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Home Mortgage Refinance Article
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Global Boiling: The Mortgage Climate in 2008
from:There’s no doubt that all the mortgage business that bubbled up in years past has now reached a boiling point. The number of adjustable rate mortgages that were sold in the last few years in the United States are now set to readjust, with a total of 370 billion’s worth of loans resetting in 2008. Places like London and Australia are also seeing a quick drop in prices and a rise in inventory from foreclosures. Hopefully, many of these loans will have already been refinanced to fixed rates, but there are new factors on the market that can affect your ability to refinance. Here’s how to figure out where you stand compared to the global forces at work.
The Local Realty Weather
If you happen to live in California or Florida, you will by now understand that it is a buyer’s market of immense proportions. So many people defaulted on their mortgage loans that the inventory of homes may take many months to clear. This has caused prices to drop substantially, and if you bought during high tide, by now your home may be less worth than what you paid for it. Refinancing may also be difficult for the same reason: negative equity. Not all realty markets are soft. In North Carolina, markets have not dropped as much as other places in the United States. This is because the market was not over-priced to begin with and gains on real estate property had been modest over the years. So, figure out where you are and how your local market is doing to understand exactly how the global climate is going to affect your mortgage options and your potential equity. If find you are in an upside-down position on your equity, you still want to be as proactive as you can to figure out how you can resolve this mortgage crisis, especially when it becomes personal.
Create More Sustainable Living Options
Now, you will need to approach your lender to figure out if you can renegotiate your mortgage terms. You will have to cut back on any additional expenses that might cut into your ability to make the mortgage payment. Understand that buying time is just as important as getting a clear-cut resolution. The odds of the market recovering are good and only a matter of time, so any little that you do will help you to recover in the long run.
Find ways to negotiate the following your lender if you are in trouble:
• Lowering your interest rate,
• Increasing the loan term,
• Skipping payments to allow you to catch up,
• Converting it to a fixed rate,
• Doing a short sale,
• Investigate special options for HUD and VA loans.
Home Mortgage Refinance News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 International Business Times | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Freddie Mac: 30-year mortgage rate down a tick at 3.78% Record-Low Mortgage Rates - Are They Hurting US Housing Market? Mortgage Rates Remain At Record Lows |
Push intensifies to pass home-loan refinancing bill - The Hill (blog)
 Washington Times | Push intensifies to pass home-loan refinancing bill The Hill (blog) Mark Zandi, chief economist with Moody's Analytics, told a Senate panel Thursday that he supports a measure to eliminate hurdles for homeowners to refinance into lower interest rates under the Home Affordable Refinance Program (HARP), and suggested ... HARP 2.0: Good News For Home Owners Who Are Upside Down The Truth About Mortgage Refinancing Revealed by Georgia Mortgage Expert Real estate industry pushes Senate on refi bill |
Costco members can now shop for mortgages online - Chicago Tribune
 Chicago Tribune | Costco members can now shop for mortgages online Chicago Tribune Mortgages? Well, not exactly. The company is receiving a fair amount of publicity for the rollout on its website of a home purchase and refinancing mortgage product for members. But technically it's not Costco's program. It's an online mortgage ... |
Mortgage Refinance in Today's Real Estate Market - King of How To News
 King of How To News | Mortgage Refinance in Today's Real Estate Market King of How To News That said, low mortgage rates have proved incredibly valuable to existing homeowners who are interested in getting new mortgages that will either lower their monthly payments or allow them to pay off their home at a faster pace. Mortgage refinance is a ... Mortgage applications up on refi demand: MBA No Drop in Refinancing Expected Mortgage comparison-shopping: How to read good faith estimate |
Real: FHA streamline refinance gets cheaper - The Republic
Real: FHA streamline refinance gets cheaper The Republic The government is about to make refinancing FHA mortgages more affordable -- and potentially easier -- for hundreds of thousands of homeowners. — The Federal Housing Administration will reduce mortgage fees significantly for borrowers who qualify for ... FHA Streamline Refinance Set To Spur Refinance Boom |