Archive for category Mortgage Updates
Happy Holidays
Posted by linda in Mortgage Updates on December 22nd, 2009
Happy Holidays to one and All. I am grateful for the year that I have and I hope that my blog has helped you in some way this year. I am looking forward to a new exciting year and working with you to acheive your goals. Take the time to spend this time with your family and friends and above all, take the time to be grateful for all we have and all we are. These days, it is so important to always be reminded of the gifts we receive everyday.
Have a wonderful and safe Holiday Season. My best wishes to you and your family.
Linda
What is happening in our crazy world of Mortgages???
Posted by linda in Mortgage Updates on September 14th, 2009
Crazy though it may seem, our economy is recovering and in an upswing. I know it is hard to believe with the unemployment numbers being at almost 10% and foreclosures being at an all time high but we are riding it out and slowly but surely we are headed in the right direction. Keep you eye on the Retail numbers that will be out on Tuesday. We believe they will be a bit worse than expected which will affect the Bond Market therefore lowering mortgage rates. We shall see. I will keep you posted.
The Mortgage Industry is continually changing and this is on a daily basis. There are new programs and guidelines that come out almost everday and usually make it a bit more difficult to get loans through. So we make adjustments to allow borrowers to qualify for loans. This usually involves a lot more patience on both the Mortgage Broker and the borrower. It also means that if you are dealing with a purchase, it is more important than ever to have a great team working with you. This means a Realtor and Mortgage professional working with the borrower to be a great team! Loan turnaround times are exceptionally long these days. What was a 30 day loan close is now minimum of 45 days.
The most important part of my job now is to educate my borrower to what is happening in our industry and how it affects them. This is not a bad thing but a good thing. Education is a good thing but will take more patience on all of our parts. We are still refinancing and still buying homes. THIS IS GOOD NEWS!! Let’s all remain positive and work together and we shall overcome!.
Have a great week.
WHAT IS HAPPENING TO THE RATES??
Posted by linda in Mortgage Updates on June 5th, 2009
You are noticing rates going up and up. The reason for all of this is that we continue to have bad news added to our already bad news on the economy. There is some disagreement between the leading economists as to whether the economy is recovering or not. Stay tuned to the market to see what happens. I wish I had a crystal ball!!! But….what makes sense is that the Real Estate industry and market is very important to the recovery of our economy. If rates continue to increase, there will be less activity therefore the recovery will not take place as quickly as expected. We are hoping for the rates to go back down for a bit so borrowers can take advantage of programs that The President has put in place to refinance and purchase the properties that have gone to foreclosure. If the rates continue many people will not refinance or qualify for a purchase. I will keep you posted… Stay tuned. Please add your comments.
Posted by linda in Mortgage Updates on May 29th, 2009
Hello All,
I am sure you have been hearing a lot of comments on the news and reading a lot about MORE changes in the mortgage industry! What does this mean to you? It means a number of things.
1st- For those who have lost value in your property and owe more on your mortgages than the value of your home, you may have an opportunity to refinance your current loan. It is called“Refi Plus Program”. This program is as a result of the Obama Administrations plan to help homeowners. There are guidelines to these products and not everyone will qualify. Please contact me and I will advise you as to your qualification or options that you may have. Please know that there are a lot of people out there promising a lot of things. Please be skeptical. If the lender is worth anything they will answer all of your concerns and help you to understand with out asking for anything in return. Anyone asking for money up front is a scam! Be careful and be wise.
2nd- The loan limit for High Balance loans has risen to $725,500. Up from $625,500. This is a good thing and the rates have seemed to stay the same as with the lower value.
3rd_ There is a new guideline that we all have to live with and that is that all appraisals are now ordered through the bank or lender. What does this mean???? It means that I order the the appraisal from the bank we choose to work with, you pay for it upfront to the bank and we don’t know what the value will be until we get it from the bank. These appraisals are taking a bit longer to get done now so I am advising my clients that we get the appraisals ordered and in before we lock our rate so we don’t lose a rate because an appraisal took too long.
Last- Rates have been very unstable this week and we believe they will stay that way next week. My advice for the next week or so is to sit tight and lock the rate if you like it but don’t wait too long.
Thanks for reading my blog and I appreciate your comments or questions. Know that I am hear for you.
After all, I am the Lender with YOUR best interest in mind.
Linda
Linda’s Mortgage Brief – May 05, 2009
Posted by linda in Mortgage Updates on May 15th, 2009
LINDA’S MORTGAGE BRIEF
May 05, 2009
Rates are extremely low right now and we’re seeing signs that we are reaching the bottom of the market. This means that rates will remain good for a period of time and then the trend might begin to turn. If you’ve been evaluating refinancing or purchasing, now is a perfect time to consider.
High balance loan amounts ($418,000-$625,500) is increasing to $729,500 for most lenders. There are only a few lenders that have changed at this point, but shortly most will convert to the new threshold. If you have been patiently waiting to refinance a larger loan, a window of the next few weeks would be a good time..
SHOULD I WALK AWAY FROM MY CURRENT MORTGAGE??
This is a very personal choice. My advice is to talk to your Mortgage Specialist and ask a lot of questions. We’re finding that the best approach right now is to communicate with your bank and see what programs they might have to assist you.
As always, if you have any questions or concerns, my door is always open. Call me at 408-802-1546
Linda
I am the mortgage specialist with YOUR best interest in mind!