Another Real Estate Bubble?

Based on the Real Estate Inventory seems like we may get another bubble since everything that is out there for sale is now really expensive.  What will happen when Interest Rates start going up? I believe interest rates will be higher starting next year, especially after these elections.  I hope to see infrastructure investing continue to grow and even double from previous years.

I know this link shows from Realtor.com May data but the trend has continued to move in the same direction.  Check it out and let me know what you think.

http://www.realtor.com/data-portal/realestatestatistics/

Where are mortgage interest rates are going?

Renter Nation

The American dream of owning a home is still very much alive, but it will be no more than a dream for a growing number of people over the next five years. That's bad news for home builders, who already have big troubles, as June's reports on housing starts, existing-home sales, building permits and unsold-home inventories showed. But it is good news for anyone renting out a home, apartment or condo, or any real-estate investment trust specializing in residential rental properties.

Most U.S. households own the dwelling they live in, and that isn't likely to change. But demographic and economic forces, together with some perversities of government policy, are combining to push the share of ownership back to where it was in the early 1990s. Already, in the wake of the housing bust that brought on the Great Recession, the share of U.S. households owning homes has slid steadily—from 69% at its peak in 2004 to 67.2% in this year's first quarter. And the rate is likely to fall to its 1993-94 level of 64% by 2015.

http://finance.yahoo.com/real-estate/article/110173/renter-nation?mod=realestate-buy

Buy now at historical low interest rates 3.75% 15 year fix or 4.25% 30 year fix!

As home prices fall, more borrowers walk away

When David Martin and his wife bought their north Seattle condo five years ago, they figured they had plenty of time to downsize if they needed to before they retired.Now, with the property worth roughly $60,000 less than the balance of their mortgage, Martin, 68, has been giving serious thought to just walking away, a process lenders call "strategic default."

Read full article here:

As home prices fall, more borrowers walk away

Nation’s debt passes grim milestone

The nation's debt has reached a symbolic milestone. With gross domestic product of roughly $15 trillion and total debt of $15.23 trillion, our total debt is now bigger than our economy, as USA Today noted Monday.

What's more, the Obama administration's projections put our debt at more than $23 trillion by 2020, well in excess of the projected $22.5 trillion GDP. Analysts agree that the rising debt ratio is not good, but they can't agree on just how bad it is, and while there's at least some agreement among economists about how to fix the problem, lawmakers have no such common ground — which is one of the biggest hurdles to actually doing something about the debt dilemma.

Read full article here:
Nation’s debt passes grim milestone

New ASC Loan Modification Approval 2% interest & $189,000.00 Off Balance

OK new approval this time it's ASC taking in the you know what! Here is what the Borrower had and now has!

OLD TERMS

$387,490.62 Principal Balance

6.225% Interest Rate 

$2,263.91 PITI -Payment included taxes and insurance

NEW TERMS

218,500.00  Principal Balance

2.225% for the first 5 years

4.00% is the cap or the highest the interest rate can go.

$957.42 PITI - New Payment includes taxes and insurance

 $1117.74 PITI -New Payment includes taxes and insurance after 6 years!

Bank will forgive $189,459.20 of the total balance of $407,959.20 if the borrower does not miss a payment for the next 3 years! 

Check out the APPROVAL HERE! 

2nd Mortgage (Line Of Equity) Bank of America Approval

Client had a 2nd Mortgage with Bank of America and he owed $101.935.19 with late charges and all.  Here is the approval we got the bank to settle for $20,000.00 even.  That's about 19% of the balance that was owed.
Client will save over $244,000.00 since that's what he would have paid back over the life of the loan! Call today 800-208-4753 Let us settle your debts for you!
DOWNLOAD THE ACTUAL APPROVAL BELOW
http://www.mediafire.com/file/5xt6xc5k53jv2h6/BOFA%202ND%20MTG%20APPROVAL%209%2020110001.pdf

Washington's debt-ceiling deal may have made things worse for the U.S. economy, says Mohamed El-Erian

US BANK New Loan Modification Approval

Here is a new loan modification approval with US BANK. My client had an adjustable arm loan with no escrow included in the payments. Borrower is saving over $20,004.60 just in the first 5 years! Check out the approval here.

OLD TERMS

5.875% Adjustable Interest Rate
$2,437.14 Principal and Interest
348.00 Taxes and Insurance
______

$2,785.14 Total Principal and Interest Taxes and Insurance

NEW TERMS


4.25% Fixed Interest Rate for 5 years
$2,103.73 Principal and Interest
$348.00 Taxes
______.

