Category: short sale

INTEREST RATES TRENDING UP / MONDAY IS LAST DAY FOR HOLIDAY RATE SPECIAL

INTEREST RATES TRENDING UP  /  MONDAY IS LAST DAY FOR HOLIDAY RATE SPECIAL

December 2nd, 2013

I hope everyone had a great Thanksgiving!!  Interest rates rose for the second straight week with the Mortgage Backed Security market closing down – 39 bps.

The MBS market is currently down almost -70 bps over the past 2 weeks and interest rates are around 2 month highs.  Still they are fluctuating in the same range they have for most of the past 5 months with 30 year fixed rates in the 4.125% – 4.375% range.

Over the long term, rates have been very stable and they will likely stay in a tight range unless something happens with the FED and their bond purchasing stimulus.

The FED meets again this month, but most don’t expect the FED to taper their stimulus until 2014.

HOLIDAY INTEREST RATE SPECIAL

My Holiday interest rate special ends at 4 pm Pacific on Monday.  In order to get the discount, I must approve loan and order appraisal by that time. 

The discount is:

.5 points off all CONFORMING, FHA, and VA loans.

.25 points of all HIGH BALANCE CONFORMING LOANS

The pricing below includes the discount, but all pricing will move up after Monday.  Please contact me on Monday if you would like to lock in before this special ends.

Last Day of SaleBEST VALUE OF THE WEEK:

20 Year Fixed at 4.125% with 0 points

7/1 ARM at 3.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.25% – .69 points,     4.5% – 0 points,     4.625% – $0 costs

20 year fixed:   4% – .812 points,     4.125% – 0 points,     4.375%  – $0 costs

15 year fixed:   3.375% – .34 points,     3.5% – 0 points,     3.625% – $0 costs

10 year fixed:   3% – .684 point,     3.25% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.5% – .98 points,     2.875% – 0 points,     3.125% – $0 costs

7/1 ARM:    3% – .75 points,     3.25% – 0 points,     3.5% – $0 costs

30 year fixed FHA:     3.75% – .25 points,     3.875% – 0 points,     4.125% – $0 costs

15 year fixed FHA:    3.25% – 0 points,     3.5% – $0 costs

30 year fixed VA:     3.75% – .83 points,    4% – 0 points,    4.25% – $0 costs

 

Today's Interest Rates - December 2nd, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  McCormick Ranch Loan Officer.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

INTEREST RATES TRENDING UP  /  MONDAY IS LAST DAY FOR HOLIDAY RATE SPECIAL

INTEREST RATES HIT 4 MONTH LOWS

INTEREST RATES HIT 4 MONTH LOWS

October 21st, 2013

Interest Rates hit 4 month lows on Friday /  Fannie Mae changes coming November 16th. 

After a US debt deal in principal was announced on Wednesday – Interest rates greatly improved after slowly moving higher in the proceeding 2 weeks.   The uncertainty regarding the government closure and the debt ceiling caused markets to stagnate.  The markets rejoiced with great gains across the board when a deal was in place.

gordon-gekko

When the dust settled, interest rates hit 4 months lows and 30 year fixed rates dipped down to 4%-4.125%. 

On Tuesday, the payroll report for September will be released late due to the government shutdown.  This usually has a big effect on rate pricing.  The FED meets October 29th and will release a statement on the 30th. 

Since the government closure, it is now believed that the FED will hold off on tapering its bond purchasing program until possibly 2014.  The reason is that the economy will still be in flux due to the long term budgetary issues Congress must decide on during the next 4 months.

I see rates staying stable but not improving greatly from their current levels.  Still, you never know what the FED will do.  Many thought the FED would taper the bond program in September.  If you are risk averse, I would lock before October 30th because when the FED tapers , interest rates will go up quickly. 

FANNIE MAE CHANGES COMING NOVEMBER 16TH

On the weekend of November 16th, Fannie Mae will update it’s automated underwriting system.  Below are the 2 biggest changes:

1.)    Interest Only Loans will no longer be offered by Fannie Mae.

2.)    Fannie Mae will now have a maximum loan to value of 95%.  Currently it’s 97%.

You can begin a loan before November 16th, and still go off the old guidelines.

If you want an interest only loan – now is the time to get started. 

The 97% Fannie Mae purchase loan was starting to take the place of FHA loans with higher credit score borrowers.  The down payment was less than FHA, and the monthly mortgage insurance was substantially less.  Now Fannie Mae will require 5% down, or 95% max LTV/CLTV on a refinance that is not HARP eligible.

Make it a great week!!           

