Is now the right time to refi? Maybe, mortgages rates are around 5%, or so, for a 30 year fixed rate loan and less for a new adjustable, if you can find it.  (Wells Fargo seems to be doing them... today anyway.)  The best refi deals are for those who (1) have a loan limit below $600,000, or whatever the conforming rate is in their area. (2) You should have 20% equity minimum, plus a credit score of over 700 and plan on staying in your home for a while, since it usually takes over a year to break even because of the cost of the refi. (3)  You need to be able to actually "qualify" for your new loan. This includes your income and assets and they will be verified. No more "stated income" loans.  It's a catch 22 because if you need to refi to lower your payments, so you can afford the payment, you might not quality for the new loan.  The government does have a new program for those who have no late payments for the last 12 months, to help them renegotiate with their current loan company to accept less than is owed. Then the original loan is paid off and a new "downsized" loan is funded at a lower rate.  It's complicated, but worth the hassle. Call Fannie Mae at 1-800-732-6643, or Freddie Mac at 1-800-373-3343, or go to www.freddiemac.com/avoidforeclosure.

 

 
Posted by Mary Jo Rogers on 08/21/2009 04:06 PM   Comments (0)  
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Los Osos Sewer Update.
08/04/2009
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The SLO County Planning Dept has been working diligently on the proposed sewer project. The final EIR was released in April. There are two possible sites with the least impact to the environment that are acceptable to the county. The County… more
Summertime on the Central Coast
07/27/2009
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Hi Everyone Summer is over heating the inland valleys, so cool fog is the main tourist attraction at the coast. The tourists are shivering with delight beneath their Morro Bay sweatshirts. They're just happy to be out of the heat for a while… more
Summer and early Fall events on the Central Coast
07/22/2009
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At long last! On August 2, 2009 there will be a ground breaking ceremony for "Morro Bay Pups Dog Park. " It will be held at Del Mar Park, in North Morro Bay, at 11AM. The Morro Bay Pups group, after many years, a plethora of garage sales, fund… more
The good, bad and ugly of tax code changes for 2009.
05/20/2009
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The good: So far, the current 15% max tax rate for capital gains isn't scheduled to expire until the end of 2010, unless Congress changes it. However, even better, if your income is low enough, you can pay as little as 0%. That was done to help… more
Morro Bay - Spring/Summer update
04/29/2009
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Hi Everyone! Spring has sprung. Summer is around the corner. The howling March winds arrived in April downing a few trees, but… we live in paradise, so who cares? Glorious sun for a few more months, green hills fading to brown, wildflowers… more
Summer's close- check out the following fun times to be had in Morro…
04/17/2009
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Upcoming Local Events Quilt and garden art Don't forget to go to two events over 4/25-26. One's the fabulous Seven Sister's Quilt Show at the Madonna Expo Center on both days. View 350+ pieces of art for only $7. 00. On Sunday 4/46, noon-5PM, enjoy… more
Fall in Morro Bay
09/24/2008
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Welcome to fall in Morro Bay! A kaleidoscope of color from the brown hills, red, sun burned tourists bestowing green dollars upon the town, colorful tents sprouting in out campgrounds, colorful trollies carting folks around and, of course, gray… more
Grannies and Guests
09/16/2008
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Did you know… that it costs around $14, 000 for development fees and permits to build a new residence of about 1500 sqft in the city of Morro Bay? However, you'll be given a credit for demolition of an existing home. If you're adding less than… more
Is it legal?
08/08/2008
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No, the question doesn't involve that U-turn in front of the post office, or the borrowing of your neighbor's cable TV signal. It's much more obscure. The question is, is my bedroom really a bedroom, legally? You're thinking, who cares, I sleep in… more
 

Mary Jo Rogers

Morro Bay, CA

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Gold Coast Realty

Office Phone: (805) 772-2271 x 19

Cell Phone: (805) 550-0374

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Information about local housing issues,national real estate issues, fix-it ideas and local upcoming events. Covering the Central Coast of CA from Cambria, Cayucos, Morro Bay through Los Osos.


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