Happy Holi(days) are Almost here (again)! 2009 has got 2 b better than 08!
To all on Active Rain - I Hope your holiday season is going smoothly and at least semi-stress free, with most of us feeling the financial squeeze after every credit card gift purchase we make this season! I wanted to drop you all a quick line and confirm what you've probably being seeing on the News and reading in the papers; Rates are Down - to around 5.375% for fixed rate 30 yrs. Unfortunately home prices are still dipping in most parts of the Country. Right now the only folks successfully refinancing a residential mortgage, are those with loan balances at $417,000 or less, 720 fico scores and provable documented Income verification. Must have All 3; great credit, documentable income And the kicker 80% or less Loan to Value, because over 80% and Mortgage Insurance Co's are only good for Insuring you don't get a New Mortgage!
Usually, 2 out of 3 ain't bad as they say, but right now, it's just not good enough for a lot of would be refi'ers ! How's that for a "booger on a birthday cake" as an old friend used to say, LOL I, myself am also included in this predicament, along with millions of others across the U.S. right now. My home in Anaheim Hills has come down about $200 grand from it's high in late 2006. Hopefully rates will remain low well into 09 as I suspect they will, And maybe home values will start to level off and even increase a few percent. As long as folks aren't worried about being laid off, they'll feel more comfortable buying homes again, which in turn should cause values to rise some! This would also give current home owners confidence again, along with creating more and better financing options as the credit markets will also loosen up their strict credit policies. I will remain hopeful and positive that sometime in 09 we'll see this happen? Until then, wishing you all a safe and Joyous Holiday and a Happy New Year! It's gotta be better than '08, right??
Best Wishes to you all, be safe driving home from all those xmas parties!
Tom Purcell
Pinnacle Mortgage Group in Anaheim Hills CA
Commercial And Residential Mortgage Financing
www.LowRatesOnline.net
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