$2,451.73  Total Principal and Interest Taxes and Insurance

NEW TERMS

4.875% Fixed Interest Rate for remaining term of 22 years 

$2,226.67 Principal and Interest 

$348.00 Taxes 

______.

$2,574.67  Total Principal and Interest Taxes and Insurance

Borrower is saving over $75,000.00 over the life of the loan

Obama Administration Defends Housing Bailout

Will Banks Be Forced to Reduce Loan Principal?

It's the Inequality, Stupid

A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.

 

 Read the rest of the file HERE

Get Started today Refinance Interest Rates starting at 4.50% - 4.75% 

Loan Modifications We Deal with All Lenders Interest Rates starting at 2.50% 

 

Turning the Tables: Philadelphia Man Forecloses on Wells Fargo Office

A feud between a homeowner and his mortgage company ends with an order to seize property – but it's not in the order you might expect.
Patrick Rodgers is taking his frustration all the way to the bank – literally. When he was fed up with Wells Fargo's lack of answers, he sued them. When they still paid him no heed, he foreclosed on the company's local office.

Read more: http://newsfeed.time.com/2011/02/18/turning-the-tables-philadelphia-man-forecloses-on-wells-fargo-office/#ixzz1EKhh04IZ

Refinance

Purchase Loans

Short Sales

Loan Modification

New Loan Modification Approval Central Mortgage Company!

This new approval is from Central Mortgage Company.  The borrower had a pay option arm which is the worse possible loan you could have since the balance keeps going up every month. To make matters worse the interest rate was adjustable at 6.875%.  Also there comes a time in this type of loan that you will not be allowed to pay just the minimum payment and you will have to pay the full Amortized Payment (Principal, Interest, Taxes & Insurance) in order to stay current on your mortgage.   Here is the Loan Modification terms from Central Mortgage Company below:

NEW LOAN MODIFICATION TERMS

$229,403.70 LOAN BALANCE
4.0% Interest Rate for first 2 Years $764.68 Interest Only
2% Interest Rate on the 3rd Year $1009.07 Principal and Interest
3% Interest Rate on the 4th Year $1119.19 Principal and Interest
4% Interest Rate on the 5th Year $1231.41 Principal and Interest
4.75% is the Interest for the remaining loan term (20 years) $1316.10 Principal and Interest 
ACTUAL APPROVAL 



OLD MORTGAGE TERMS

$229,403.00 LOAN BALANCE
6.875% Interest Rate
Pay Option Loan -No Principal or Interest were being paid towards the loan so the borrowers
balance kept going up every month. 
$1020.69 Minimum payment which ($375.00) was Property Taxes and Insurance.
Fully Amortized at 6.875% would have been $1,882.02 with Property Taxes and Insurance
best case scenario if the Interest Rate would have been a Fixed Rate which it was not.



Benefits of New Loan Terms

The New Loan Terms are that the Borrower will now be able to see their Mortgage Balance  reduced every month with each mortgage payment made.  The Interest rate is fixed
and the loan is impounded also.  The fully Amortized Rate of 4.75% after all adjustments are at
current market interest rates

Feel free to contact me with any questions you may have regarding loan modifications.  Start today
Save your house and your money! Banks are doing loan modifications

Updated Loan Modification Approvals

Here is the direct link to all my approvals for this year.  As of December 2010 I have seen
many banks move to help borrowers out with loan modifications. 

Loan Modification Approvals

2nd Mortgage Settement with Ocwen Loan Servicing LLC

Borrower was late 9 months and was owed $59,000.00 on a 2nd mortgage with Ocwen Loan Servicing LLC.
We received a settlement offer of $4,000.00.  Once the Borrower pays the $4,000.00 the 2nd loan is paid and the 2nd lien is released! Check out the Old Terms and New Terms.  The Client will save over $162502.31 since he would have paid $166,502.31 over the life of the loan once all the payments would have been made.  Actual Approval


Old Terms

$47,619.15 Original Loan Amount* Actual Loan Amount $59,000.00 with all late fees
11.25% Interest Rate
30 Years Fix
$462.51 Payment
$166,502.31 Total Payments after 30 Years
$118,883.16 Total Interest paid after 30 Years

