Living in The East Valley » Home Loans

Realty Times – 30-Year Fixed-Rate Mortgage Averages 3.99 Percent

admin — Tue, 15 Nov 2011 23:14:11 +0000

Home affordability is at an all time high. With interest rates at historical lows, now is a great time to buy or to refinance.

Realty Times – 30-Year Fixed-Rate Mortgage Averages 3.99 Percent.

REALTOR® Magazine-Daily News-Obama Announces More Aid for the Unemployed

admin — Thu, 07 Jul 2011 20:44:35 +0000

REALTOR® Magazine-Daily News-Obama Announces More Aid for the Unemployed.

Mortgage Rates Lowest Since 1971

admin — Fri, 25 Jun 2010 19:00:22 +0000

Interest rates have fallen to the lowest level since tracking began in 1971. The average rate for a thirty year fixed rate home loan is 4.69%. In general, if you plan on being in your home for at least five more years and the current interest rate you are paying is at least one point higher than the current rate, you should consider refinancing. Interest rates will vary depending upon your credit rating and the type of loan you are interested in obtaining. The best way to find out what impact refinancing would have for you, would be to call your bank or credit union. You might want to call several local banks or lenders as rates and loan costs may vary.

Low interest rates also make this a good time to buy a home. Read our previous post – Why Get Preapproved For Home Loan?

For more information on interest rates:

Mortgage Rates Drop to a 39-year Low – Arizona Republic, June 25, 2010

Mortgage Rates Set New Record at 4.69%- Wall Street Journal Online

Why Get Preapproved for a Home Loan?

admin — Wed, 26 May 2010 20:34:36 +0000

It is really important to get pre-approved for a home loan before you go out looking at homes with your real estate agent. This is usually a quick process that can often be done over the phone. Why is it important?

You should look at homes in the right price range. You may end up disappointed and frustrated if you start by looking at homes that cost $150,000 and find out that you can get a loan for $120,000. By looking at the correct price range in the beginning your home search will go more quickly and smoothly.
Not all homes can be purchased with all loans. A good example of this is FHA loans which a lot of first time home buyers use. The advantage to these is that they have a lower downpayment than conventional loans and you can negotiate to have the seller help pay some of your closing costs. However, homes that need a lot of work will not qualify for an FHA loan. Also, for condominums, the community must qualify for FHA approval.
Talking with a lender at the beginning will also let you know if you need to save up additional money for a down payment or build/repair your credit history prior to starting your home search.

So talk with your lender first. Then tell your real estate agent what type of loan that you plan to get and the price range of homes you want to consider. If you don’t have a lender, your real estate should be able to give you names of lenders he has worked with in the past that have done a good job.

Free Housing Counseling

admin — Thu, 17 Dec 2009 21:05:31 +0000

If you are having trouble making your mortgage payment, we wanted to let you know about some resources that might be helpful for you. These are all available through the U.S. Department of Housing and Urban Development website, www.HUD.gov. The counselors can help you evaluate which options will be best for you.

Links:

Foreclosure avoidance counseling – just select Arizona to get a list in our area – these services are free

FDIC Foreclosure Prevention Tool Kit

Palm Trees in Arizona

admin — Sat, 21 Nov 2009 20:50:47 +0000

I was at the gas station today and noticed the landscaper working on the palm trees. This was not something I would have ever seen in the mid-west. These were mature very tall palm trees. He was climbing the tree in a manner similar to a technician climbing a telephone pole. He had a belt around his waist hooked to a chain which was looped around the tree. He was wearing shoes with spikes. He was trimming off the rough criss-cross bark to create a smooth bark. He would circle the tree with his knife and pull off a round of bark. Then he would move up a bit and do it again. I assume that when he got to the top, he would remove any dead fronds up there.

There are a lot of palm trees grown in the Phoenix area. There are a number of different varieties. Desert Palms provides a lot of detailed information about the different types of palm trees that will grow in the Phoenix area. Palm trees have developed an association with a resort or vacation destination. So if you want to create a mini-resort in your back yard. Plant a palm tree or two. Put a hammock or lounge chair underneath and get yourself a drink with an umbrella in it. Then relax and enjoy!

Changes to Mortgage Loan Modification Program

admin — Wed, 01 Jul 2009 19:09:20 +0000

CNN/Money indicates that the government loan modification program has been changed to allow home owners whose loans are for up to 125% of their homes current value to participate. Previously it had been at 105% which was a significant limitation to participation particularly in the Phoenix area.

For more information – Obama widens mortgage refi program CNNMoney.com 7/1

Ask a Mortgage Expert

admin — Mon, 15 Jun 2009 18:53:10 +0000

Channel 8, PBS, will be airing a show, Ask a Mortgage Expert, on Wednesday, June 17 at 7:30pm. It will include a panel of experts to offer advice to Arizonans facing mortgage crisis. There will also be a phone bank available with nonprofit mortgage counselors and housing experts that you can call to ask your own individual question – 888-329-7088 on June 17 between 5:30pm and 9:00pm.

Having Trouble Paying Your Mortgage?

admin — Tue, 12 May 2009 23:16:19 +0000

If you are having trouble paying your mortgage, the first person you should talk with is your current lender. See if you can negotiate some type of loan modification so that you can keep your house and have affordable payments. Listed below are two numbers that you can call for free to discuss your situation and possible options for you. Be very careful about agreeing to work with people who will charge you money to assist you with foreclosure rescue or prevention or loan modification. There are qualified people providing this service but there are also scam artists. The Arizona Attorney General has a document – Top Ten Consumer Scams that has a very good chapter on Foreclosure Rescue Scams.

Arizona Mortgage Trouble Assistance line: 877-448-1211

Homeowners Hope Hotline: 888-995-HOPE

Additionally, the Obama Administration has implemented a Making Home Affordable program. This program will also provide assistance to homeowners who are having trouble making their payments.

Mortgage Rates at 52 year low

admin — Thu, 26 Mar 2009 19:49:00 +0000

Mortgage rates have come down this year to levels not seen since 1956. This makes it a good time to refinance or to buy a home.

Read more about it at CNN/Money.com – Home Mortgage Rates at 52 Year Low