BEST VALUE OF THE WEEK:

30 Year Fixed at 4.25% with 0 points

TODAY’S RATES:

30 year fixed:     4.125% – .87 points,     4.25% – 0 points,     4.5% – $0 costs

20 year fixed:   4% – .78 points,     4.125% – 0 points,     4.25%  – $0 costs

15 year fixed:   3.25% – .85 points,     3.375% – 0 points,     3.5% – $0 costs

10 year fixed:   3% – .79 points,     3.375% – 0 points,     3.5% – $0 costs

5/1 ARM:   2.75% – .74 points,     3% – 0 points,     3.25% – $0 costs

7/1 ARM:    3.125% – .99 points,     3.5% – 0 points,     3.625% – $0 costs

30 year fixed FHA:     3.75% – 0 points,      3.875% – $0 costs

15 year fixed FHA:    3.25% – .43 points,     3.5% – 0 points,     3.625% – $0 costs

30 year fixed VA:     3.75% – .11 points,    3.875% – 0 points,     4% – $0 costs

Today's Interest Rates - October 21st, 2013

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Arizona Home Loans, California Home Loans, Colorado Home Loans.  Arizona refinance, California refinance, Colorado refinance.  Scottsdale, Arizona Mortgage Banker in McCormick Ranch.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

INTEREST RATES HIT 4 MONTH LOWS

HOME VALUES RISING ACROSS MARICOPA COUNTY

HOME VALUES RISING ACROSS MARICOPA COUNTY:

May 2nd, 2012

Statistics continue to show that home values are starting to recover across Phoenix and Maricopa County.

Low inventory and high demand are pushing up values.  Many buyers are finding the need to put in offers quickly, as a home can have multiple offers the first day on the market.  This is also creating higher value offers, as a buyer would like to distinguish their offer from the others.  Offers over listing price are not uncommon.   

It may be a more difficult process finding a home in this market, but rates are great, and values trending up will only help our market in the future.

In comparing March of 2012 versus March of 2011, the value per square foot in Maricopa County went up 15%!!

We are also seeing less and less bank owned sales, which are typically for lower prices as the bank would like to get the property off their books. 

Lender owned sales are down 53% from March of 2011 to March of 2012.

Short Sales are up 51%.

Even though short sales are up, the total amount of distressed property sales are down 42%.  And the total amount of non distressed sales are up 32%.

This combination of low inventory, high demand, and less distressed property sales are pushing values back up in Maricopa County.

Home Values Rising Across Maricopa County.

BANKS ACCEPTING MORE SHORT SALES IN MARICOPA COUNTY, ARIZONA

BANKS ACCEPTING MORE DISTRESSED SALES IN MARICOPA COUNTY

March 2nd, 2012

When the housing bubble first burst in Arizona, most banks were taking back delinquent properties versus working with home owner’s to sell their property at a loss. 

Recent statistics show that banks are more and more likely to accept a short sale or sell the home at an investor auction versus taking back a delinquent home.  This is encouraging for homeowners exploring a short sale, as data suggests that there is a higher likelihood of a short sale going through.   

There are many benefits to a short sale – the most important one being that most short sales include a clause where the homeowner is no longer responsible to repay the bank.  When a home is foreclosed upon and taken back, the bank can come after you for a numbers years if they should choose to do so.

STATISTICS FOR DISTRESSED SALES AND TAKE BACKS IN MARICOPA COUNTY:

In 2011, There were 62,156 distressed title transfers

34,634 were short sales or investor sales   /   27,522 were properties taken back.

In 2010, There were 67,208 distressed title transfers

28,490 were short sales or investor sales   /   38,718 were properties taken back by the bank.

In 2009, There were 60,682 distressed title transfers

20,065 were short sales or investor sales   /   40,797 were properties taken back by the bank.

As more and more banks are willing to accept short sales, delinquent homeowners should attempt to work on a short sale versus giving the property back.  In most cases, a homeowner will get a check for closing a short sale and they do not have to worry about the bank coming after them in the future for losses incurred.

*data obtained from Fletcher Wilcox at Grand Canyon Title Agency.

BANKS ACCEPTING MORE SHORT SALES IN MARICOPA COUNTY, ARIZONA

When will I qualify for a mortgage after a short sale or foreclosure?

Many clients who have gone through a short sale or foreclosure after 2007 are now asking me the question, “When will I qualify for a mortgage?” Housing is once again affordable and people want to take advantage of rock bottom deals. Prices in Phoenix, Arizona are hovering around the bottom. You can see from this chart that there haven’t been any drastic plunges or spikes over the past 9-12 months as shown in previous years. Now is the time to buy a house and become a homeowner once again. Now is the time to relocate, invest in a winter home, buy a retirement home, and invest in rental properties and fix-n-flips.