New Terms

$4,000.00 Payment
$ 0 Payment
0 2nd mortgage

New Loan Modification Approval Aurora Home Loans

Here is a new approval from Aurora Home Loans.  Clients had a 7.25% interest rate and Interest Only Paymentt and were facing financial hardship due to slow down in their income.   Borrower will save over $90,000.00 for the first 5 years and their interest rate will cap out at 4.50% for the life of the loan.  That's a drop of 2.75% percent! Check out the new approval  Aurora Approval and you can also visit this link for my past loan modification approvals http://bit.ly/loanmodapprovals


Old Terms

$488,000.00 Loan Amount
7.25% Interest Rate
$3.227.38 PITI  (Interest Only, Taxes and Insurance)

New Terms 

$529,899.43 Loan Amount
2.00% first 5 years
4.50% fixed for the life of the loan
$1,679.49 (PITI) Principal, Interest, Taxes and Insurance Payment for the 1st 5 years!
$2,257.92 (PITI) Principal, Interest, Taxes and Insurance Payment payment for the life of the loan!

Outlook for 2011 and 2012: Loan Modification, Interest Rates & Taxes Predictions

As we close out 2010 I just want to say that it's been another roller coaster year just like last year CHECK IT OUT  While i was wrong about interest rates going up this year I do still believe they will go up in the future which i now see anywhere between the next 12 to 24 months.  Also I see higher taxes for everything that can be taxed will be taxed!!! Our Governments will need to find ways to make up revenue somewhere since unemployment will continue to rise or at best stay where they are at.  The elephant in the room that no one is still talking about is the continuing of the foreclosure and shadow inventory of homes many states are not reporting since that would spook everyone out.

As with everything it will come back full circle since a foreclosed home costs not only the person that owned the home but the surrounding homes as lost value.  Also costs City, County and then State and Federal governments revenue in the long run.  I see 2011 and 2012 are going to be some more difficult years for all of us and I feel that with all the data that is out right now I believe the Government and Banks will have no choice but to streamline the loan modification process.

I have seen many approvals this year and I see the moving trend towards that direction for the forseeable future.  What i advice many people to do is secure your financial foundation do not wait until your behind on your house payment 3 to 6 months to look for help! I still see many homeowners keep paying on their car or credit cards before making their house payment...WHY??? Banks are in a bad spot do not believe all the "Good News" you hear on the News or read on the internet! Banks will work with you but you first need to speak up and ask for help or if you do not have time hire someone i know it's hard to find people that are honest or care about your financial well being but there is Ask around to family and friends! Well that's my opinion on where we are going and if you decide that you need help I'm here for your Debt Settlement, Loan Modification, Refinance and Short Sale needs.  Good Luck!

New Approval!!! CITI-Mortgage Borrowers Gets interest rate of 2% !!!

This Approval is from Citi Mortgage.  The Borrower had a 6.30% interest rate that was adjustable.
When we applied for a loan modification the first time the bank wanted to give the borrower a $63.00
reduction! We re-applied and this time around we got a the "Making Home Affordable" Loan Mod
Approval.  The Borrower will be saving over $90,000.00 in the first 5 years! Click HERE for a copy
of the loan modification approval

OLD MORTGAGE TERMS

$415,618.67 -Loan Amount
6.30% Interest Rate
Adjustable Rate
$2,399.33 Principal & Interest
$1,161.47 Taxes & Insurance
$3,560.80 Total Payment


NEW MORTGAGE TERMS


$442,878.71 -Loan Amount
2.00% Interest Rate

Fixed Rate

$1,774.26 Principal & Interest
$400.08 Taxes & Insurance
$2,037.05 Total Payment
$1,523.75 Monthly Savings!!!

Call today and let's get started on your Loan Modification request! Loan Modifications are happening
everyday! Save your House and Your Money!

Robo-Signing Foreclosure Freeze Update

Here’s a quick update on the impacts we are seeing from “Robo-Gate”. For those that missed this major foreclosure news item, robo-gate refers to the foreclosure freezes implemented by various lenders after revelations that foreclosure filings were being attested to in a robotic fashion that may not have met legal requirements. In the beginning the freezes were limited primarily to 23 states that use the judicial foreclosure process, but on October 8th the impact grew when Bank of America announced a national foreclosure freeze.

