Tag: foreclosure

MORTGAGES RATES LOWER – BIG FED MEETING WEDNESDAY

MTG RATES LOWER – BIG FED MEETING ON WEDNESDAY

April 23rd, 2012

The MBS Market closed last week trading up (+13 bps.)    

Overall it is has been a very good market for interest rates over the past couple weeks.  Rates lowered a few weeks ago, and we haven’t seen much movement since then.

Stocks have been down lately, and the continuing debt problem in Europe is dragging down the European economy – causing more investors to seek the safety of US Treasuries.

The big news this week is on Wednesday with The Federal Open Market Committee meeting and statement.  Many still think the FED may announce another round of mortgage backed security purchases to keep rates low as the economy is showing signs of not fully recovering. 

There is almost always a large swing in interest rates up or down after the FOMC statement.  If you don’t like risk – you may want to lock before Wednesday. 

I offer a float down policy – which means if we lock your rate and your rate drops .25% during the loan process, I can “float down your rate” to the lower rate with the same costs.  This gives the security of a guaranteed price and the ability to get a lower rate if rates drop a lot after locking. 

Below are rates available today paying a point or less:

30 year fixed: 3.75% paying .91 points, 3.99% paying 0 points

20 year fixed: 3.5% paying .76 points, 3.75% paying 0 points

15 year fixed: 2.875% paying .97 points, 3.125% paying 0 points

5/1 ARM: 2.25% paying .97 points, 2.75% paying 0 points

7/1 ARM: 2.625% paying .74 points, 2.875% paying 0 points

30 year fixed High Balance Loan: 4% paying .16 points, 4.125% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.875% paying .67 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  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 mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

MORTGAGES RATES LOWER – BIG FED MEETING WEDNESDAY

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

MORTGAGE RATES SLOWLY RISING FROM RECORD LOWS / COULD PUSH LOWER THIS WEEK.

MORTGAGE RATES SLOWLY RISING FROM RECORD LOWS  /  COULD PUSH LOWER THIS WEEK.

February 20th, 2012

The MBS Market closed last week trading down (- 13 bps).   Rates continue to slowly inch higher with increased optimism towards the economy and the recent rally in the stock markets.

The stock market is at a 9 month high but concerns still remain that the market is higher than it should be.  Over 85% of stocks in the New York Stock Exchange are trading above their 50 day moving averages, even though profit reports have been less than stellar.  In Europe news, a meeting on Monday to try and finally resolve the Greek debt issue was not successful.  (2/21/12 UPDATE – they have now negotiated a deal)

I’m thinking we may see the stock market push down this week, which could push mortgage rates lower from their recent move up.  

I recommend customers serious about getting a mortgage being ready to lock on short notice this week.   

Below are rates available today paying a point or less:

30 year fixed: 3.875% paying .99 points, 4.125% paying 0 points

20 year fixed: 3.625% paying .95 points, 4% paying 0 points

15 year fixed: 3.125% paying .94 points, 3.375% paying 0 points

5/1 ARM: 2.75% paying .85 points, 3.125% paying 0 points

7/1 ARM: 3% paying .71 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4% paying 1 point, 4.375% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 3% paying .82 points, 3.25% paying 0 points

30 year fixed VA: 3.75% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  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, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  No appraisal refinances, and Jumbo Mortgages.

MORTGAGE RATES SLOWLY RISING FROM RECORD LOWS  /  COULD PUSH LOWER THIS WEEK.

30 YEAR FIXED AT 3.75% / WHAT DOES THE U.S. 25 BILLION BANK SETTLEMENT MEAN TO ME?

TODAY’S MORTGAGE RATES: 

February 13th, 2012

The MBS Market closed last week trading down (- 31 bps).   Mortgage rates haven’t seen much positive momentum since they hit their all time lows 2 weeks ago.  Pricing has slowly risen since then, as is typical when a very low rate/pricing is reached. The lowest rate pricing usually only lasts for a couple of days.  Rate shoppers and borrowers not ready to lock quickly will usually miss locking in at the best pricing. 

This is another week that should be relatively calm.

Below are rates available today paying a point or less:

30 year fixed: 3.75% paying .95 points, 4% paying 0 points

20 year fixed: 3.5% paying 1 point, 3.875% paying 0 points

15 year fixed: 3% paying .89 points, 3.375% paying 0 points

5/1 ARM: 2.625% paying 1 point, 3.125% paying 0 points

7/1 ARM: 3% paying .71 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4% paying .78 points, 4.25% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.875% paying .61 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points


THE U.S. 25 BILLION BANK SETTLEMENT – WHAT DOES IT MEAN FOR ME?

Last week, The US and 5 major US banks reached a 25 billion settlement meant to help homeowners who are delinquent or pose a threat to go delinquent.  The deal is the result of the major banks settling to help make right some illegal/unethical processes that took place in many loans written during the boom. 

So who will this settlement help?

The reality is that the 25 billion dollar settlement will help very few homeowners.  There are an estimated 11 million homeowners in the country that are upside down on their mortgage and another 6 million currently behind on their payment or facing foreclosure.  The Obama administration estimates this could help 1 million homeowners.  I remain skeptical, especially with the multitude of other failed bills meant to help the housing market.

Here is how it works – the Major Banks:

  • BANK OF AMERICA
  • WELLS FARGO
  • CITI GROUP
  • CHASE
  • ALLY FINANCIAL (FORMERLY GMAC)

Will put money aside to help delinquent or risk to go delinquent borrowers lower their payments, possibly reduce their principal, and get into payment plans to help customers become current on their delinquent mortgage.

The only borrowers eligible will be serviced by the above 5 banks.  If you are not, you are not eligible.  You are also not eligible if you are currently in a FANNIE MAE or FREDDIE MAC backed mortgage – the government agencies that back the majority of the mortgage in the country.