Another reason people are asking if they qualify to purchase a home again is because the FHA loan limits are said to be dropping significantly October 1, 2011. That means the buying power in the 3.5% down payment price range is much lower. In Maricopa County Arizona, the loan limit is currently $346,250. As of October 1st, it will be $271,050. That’s a decrease of $75,200 in buying power!

Others questioning, “When will I qualify for a mortgage?” are homeowners who elected to do a strategic default because the equity is so upside down. These homeowners are hundreds of thousands upside down in a property and are well aware that the value will never rebound in their lifetime to what they originally paid, so they cut their losses short. They are now looking to invest in properties. Interest rates are low, prices are at bottom and there are several opportunities to fix up a foreclosed house and flip it – or buy and hold it to take advantage of the booming rental market.

Finally, the answer to the question: When will I qualify for a mortgage after a short sale or foreclosure?

The Waiting Period to Qualify for a Home Mortgage after a Short Sale, Foreclosure or Bankruptcy

Call Kelli Grant to set up your custom web portal of MLS listings that match the property criteria, location and price range you’re interested in researching. You’ll receive notification emails up to once a day when there are price changes or new listings to see. 

Kelli Grant specializes in short sales, pre-foreclosure options such as the HAFA program, and strategic default options in the cities of Phoenix, Scottsdale, Cave Creek, Anthem, Glendale, and Peoria. Kelli Grant is the neighborhood specialist for Sonoran Foothills and Tramonto. If you need to speak to a reputable, reliable real estate attorney or CPA about the legal and tax consequences of a short sale or strategic default, contact Kelli Grant.

Kelli Grant, Personal Realtor® “Moving People Through Inspiration and Good Deeds”

Call or Text 602-799-5420

 

 

When will I qualify for a mortgage after a short sale or foreclosure?

AUGUST 2011 – PHOENIX, ARIZONA’S HOUSING NUMBERS:

October 10th, 2011

PHOENIX, ARIZONA’S AUGUST HOUSING NUMBERS:

This summer was a record summer for Single Family Residence leases. There were 6,892 single family leases signed compared to 5,664 in the summer of 2010. The numbers reflect the increasing amount of potential homeowners that can not buy due to foreclosures or short sales on their credit. 

Hopefully something is done to lower the amount of time needed to elapse to qualify for a new loan after a foreclosure or short sale. There are a very large number of possible home owners that  have these on their records due to the large drop in home prices.  If the credit requirements do not change, we will continue to see Arizona residents in leases that would typically own a home.

Even though leases are up,   sold inventory continues to post impressive numbers. 8,817 sales were recorded in Maricopa County in August of 2011. This compared to 7,358 for August of 2010. Median home prices are still slightly down compared to this time last year.

Overall, August was a great month for the Arizona housing industry. The more sales we have, the more the industry is turning over the vast amounts of REO and short sale homes on the market. These need to sell and we need to move to a more traditional market for the prices to rise again.

August 2011, Phoenix, Arizona Housing Numbers

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

When it comes to short sales, likely you have heard things both good and bad about the process. In general, it is a good way to help a homeowner get out from under mortgage payments that you can no longer afford, without having a major negative impact on their credit score. If you live in the Scottsdale area or are looking to buy a home in the area, learn more about this process and the benefits offered to both buyer and seller.

In today’s economic climate, many homeowners are finding that they owe more on their home than what it is worth. Due to loss of income, unemployment, bankruptcy, divorce or other extenuating circumstances they can no longer pay their mortgage. If this describes you current financial situation, you are likely facing foreclosure, which is something you would rather avoid if at all possible. As Certified Distress Property Experts in Scottsdale, Arizona, we can help you negotiate the short sale process with your lender, so that you can sell your home for less than you owe to a willing buyer.

Scottsdale, Arizona is a very desirable city where home prices may be considered out of reach, but Short Sales and Bank owned properties have lowered prices and this could be a great time to get into the Scottsdale housing market. The short sale process allows buyers to purchase their dream home for considerably less money, which is ideal for today’s home buyer. We specialize in Scottsdale real estate and know the values of the homes in this area, and can easily find a property that fits within the price range of the buyer’s requirements.

If you are a homeowner trying to get out from under your mortgage, you may wonder why a lender would take an amount less than what you owe on your home. Lenders would generally rather have some money on the property, as they are not in the business of owning or managing property. While foreclosure may drop your credit score by as much as 250 points, the short sale process generally drops it by only 100 points. You can also purchase another home of your own quicker, while foreclosure usually results in a wait of 5 to 7 years or longer.

