Category Archives: mortgage
With the new Home Affordable Refinance Program (HARP) loan, you may be able to refinance no matter how upside-down your mortgage is!
If you currently have a mortgage held by Fannie Mae or Freddie Mac, the HARP II refinance loan can help you lower your interest rate, decrease your monthly payments and help you start turning your finances around.
Under the enhanced and expanded provisions of HARP you may be able to receive one of the following benefits, either a reduction in your interest rate, a reduction in the amortization term, a reduction in your monthly principal and interest payment or a move from an adjustable rate loan to more stable loan product.
You may be eligible for this refinance program if your FICO score is 620 or above and your home loan was sold to Freddie Mac or Fannie Mae before June 1st, 2009. If you are eligible for the program there are no loan to value restrictions and the appraisal fee may be waived.
If you would like to find out if your mortgage loan is held by Freddie Mac or Fannie Mae, you can look up your information on their respective websites: www.freddiemac.com/mymortgage or www.fanniemae.com/loanlookup.
To find out more about taking advantage of the Home Affordable Refinance Program II, contact your lender or local mortgage professional today.
If you are thinking of buying or selling a home in San Antonio, this is a good time to be in the market. The San Antonio Board of REALTORS® (SABOR ) recently reported a 7 percent increase in September sales compared to the same month in 2011, according to the September 2012 Multiple Listing Service report by). The average and median prices for September are also up, both showing a 2 percent increase from last year.
“Sales in the midrange of prices ($200,000 to $500,000) have been up the last several months, peaking in June,” Liza Reyes, SABOR Chairman of the Board, said. “This month, a good portion of sales continued to occur in this midrange, which kept prices higher and on par with previous months.”
Locally, the total number of homes sold has steadily increased in 2012, with only a small taper in September after the summer boom. However, the comparative increase in sales, with 1,683 homes sold in San Antonio in September 2012, compared to 1,534 in September 2011, confirms that the local housing market is holding steady.
Mortgage rates this month at or around 3.49% are back at record lows. The decline in the 30-year fixed rates is partially due to a result of the Federal Reserve’s recent move to buy $40 billion of mortgage-backed securities each month until the job market improves. As a result, mortgage applications for refinancing and home purchases increased across the nation.
Home buying affordability remains high for home buyers who buy now while rates are low.
|Setpember 2010||September 2011||September 2012|
|Total Month Sales||1,391||1,534||1,683|
For more information about buying or selling a home in the San Antonio area, contact San Antonio real estate resource, Trudy Edwards of Legend Realty Group, KELLER WILLIAMS Realty Heritage at (210) 595-9801 or firstname.lastname@example.org for a complimentary consultation.
If you are having difficulty making your mortgage payments or are at risk of falling behind in your mortgage payments you, there may be help for you to enable you manage your payments and stay in your home. To explore your options you should first visit the government website www.makinghomeaffordable.gov to find out if you can take advantage of the “Making Home Affordable” program. You may be eligible for special refinancing or loan modification if your mortgage company is participating in this program. You can find out if your loan is eligible for refinancing or modification by going to http://www.makinghomeaffordable.gov or by contacting Fannie Mae, at 1-800-7FANNIE (8am to 8pm EST) www.fanniemae.com/loanlookup or Freddie Mac 1-800-FREDDIE (8am to 8pm EST) www.freddiemac.com/mymortgage
You don’t have to be behind on your mortgage to seek help with this program. If you have a loan that is an adjustable rate mortgage, a balloon note or a high interest rate you may be able to refinance at a better interest rate. Or if you are experiencing a financial hardship due to a loss of income since you obtained your loan, you may be eligible for a home affordable loan modification. If you qualify for the loan modification option, participating lenders may even be able to reduce your first lien mortgage payments to no more than 31% of your gross income, by either reducing your interest rate, increasing the term of the loan or by a forbearance. Go to www.makinghomeaffordable.gov today to see if you may be eligible for loan modification or contact your lender and ask if they are participating in “the Home Affordable Modification Plan” or HMP.
Visit www.knowyouroptions.com to explore your options
If you are a homeowner and are already 90 days behind on your your mortgage payments you may be able to get help through the Emergency Homeowners’ Loan Program. This program is only available for a limited time so you must act quickly. To learn more go to Emergency Homeowners' Loan Program or cal 1-888-995-HOPE today to learn more and speak to a housing counselor to discuss your options.