rates at jaw-dropping lows, they refinanced into a 4.125 percent, 15-year mortgage that will save them more than [...]
A New Way to Reduce Your Mortgage
Some homeowners who already have refinanced into low-interest-rate mortgages are using a little-known strategy to make their monthly payments even smaller. Called “recasting” or “re-amortizing,” the strategy allows a borrower to lower the monthly payment on an existing fixed-rate home loan for a small fee without having to apply for a new loan and without [...]
Palm Springs Foreclosures Are Renting With Positive Cash Flow
We all have a lot of options when it comes to investing. We can invest in stocks, bonds, currencies, futures and a lot of other things that all have one thing in common. They are just pieces of paper that we put our faith in. They are basically promises to pay later, made by a [...]
Short Sale: How to Write A Hardship Letter
More and more people these days are facing the harsh reality that they are upside down on what they owe on their homes. A short sale for some, is a viable option that helps them with their situation and doesn’t damage their credit quite as bad as a foreclosure. (See attached) Here are a few [...]
The Nitty Gritty on Short Sales
With short sales making up almost 35% of home sales in March and the country facing a national foreclosure problem I thought this is a good time to explain the Nitty Gritty on Short Sales. If you missed the 7 Short Sale Myths you can find it by following the link. What is a short [...]
7 Short Sale Myths
With short sales making up almost 35% of home sales in March and the country with a national foreclosure problem, let’s sets the record straight on common 7 short sale myths. What is a short sale? A short sale occurs when the net proceeds from the sale of a home are not enough to cover [...]
Bank Failures Exceed 70 for 2010
On Friday, May 14, 2010, FOUR BANKS were SHUT DOWN by U.S. regulators. The four failed institutions were located in Georgia, Michigan, Missouri and Illinois. This brings the total number of US Bank Failures to 72 so far in 2010, compared to 140 in 2009, 25 in 2008 and 3 in 2007. If bank failures continue [...]
Short Sale Legal Issues Affecting Real Estate Agents Part #4
Short Sale Legal Issues Affecting Real Estate Agents – Part #4 by: Drew Sygit May 07, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #4 Part 1 - Part 2 – Part 3 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to [...]
Short Sale Legal Issues Affecting Real Estate Agents Part #3
Short Sale Legal Issues Affecting Real Estate Agents – Part #3 by: Drew Sygit April 30, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #3 Part 1 – Part 2 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to through a [...]
Short Sale Legal Issues Affecting Real Estate Agents Part #2
Short Sale Legal Issues Affecting Real Estate Agents – Part #1 by: Drew Sygit April 27, 2010 Short Sale Legal Issues Affecting Real Estate Agents Part #2 The previous post in this series was on 05/03/10, click here to read it. MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY This series of posts is meant [...]
Short Sale Legal Issues Affecting Real Estate Agents – Part #1
Short Sale Legal Issues Affecting Real Estate Agents – Part #1 by: Drew Sygit April 23, 2010 This series of posts is meant to assist real estate agents in recognizing: Legal & Tax Issues their clients are exposed to through ashort sale. The legal liabilities agents may expose themselves to when representing short sale sellers. How [...]