In all likelihood, the plan will not actually start for another 10-12 months. Eligible homeowners will be contacted by their servicer. 

So in conclusion – you will most likely not be eligible unless:

1.)     You are substantially upside down.  I talk to homeowners all the time that want to take advantage of government programs but have equity in their home and also have good credit and income.  If you could qualify for a refinance, you are not likely to ever qualify for these programs.

2.)    You are currently late or in danger of going late – typically homeowners that are upside down.

3.)    You current loan is with Bank of America, Wells Fargo, GMAC (Ally), Citigroup, or Chase.

4.)    Your loan is NOT backed by Fannie Mae or Freddie Mac.

5.)     This settlement will likely only apply to 1st Mortgages – not to 1st and 2nd’s if you have 2 mortgages. 

A small portion of American homeowners will benefit from this settlement, but the vast majority will have to go by existing refinance guidelines to change their current loan.

 

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  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, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

30 Year Fixed at 3.75% / What does the U.S. 25 billion bank settlement mean to me?

HARP 2.0 – UPDATED GUIDELINES MEANT TO HELP MORE HOME OWNERS:

HARP 2.0

November 17th, 2011

HARP 2.0 is now only two weeks away.  The new guidelines were released this week and below are the MAIN changes. 

REMINDER:  A HARP loan is a product that allows homeowners backed by a Fannie Mae or Freddie Mac loan the ability to refinance their loan at up to 125% of the value with no mortgage insurance as long as they don’t have it currently.  The original loan must have been delivered to Fannie Mae or Freddie Mac by May of 2009. 

HARP 2.0:

1.)  Starts with applications dated December 1st or later.

2.)  The biggest change – removing the 125% barrier for fixed loans.  There is an unlimited LTV for fixed loans and a max 105% LTV for ARM loans and loans with terms over 30 years.

3.)  Another biggie – eliminates the need for an appraisal or automated valuation model to complete the loan.

4.)  Allows 1 30 day late in the past 12 months – as long as it is not within the most recent 6 months.

5.)  Before, you had to have the same occupancy as when you took out the original loan.  This has now been lifted.  For example, you could not complete a HARP loan on an original primary residence that is now a rental.  Now you can.

6.)  Fannie Mae is removing the waiting periods for short sales and foreclosures for this product.

What do you think of these changes?  The first version of HARP did not help nearly as many people as projected – Will these new changes be more effective in helping homeowners with little to no equity improve their rate and stay in their home?

HARP 2.0, Update Harp, New Harp Guidelines, Changes to Harp, Fannie Mae, Freddie Mac, Unlimited LTV, Loan to value, DU Refi Plus, Foreclosure relief, Mortgage insurance, equity, underwater, upside down, home values, December 2011, President Barack Obama, HARP 2.0

HARP 2.0 – UPDATED GUIDELINES

 

MORTGAGE RATES IMPROVE AGAIN

MORTGAGE RATES IMPROVE:

November 7th, 2011

The bond market closed last week selling +116 bps up, pushing mortgage pricing and rates down for the second consecutive week. Even though October was a great month for stocks and a bad month for interest rates, the past couple weeks have seen rates improve. The US economy continues to show signs of improvement, but the weight on the market is the continuing European debt crisis. Many investors are still seeking the security of US treasuries, which is helping keep interest rates low at the present time.

The FED met last week and is taking a wait and see approach. They are not taking action at the present time and letting the market takes it’s course.

Currently rates are very close to the historic lows we saw in August 2011. This week is shaping up to be a relatively quiet week with a lack of significant financial data coming into the market. Of course with the happenings in Europe, things can change very quickly if new information comes out to stir up the market.

I am really encouraging borrowers to seriously look at ARM loans right now. 5/1 and 7/1 ARMs are pricing very good right now, and if you plan on selling in 5 or 7 years, these are great products that allow you to get the best rate/payment available on the market.

Below are rates available paying a point or less:

30 year fixed: 4% paying .83 points, 4.25% paying 0 points

20 year fixed: 3.75% paying 1 point, 4% paying 0 points

15 year fixed: 3.375% paying .63 points, 3.625% paying 0 points

5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points

7/1 ARM: 2.875% paying .69 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4.375% paying .75 points, 4.75% paying 0 points

30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Mortgage Rates Improve Again – November 7th, 2011

TODAY’S MORTGAGE RATES:

TODAY’S MORTGAGE RATES

October 17th, 2011

Last week saw a continuation of the stock market rally from the week before. Stocks were trading higher, increasing the flow of investments from bonds to stocks. The bond market closed -75 bps down – which should have pushed rates a little bit higher. Even so, most rates have stayed the same. Of the 10 business days in October – the bond market has closed down 9 of them.

As of the writing of this email on Monday morning, the stock market is trading down over 100 points – and the bond market is trading up + 42 bps. This should help regain some of the losses from last week. This week should be another volatile week as many companies will be reporting their 3rd quarter earnings.

Below are rates available paying a point or less:

30 year fixed: 4.25% paying .5 points, 4.375% paying 0 points

20 year fixed: 3.875% paying .9 points, 4.25% paying 0 points

15 year fixed: 3.5% paying .74 points, 3.875% paying 0 points

5/1 ARM: 2.75% paying .7 points; 3.5% paying 0 points

7/1 ARM: 3.125% paying .69 points, 4% paying 0 points

30 year fixed High Balance Loan: 4.5% paying .8 points, 4.875% paying 0 points

30 year fixed FHA: 3.75% paying .3 points, 3.875% paying 0 points

15 year fixed FHA: 3.375% paying .7 points, 3.75% paying 0 points

30 year fixed VA: 3.75% paying .2 points, 3.875% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Today’s Mortgage Rates

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

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.