Buyers looking for a home in the Scottsdale area will find that short sales allow them to purchase a beautiful home for a price they can afford. For example, a home may be worth $500,000.00 or more, but the lender may be willing to settle for $375,000. 00. This saves you a substantial amount of money, and you get a lot more home for your money.
Either way, the process is an involved one that most people do not want to enter without the advantage of a Scottsdale real estate professional on their team. As Certified Distressed Property Experts, we can negotiate and handle the bulk of the work, making the process both easier and less time consuming. If you are looking to buy or sell in Scottsdale, Arizona contact a reputable Certified Distressed Property Expert like us to make the entire process quick and seamless.

Stephen Proski

RE/MAX Achievers

Scottsdale, Arizona

602-620-2164

office@az-homes4u.com

A Short Sale in Scottsdale, Arizona Solves Problems For Buyers And Sellers Alike

MORTGAGE RATES LOWER – POOR JOBS REPORT

MORTGAGE RATES LOWER:

The bond market closed last week up +72 basis points, fueled mainly by a strong surge on Friday of +47 basis points. Friday the monthly job reports came out and the news wasn’t good. August had no new job creation. There are a reported 58,000 less jobs in August than there were in June and July. The unemployment rate remained unchanged at 9.1%.

Until the housing foreclosure and short sale problem starts shoring up, the economy will continue to struggle. Expect another eventful week coming up after Labor Day culminating in a “major address” by President Obama on Thursday. The President is supposed to outline new initiatives to get the economy back on track. The market will likely over react to the speech, pushing rates one way or the other.

I still hold that rates will not go lower than they were about 2-3 weeks ago. Below are current rates available paying a point or less.

30 year fixed: 4% paying .9 points, 4.25% paying 0 points

20 year fixed: 3.75% paying .45 points , 3.875% paying 0 points

15 year fixed: 3.25% paying .6 points, 3.375% paying 0 points

5/1 ARM: 2.75% paying .4 points, 2.875% paying 0 points

7/1 ARM: 2.875% paying .8 points, 3.125% paying 0 points

30 year fixed FHA: 3.75% paying .175 points, 3.875% paying 0 points

15 year fixed FHA: 3.25% paying 0 points

30 year fixed VA: 3.75% paying .1 points, 3.875% paying 0 points

30 year fixed High Balance Loan: 4.375% paying .2 points, 4.5% paying 0 points

Mortgages for refinances and purchases in Arizona, California and Colorado.  Current interest rates for fixed loans, ARM loans, conforming loans, conventional loans, VA loans, FHA loans, HARP loans,  interest only loans, high balance conforming loans and jumbo loans.

Mortgage Rates Lower – Poor Job Reports.

ARIZONA HOUSING STATISTICS – BREAKING RECORDS!!

ARIZONA HOUSING  STATISTICS  :  BREAKING RECORDS!!

June was a record month for Arizona housing.  10,868 home sales occurred in June of 2011, surpassing the previous record of 10,252 units sold in June of 2005.

June was also a record month for home leases of Single Family Residences.  2,280 new leases were executed last month, beating the previous record of 2,002 leases in July of 2008.

Typically home sales and leases go in the opposite direction, but with all the short sales and foreclosures occurring – there are a lot of people changing residences. 

Arizona short sales also set a record, contributing to 2,734 sold units – up 33% from May.

We are still very much in a market fueled by investors.  41% of Single Family Residences sales were purchased in cash.  29% with conforming loans, 24% with FHA loans, 4% with VA loans, and 2% with others.

Lastly, the median home price in Arizona increased in June to 111,000 from 109,000 in May. 

(Arizona Housing statistics – breaking records – from Reggie Green @ Crossline Capital)

Licensed in Arizona, California and Colorado.

MORTGAGE RATES BACK TO LOWEST LEVELS OF THE YEAR – 6/27/11

MORTGAGE RATES BACK TO LOWEST LEVELS OF THE YEAR:  The bond market closed the week 56 bps higher – pushing rates back to the lowest levels of the year.  This ended 2.5 weeks of the bond market going down, pressuring rates higher.

30 year fixed rates are now back to 4.375% with a portion of a point.  20 year fixed loans are back to 4.25%.  5/1 ARMS are down to 2.875%.

We are now in the last week of the FED purchasing mortgage backed securities program – QEII.  The market will now determine interest rates without the FED manipulating demand.