Stop Foreclosure and get some help

Were here to help here's what we can do:

* Prevent foreclosure
* Explain the foreclosure alternatives:
o Forbearance
o Repayment plans
o Loan modification
o Short sale
o Deed in lieu or "Cash for Keys"
o Bankruptcy
* Apply for government loan modification and mortgage relief programs
* Assistance in talking with your lender

We are here to help — Whether you are having trouble with your housing expenses, have fallen behind on your mortgage payments, or are facing immediate foreclosure
Feel free to contact us at 800-208-4753 Office or email at refionce@gmail.com

Read full article here: Robo-Signing Foreclosure Freeze Update

Current Loan Modification Approvals!

Here is a Updated List of Loan Modification Approvals

As you will see the approvals are from Every Lender out there!
We are currently offering a payment plan to get your loan modification
reviewed by your lender since we believe all homeowners needing help
deserve the help they need on't forget to visit our site or sign up for our Weekly 
Newsletter for updated News and Loan Modification Approvals
and read about the money our clients are saving!

Current Loan Modification Approvals CLICK HERE

40 months to clear inventory of Foreclosed Homes!!!

IBPS IBM lender Business Process Services! Modification Approval! $182k in savings!

Another Loan Modification Approval This time it's from IBM lender Business Process Services.  The client’s old payment was $2,530.00 with taxes and insurance included.  The new payment is $1,808.18 with Taxes and Insurance included.  The 1^st 5 years the interest rate is (2.75%) and  borrower will save over $43,000.00.  On the 6^th year the interest goes to (3.75%) and then The interest rate caps at (4.125%) for the life of the loan.  Take a look at the year savings versus the old loan terms!

Loan Modification Approval 

Yearly savings over 28 years!

1 to 5 years interest rate (2.75%) Payment of $1808.18 with Taxes and Insurance =$43,000.00

6^th Year interest rate (3.75%) Payment of $1950.99 with Taxes and Insurance = $6,948.12

7^th Year interest rate (4.125%) Payment of $2,004.44 with Taxes and Insurance = $132,441.12

Grand Total = $182,389.24

New Chase Approval! October 2010

Borrower had a interest rate of 7.375% with CHASE.   Borrower went from a payment of $3,887.50 (PITI) to $2,483.78 (PITI) SAVING $1,403.72 per month that's $84,223.20 the borrower is saving in 5 years! The interest rate starts at 2% for the first 5 years and climbs to 1% every year until it caps at 4.375% for the remaining loan term.

6th Year (Old Payment) $3887.50 - $2,736.38 (New Payment) = $1,151.12
7th Year (Old Payment) $3887.50 - $3002.40 (New Payment) = $885.10
8th Year to 39th Year (Old Payment) $3887.50 - $3104.46 (New Payment) = $783.04

Check out the approval HERE

Foreclosure Mortgage Mess...Might get Homeowners Free & Clear Houses!

Banks worse nightmare scenario is coming!

The Housing Problem is getting bigger!

Again I hate it when I'm right! The housing problem is getting to the point where many States and City Governments can not afford to ignore any longer.  Check out the stories below.  The Foreclosure problem and lack of help from many "HUD" Agencies and Loan Modification Companies are not helping either.  There is a lot of rumors flying around right now of the Obama Plan Version 2.0 and Countless State Homeowner Stabilization plans. only time will tell.

Watchdog: Treasury outsourced most bailout work -http://yhoo.it/dAVgfN

Banks seize 288K homes in Q3, but challenges await -http://yhoo.it/93lgu7

Wells Fargo to Begin Offering Pick-A-Pay Relief

Wells Fargo has announced that beginning Dec. 18, 2010, through June 30, 2013, at-risk Wachovia Pick-a-Payment customers may be eligible to earn principal forgiveness by making on-time mortgage payments. The company also will contribute about $24 million to eight states to enlist help in customer outreach, and to prevent or mitigate the impacts of foreclosures in these communities. The terms of this agreement have been contemplated in the company’s financial projections, and are expected to have no impact on third-quarter financial results.
The program is part of an agreement with attorneys general in Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington who expressed concerns about the manner in which pay-option mortgages were originally marketed by World Savings Bank and Wachovia, who originated these loans prior to merging with Wells Fargo in late 2008. The agreement expands on Wells Fargo’s existing home

Publish Post

preservation efforts. Through August 2010, at-risk Wachovia Pick-a-Payment customers already had been given almost $3.4 billion in principal forgiveness.

