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Monday, November 16, 2009

I want to talk about where Interest rates, Loan Modifications, and Foreclosures will go next year!

Well I have to say that 2009 has been a roller coaster of a ride. That is especially true when it comes to Real Estate. Interest rates have been pretty much low all this year. Were around the same rates we were last year. Right now you can secure a interest rate of 4.50% to 5.00% depending on your situation since not all loans are the same. You can expect to pay a higher rate if your going to cash out than just lowering your interest rate just too. Where I see interest rates going forward? I expect to see them go higher a lot higher especially when take into account inflation...Just take look at OIL and GOLD right now. I would say around March 2010 you will see interest rates move up. What worries me the most is the decline in the home values it seems to be not stopping as in dropping home prices. Without a stop to this growing problem I see Loan Modifications and Foreclosures continuing to gain steam. Loan Modifications are increasing in popularity with homeowners and don't blame them for going that route. Many times interest rates can be as low as 2% where in a regular home loan interest rates start in the mid 4's. The only drawback is that in a loan modification you will be waiting anywhere between 3 to 6 months to see what your bank will grant you for a loan modification.

Finally I want to speak about Foreclosures. Based on the report I get from www.foreclosureradar.com every month (Below is the link for the report)Notice of Default are up 103.46% from prior year!!! and in my professional opinion we will continue to see that if the economy does not improve. Since now we are seeing Homeowners who did not have bad loans as a Negative Amortization loan or ARM be in financial trouble due to a lack of work or a drop in their income. As always I want to state that this is my professional opinion. Feel free to contact me with any questions you may have 800-208-4753 or refionce@gmail.com LINK FOR REPORT http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca9abd688cc149ea85

Tuesday, November 10, 2009

Another Approval! CITI MORTGAGE!





Below are the details of the OLD and NEW LOAN TERMS!

OLD LOAN

5.75% FIX
$2,582.70 PRINCIPAL, INTEREST, TAXES, INSURANCE
Client had PMI on his loan
Behind 3 months
Hardship: Client was not working Overtime and with cost of living expenses rising
he needed a help!

NEW LOAN

2.00% FIX for 5 Years
$1,530.00 PRINCIPAL, INTEREST, TAXES, INSURANCE
After 5th Year Interest Rate Increases 1% until it goes to the Cap Rate of 5.125%
Client no longer has PMI
All Late Payments are forgiven and 1st Payment is not until March 1, 2010

That is a monthly savings of $1,052.70!
Client will save $63,162.00 for next 5 Years!
Client will save an additional $24,860.16 after all interest rate adjustments
total savings after loan adjusts to 5.125% is $88,022.16!

Feel free to contact me with any questions you may have 800-208-4753 or refionce@gmail.com

Friday, November 6, 2009

1st Time Homeowners Credit Extended

With prices plummeting and foreclosures spiking, it's a buyers' market if you’re one of the lucky ones that can enter the market. And if you are a first-time home buyer (have not owned a home for 3 years) you still have time to take advantage of an $8,000 tax credit to buy your home. Though set to expire at the end of November, there are currently negotiations in place to extend the tax credit. The Obama administration is in favor of extending it for a “limited period,” according to the Treasury Secretary Tim Geithner & Housing Secretary Shaun Donovan.

Highlights of First Time Home Buyer Tax Credit:

* The tax credit doesn't have to be repaid
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000
* The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009
* Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

So if you are in the market to refinance or get a new home or equity loan, now may be the time since these record low rates won’t last forever. A low rate may save you thousands over the course of your loan. Act now call today to lock in your low rate (800)208-4753 or email me at refionce@gmail.com