mortgages: Mortgage Rates on the Rise - 02/17/11 01:29 PM
Mortgage rates are ticking up slightly and this trend is expected to continue throughout the year. This is important if you are a borderline buyer as just a little increase will really effect your payment. Keep an eye on this and if you are a serious buyer its time to wrap it up and take advantage of some of the best buyer conditions of all time.
Joseph Santini -- Your Boca Raton, Florida Waterfront Expert
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mortgages: Get No Hassle Loans with Coldwell Banker Home Loans - 07/28/10 12:28 PM
In today's market the last thing you need to hear from your lender right before your closing is that they can't do the loan. To help avoid this the best thing you can do is to select a good lender right from the start. As a Realtor I know I feel so much more comfortable when I recognize the lender involved with the deal.
A great lender to use is Coldwell Banker Home Loans. They are always very helpful and will do everything they can to assist you by providing you with accurate information at all times. Check out their website below for more info.
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mortgages: Interest Rates You Just Can't Pass Up - 06/25/10 03:05 PM
Interest rates are just unbelievable these days with the 30 year fixed averaging 4.72%! After you deduct the interest on your tax return this is like free money. Now is the time to buy your dream home because you will be able to get the neighborhood you want as well as the home you want. When the rates move up just 1% it will have a huge impact on your monthly payment as well as what home you can afford.
Check out the link below for more financial info.
www.cnnmoney.com
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mortgages: Principle Reduction is Here - 03/29/10 10:35 AM
The federal government is suggesting principle reduction to banks as a way of further limiting the amount of foreclosures coming onto the market. The participation by the banks is voluntary and they will receive incentives for helping borrowers in this way.
The bank would choose who to offer this program to so there is nothing to apply for. Of course there are requirements that must be met. I am sure that many tax payers will not be happy with this way of helping delinquent borrowers as many people who really don't deserve the help may receive it but in the end we … (0 comments)
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mortgages: Cram Downs - 01/06/10 01:31 PM
Cram downs may become a reality. A cram down is when a bankruptcy judge has the power to force a loan modification when the borrower files for bankruptcy. This legislation has passed the House but had trouble getting through the Senate the first time around. I think its only a matter of time before this happens due to the fact that alot banks are just not providing real workouts to their borrowers. Our lawmakers seem to be turning their attention to this issue again. As the legislation gets close look for the banks to start approving many more workouts.
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mortgages: Banks and Loan Modifications - 11/20/09 07:31 AM
Talking to many customers and attorneys here in South Florida and New York I hear the same thing over and over. Loan modifications are not being given. It seems that in most cases after jumping through hoops to satisfy the bank with their requests that the answer to the homeowner is just about always no. Now I'm sure there are many people who just don't qualify but I wonder how many mods really could be done if the banks had a reason to do them? Probably alot.
This is important because foreclosures destroy families and neighborhoods and anything that can be done to stop them … (0 comments)
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mortgages: Mortgage Payments and Interest Rates - 04/09/09 05:33 PM
With interest rates being the lowest in recent history many people are taking a look at their monthly payments to see if they should refinance. Just a slight change in your interest rate can mean a huge savings monthly and over the life of the loan. Take a look at the numbers below to see how the change in the rate effects the monthly payment amount on a 30 year / $500,000 loan.
4.5% $2,535
5% $2,685
5.5% $2,840
6% $3,000
6.5% $3,160
7% $3,325
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mortgages: Choosing a Good Lender and Good Faith Estimates - 03/05/09 10:45 AM
During a market like this its important to choose your lender carefully so you know that your deal is going to close and that you will not be sitting alone at the closing table.
Make sure that you get a good faith estimate right away from your lender and that you and your loan officer are on the same page. If you are denied a good faith estimate for any reason its time to find another lender. What you don't want to happen is for your lender to promise you a great rate and as the deal gets close to closing suddenly stop returning your calls.
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mortgages: Mortgage Rates at 31 Year Low - 01/13/09 04:48 PM
The opportunity to borrow cheap money now is unbelievable! You would have to go back 31 years to get rates many of my customers are getting today. Buyers should be out there shopping around for their dream home. For that group who are renting and thinking about buying, these rates are going to enable you to do it now. Call your lender and make it happen.