If you need help with a Loan Modification, Short Sale, Refinance or Purchase contact us at 
Click on the link for the full article http://bit.ly/aELmHo

Obama won't sign bill that would affect foreclosure proceedings

Amid growing furor over the legitimacy of foreclosure proceedings, White House officials said Thursday that President Obama will not sign a two-page bill passed by lawmakers without public debate after critics said the legislation could loosen standards for foreclosure documents.
The bill, named the Interstate Recognition of Notarizations Act, would require courts to accept document notarizations made out of state. Its sponsors intended the effort to promote interstate commerce. But homeowner advocates warn the new law could allow lenders to cut even more corners as they seek to evict homeowners.




Obama won't sign bill that would affect foreclosure proceedings

Interest Rates going up

SAN FRANCISCO (MarketWatch) -- Freddie Mac /quotes/comstock/11k!fmcc (FMCC 0.32, -0.01, -1.56%) said Thursday the 30-year fixed-rate mortgage average edged up to 4.37% with an average 0.7 point for the week ending Sept. 16. In the previous period, the average was 4.35%, and the year-ago average was 5.04%. "Interest rates on 30-year fixed mortgages have remained below 5% for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt.

Read full story:

http://www.marketwatch.com/story/freddie-mac-30-year-fixed-rate-mortgage-edges-up-2010-09-16-107420?dist=countdown

New Loan Modification Approval Aurora Loan Services

We just received another Loan Modification Approval this time it's Aurora Loan Services.
Borrower is going from a payment of $3,227.38 to $1,679.30.  Please read the APPROVAL it
states that as long as the borrower makes the payment on time the Permanent Loan Modification
will go through.  This is what many banks and lenders are doing first they verify everything you submit
when you apply for a loan modification (income)and from there you will either get a denial or an approval.
This is the 2nd of the current modification approvals we have seen this month where the banks are doing this.
In my professional opinion I like the way it's being reviewed since it stops the slow down of the review period and now you know that if you qualify for a trial payment then you will usually get a loan modifications finalized.  The only banks that I see doing the loan modification process correctly is Chase and Aurora.  Hopefully Citi Mortgage and Bank of America will be shamed into doing the right thing really soon! but I doubt B of A will get it check this out (http://www.piggybankblog.com)it should be a crime what some of these banks are doing to homeowners.

Let's get started today! 

Let judges reset mortgages: It would be drastic, but lenders are doing too little.

In Florida, one in nine households with a mortgage was at risk of foreclosure this summer. This week, the Obama administration will begin yet another program aimed at easing the housing crisis. It's the first that goes to the root of the crisis - underwater mortgages - but it may do no more good than the others.
Starting Tuesday, the Federal Housing Administration will permit lenders to give those homeowners refinanced loans backed by the government. Lenders must forgive at least 10 percent of the principal. In Florida, where 46 percent of home mortgages are under water, a 10 percent principal reduction means little. Home values in South Florida suffered the worst decline of 25 large metropolitan areas in the second quarter of this year.
Because prices have fallen so far, it may take a decade for many borrowers to erase their negative equity. Many will walk away from their mortgages, adding to the foreclosures and further delaying Florida's recovery. "The Obama administration's housing programs have not been successful," said Jack McCabe, chief executive of Deerfield Beach-based McCabe Research & Consulting. "In fact, I think they've been flops.

Read Full Article here:
http://www.palmbeachpost.com/opinion/editorials/let-judges-reset-mortgages-it-would-be-drastic-909043.html

Surprise! Banks help more homeowners than Obama

NEW YORK (CNNMoney.com) -- Remember how everyone complained that banks weren't doing enough to help troubled borrowers?

Well ...Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.

Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.

But before homeowners rejoice, they should take a close look at the terms of their bank modification offers, consumer advocates say. Many may not be as good as HAMP, which lowers monthly payments to 31% of pre-tax income.

"We don't know if they are sustainable based on the monthly payment," said John Snyder, manager of foreclosure prevention programs at NeighborWorks America, adding banks don't release a lot of information about their modifications. "We're not sure what to think."

Reducing interest and principal

Banks have long come under fire not doing enough to help troubled homeowners, particularly when the mortgage crisis started spinning out of control in 2007. Many loan servicers initially addressed the problem by tacking on the missed payments, which only increased strapped homeowners' monthly burden.

