San Jose Home Mortgage Climate Looks Good as Home Prices Rise

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Mortgage and Lending with Quicken Loans

Housing prices in the San Jose and San Francisco areas rose this spring as buyers took advantage of tax incentives. The overall price gains highlight the impact of the federal tax credits for homebuyers. However, this boost may be short-lived now that the incentives have expired.

Tax credits were a large part of the boost to the national housing market, as sales faded shortly after the tax credits expired at the end of April. The numbers are likely to drop in the next report.

"Other housing data confirm the large impact, and likely near-future pullback, of the federal program," said Standard & Poor's index chairman David M. Blitzer in a recent Associated Press article.

The San Francisco and San Jose home mortgage areas, which have mounted a strong rebound from the housing bust, also saw prices rebound by about 25 percent. Prices in the Riverside metro area were up 18 percent from a year ago.

What's this mean for you?

Take Advantage of Historically Low Los Angeles Home Mortgage Rates

If houses in your neighborhood saw their values rise like many homes in the Bay Area, it may be a good idea to refinance with a San Jose home mortgage before prices dip again. Mortgage rates are at historic lows. Really, rates haven't been this low since Eisenhower was president in the 50's!

Work with a San Jose Home Mortgage Professional

This is a great opportunity to evaluate your financial situation and see if refinancing with a San Joe home mortgage is the right choice (it probably is). Refinancing will save you cash by lowering your monthly mortgage payment. Depending on your financial situation, you could save thousands in interest by locking-in a lower rate.

As a Quicken Loans home loan expert licensed in San Jose, I have helped many clients buy a new home or refinance into a lower monthly mortgage payment with a San Jose home mortgage. Whether you want to refinance or buy a home, if you're ready to move forward get in touch with me at Quicken Loans today!

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