Real Estate blog

Archive for the ‘Home loans’ Category

Forclosure rates in the State of Indiana have been the subject of many opinions and news stories. National ranking has thestate placing in the top ten most months. While it is better than the first place rank we held, the moniker is one which we would like to place elsewhere.

We have all heard the stories where greed and corruption within the industry has left entire neighborhoods with vacancies and lower property values. Mortgage Fraud and fraudulent loan broker practices have contributed to many of these transactions which have resulted in foreclosure.

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Pro: The ability to modify loans on primary residences by a judge without the consent of a lender would allow lenders to get paid more than from a foreclosure.
Con: Lenders might increase interest rates on mortgages because it is more risky if loans can be modified without their consent. (Go To Article: cnn.com)

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The House votes to expand Federal Housing Administration (FHA) to refinance loans for borrowers delinquent on payments because their mortgages are resetting to sharply higher rates. (Go To Article: cnn.com)

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Interest rates for conforming loans less than $417,000 are already relatively low so not much change is expected.

Interest rates for non-conforming or jumbo loans above $417,000 might fall.

Another problem is not the interest rate but the lack of liquidity which means there is not enough money available for making loans because investors don’t trust borrowers can repay and the fed cut won’t do much for this problem.

(Go To Article: cnn.com)

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If you did not put your home up for sell yet you can get a home-equity line of credit (HELOC). Expect about 8.75% at todays rates.Another alternative is a 1 year interest only bridge loan but it is more expensive than a HELOC.Lower the price on your old home so it will sell faster.Make the purchase of the new home contingent on the sale of your old one.

(Go To Article: cnn.com)

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Treasury Secretary Henry Paulson planned to tell Congress that the Bush administration will consider allowing Fannie Mae and Freddie Mac to temporarily handle bigger loans above $417,000 in order to increase liquidity in the mortgage market. (Go To Article: cnn.com)

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Treasury boss Paulson and Fed chief Bernanke tell House panel to be careful that proposals to fix loan problems don’t make things worse.

If the $417,000 limit on the size of loans from Fannie Mae and Freddie Mac is raised it should be temporary.

(Go To Article: cnn.com)

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Should you buy or sell first? The answer to this question depends on a number of variables specific to your situation. Whether you can afford to buy first and can financially manage two concurrent mortgage payments will most likely answer this question for you.

Real estate market conditions also may factor into your decision. Your Real Estate Advisor is an invaluable source who can tell you approximately how long it may take to sell your current home and provide you with information about homebuyers╤В╨Р╨й market conditions, the inventory of for-sale homes and estimate how long it may take for you to find and close on your next home.

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President Bush outlined his plan Friday to help troubled subprime borrowers keep their homes.

Expand the number of borrowers who qualify to refinance their loans with the Federal Housing Authority (FHA).Temporarily suspend tax liabilities resulting from short-sales or mortgage forgiveness.Put together a coalition to help homeowners refinance loans.Combat predatory lending.Increase transparency in lending practices.

(Go To Article: cnn.com)

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A lender will not sign-off on your mortgage loan unless you have secured adequate homeowner’s insurance. The policy protects your financial interests and the lender╤В╨Р╨йs investment in your home. Don╤В╨Р╨йt wait until the last minute to begin shopping for a homeowner’s insurance policy. Annual premium costs and coverage options vary widely between insurance companies.

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