Best recovery bets: 7 cities on the mend

More recently, however, banks have trumpeted their in-house efforts to stem the foreclosure tidal wave. They are calling more attention to their own programs at a time when the president's plan is being widely panned for its ineffectiveness.
Servicers completed nearly 644,000 so-called "proprietary permanent modifications" in the first half of this year, compared to 332,000 such adjustments made under the Obama program, according to Hope Now, a consortium of mortgage servicers, investors and housing counselors.
About half of borrowers who don't land a permanent HAMP modification are given an in-house adjustment, according to federal statistics.
"The vast majority of modifications getting done are happening outside of HAMP," Mike Heid, co-president of Wells Fargo Home Mortgage, told a House of Representatives panel in June.
At the hearing, bank executives credited the president's plan with setting an industry standard for loan modifications. But they told lawmakers that their own programs have helped far more people.
About 78% of banks' in-house modifications involved interest rate and principal reductions, Hope Now found.
Housing advocates are increasingly calling on banks to reduce principal because many homeowners owe so much more on thier mortgages than their home are worth. Banks have been loathe to cut loan balances, and virtually no government-subsidized modifications involve this step, in large part because Fannie Mae and Freddie Mac do not allow it. The two mortgage finance giants guarantee many of the loans eligible under HAMP.
Outside of the Obama plan, however, banks have started to warm to principal reductions.
Wells Fargo, for instance, said last week it has reduced more than $3.1 billion in principal on nearly 60,000 loan modifications in the past 18 months. It uses a combination of principal adjustments, interest rate reductions and term extensions to assist its borrowers, the bank said.

Not the same

Unlike the Obama program, however, bank modifications can vary widely and few details are available about them. Housing counselors say they have heard of some with unfavorable terms.

Calculator: How much is your house worth?

Ida Ward was none too pleased with the permanent modification offer she received last month.
The Atlanta middle school teacher had called her mortgage servicer in the spring of 2009 after seeing her income drop considerably. She was enrolled in a trial HAMP modification, which reduced her monthly payments to $1,424, down from $2,430.
After more than a year in the trial period, Ward received a final loan modification agreement. But she soon realized she had been shifted from the president's program to an in-house Chase modification with "horrible" terms. Her loan was being amortized over 40 years at a 5% interest rate with a $197,500 balloon payment due at the end. She must now pay a little more than $2,000 a month.
"These banks should be ashamed of the terms that they are giving to borrowers," said Ward, who said she had no choice but to accept the offer. "The loan modification process is flawed and deceptive to borrowers."
A Chase spokeswoman said that Ward did not meet the qualifications for a HAMP modification, but the bank was able to give her an adjustment that it believes will allow her to keep her home.

Case Shiller Home Price Index Results

New Loan Modification Approval GREEN TREE Servicing

Here is a new Approval we just received from Green Tree Servicing
Borrower was behind by 2 payments and is a Business Owner who has
seen the Business sales go down since 2008. The Homeowner had a
5 Year Fix Loan and was making the Taxes and Insurance Separately from
the Mortgage Payment. Old Interest Rate was 5.375% and now the new interest
rate will be 2.00% for the first 5 years and go up 1% every year until it hits
the ceiling rate of 4.50% fixed for the life of the loan. Check out the
details below and see how much the Homeowner is saving Now!!!! Call or email me
today and let's get started!!! 

OLD TERMS

$417,000.00 Original Loan Balance
5.375% Interest Rate
5 Year Fix Loan than it would adjust
$2,335.08 Principal and Interest Only
$902.23 Property Taxes and Homeowners Insurance.
$3,237.31 Total Mortgage Payment with Taxes and Insurance

NEW TERMS

$397,453.93 New Loan Balance
2.00% Interest Rate
5 Year Fix after 5 years interest rate goes up 1% until it caps out at 4.50%
$1,203.59 Principal and Interest Only
$902.23 Property Taxes and Homeowners Insurance
$2,105.82 Total Mortgage Payment with Taxes and Insurance

The savings per month is $1,131.49 equaling to $67,889.40 after 5 years
when you minus the OLD Payment of $3,237.31 to the new payment.

The savings per month after on the 6th year is $936.79
The savings per month after on the 7th year is $731.27
The savings per month after on the 8th year is $625.55

In all the Homeowner is going to save hundreds of thousands of dollars since the loan is not in danger of adjusting to a higher interest rate since I DO SEE INTEREST RATES climbing to Double Digits in about 5 years Good Luck asking the banks to give you 2% or 4.50% down the road!
The new loan is now fixed for life at the low rate of 4.50%! That is the lowest interest rate you can possibly get in today's low interest rate market!

Existing Home Sales Hit 15-Year Low; Housing Market Weakens