Homeowners who are looking to stay in their current home for awhile should definitely look at refinancing. If you could save a point on your mortgage go for it. Here is a great tip. Before you refinance … (0 comments)
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mortgages: A Great Time to Think About Refinancing - 12/19/08 09:39 AM
For the people who are current with their mortgage and have good credit its a great time to think about refinancing with rates below 5% becoming available more and more. This makes alot of sense if you are planning to stay in the property for awhile.
In times like these everything we can do to lower our monthly burn rate is a good thing. Take advantage of the current market conditions and call your lender today to see what they can do for you. You have alot of leverage with them if you are a good payer.
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mortgages: Two Reasons to Repair Your Credit - 12/12/08 11:57 AM
I have noticed that many people who have weak credit seem to think that it is beyond their control to make it better. The good thing about credit is that there are things you can do to improve it and you don't even have to go to a credit counselor.
The first thing you should do is make sure you are paying your current obligations on time. Don't be afraid to pay a little early as this makes you look great in the eyes of the company your paying. If your coming off a tough time and you don't have any … (0 comments)
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mortgages: Getting a Loan Modification - 11/26/08 08:51 AM
These days it seems that all you hear about are loan modifications. These workout plans by lenders are crucial to enable many people to remain in their homes. The most important thing to remember is that it is up to you to get your loan modification. The banks are so overwhelmed that if you are not aggressive and persistent, you will get lost in the shuffle and wind up getting foreclosed on when you may have been able to avoid it.
Banks are very large companies and during these challenging times though they have become more organized as far as their workout departments … (0 comments)
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mortgages: Mortgage Help is on the Way for Some - 11/12/08 12:34 PM
The government bailouts are making their way through the system and many banks are now on board to do everything they can to help people restructure their loans. One key ingredient to this is the banks willingness to reduce the principle amount owed to them because a majority of the loans can't be helped by just lowering the interest rate or extending the term of the loan.
Remember that you have to qualify for this assistance and unfortunately there are alot of people who won't qualify especially here in South Florida. Some of the things you need to qualify are:
You must … (0 comments)
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mortgages: Foreclosure Activity in Boca Raton and Beyond - 10/07/08 02:47 PM
Seems like all we hear about these days are foreclosures. It may not be as widespread as you might imagine in your town or maybe it is. Check out this interactive map that lets you see how your area is doing. You can check anywhere from Boca Raton to Los Angeles. The map also lets you check to see what areas are experiencing late payments and the other beginning stages of foreclosure as well.
www.newyorkfed.org/mortgagemaps/
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mortgages: Bailout Package and Mortgages - 09/24/08 05:30 AM
On Thursday we will find out if the Federal Governments 700 billion dollar bailout package will happen and at this point how can it not. This should give the real estate market a big push in the right direction as banks no longer feel the need to hoard their money and they will start doing what they do best which is lend people money to buy homes.
Keep an eye on what happens because if you have been having trouble getting a mortgage it may be time to think about reapplying in the very near future.
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mortgages: Pre-Qualified or Pre-Approved for a Loan - 08/27/08 08:16 AM
Many buyers don't know the real meaning between a pre-approval letter and a pre-qualification letter. This is not totally their fault as many lenders and mortgage brokers make this issue very confusing for different reasons.
A pre-qualification letter simply says that if everything checks out the mortgage broker or lender can get you a loan. These letters usually have many contingencies attached to them that need to be met. These letters really don't carry much weight because they are given out very freely to make you a customer. The mortgage broker or lender does very little work on your file before giving you this letter. … (0 comments)
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mortgages: Credit Scores - 12/13/07 09:46 AM
Now that the banks are really tightening up their lending requirements, your credit score is more important than ever. The national average score is around 680. If you have a score above 720, banks will really like to do business with you. A score in the 500's will make it very hard to get financing and if you do get it you will certainly pay alot for that money over the life of the loan.
Your credit score is based 35% on your past payment history. 30% on the ratio of your balances to your credit limit. 15% on your past credit … (2 comments)
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