I wish all of us the very best for 2009!
Out with the Old and in with the New! The spirits are up, rates are down, the bottom of the market is in sight, and the (new) government looks ready to actually do something useful. Opportunity will come knocking this year! Let's get ready!
Out with the Old and in with the New! The spirits are up, rates are down, the bottom of the market is in sight, and the (new) government looks ready to actually do something useful. Opportunity will come knocking this year! Let's get ready!
- Paul
PLAN 2009
I will: 1. Reconnect with all my clients to review their financial situation, possible refinances, real estate plans and mortgage readiness, and: 2. Offer a fully integrated loan modification and short sale preparedness service (Realtors note: more listings, easier sales, plus an additional source of revenue). Read all about it. What's in your plan? - and how can I help you?
I will: 1. Reconnect with all my clients to review their financial situation, possible refinances, real estate plans and mortgage readiness, and: 2. Offer a fully integrated loan modification and short sale preparedness service (Realtors note: more listings, easier sales, plus an additional source of revenue). Read all about it. What's in your plan? - and how can I help you?
Analysis: Is loan modification the new refinance?
Long term rates setting another low
I'd like to think not, but sadly the answer often is "yes". If you desperately need a reduction of payments and you do not qualify for a refinance, LM is the next best solution. And to get the best LM you need to be in arrears. It is also cheaper than a refinance (no closing costs), and you typically end up with better terms than with a refi. How sad is this? - People struggle to keep up the payments, desperately need to refi to get affordable payments, do not qualify, then go in arrears, then get a LM with better terms than they would with a refinance! Sad indeed....
For the week ending Wednesday Nov 26th the 30-year fixed averaged 5.10% with an average 0.7% fee, down from last week when it averaged 5.14%. Last year at this time, the 30-year fixed averaged 6.07%. - "Lower rates and falling house prices are also making homeownership more affordable. For instance, house prices fell 18% over the 12-month period ending in October, according to the S&P/Case-Shiller® 20-city composite index. From its peak set in July 2006, the composite index is down 23.4%."said Frank Nothaft, Freddie Mac vice president and chief economist. .
Freddy Mac rate surveys. 1-3 week trend: Down
UK house prices seen falling 10% in 2009
Banks rein in mortgage lending and buyers are deterred by the economic slowdown. Read more
Banks rein in mortgage lending and buyers are deterred by the economic slowdown. Read more
Credit limits: It's not what you do, it's where you do it
Remember how credit card issuers and home equity lenders are cutting back on credit lines even to good customers and/or dramatically raising interest rates? Well, there is a new wrinkle. Read more
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Remember how credit card issuers and home equity lenders are cutting back on credit lines even to good customers and/or dramatically raising interest rates? Well, there is a new wrinkle. Read more
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"He who fails to plan, plans to fail"
Coldwell Banker Residential Brokerage - Fort Collins, CO
CRS, EcoBroker, GRI, ABR
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