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Tag: Federal Housing Administration

Photo credit: http://www.sabinabecker.com

Photo credit: http://www.sabinabecker.com

With rates for 30-year mortgages hovering below 4 percent since last October, all kinds of homeowners are trying to get their monthly mortgages reduced, say lenders and mortgage experts.

Along with months of record-breaking low interest rates, other factors are driving the refinancing boom: a competitive lending market and changes in some federal refinancing programs for struggling homeowners.  It’s prompted many established homeowners with old-school, high-interest mortgages to decide it’s time to refi.

  • To determine whether you should refinance, look at how long you plan to be in your current home and whether the upfront costs outweigh the monthly savings.  Generally the primary reasons for refinancing a mortgage are to:
    • Lower monthly mortgage payments.
    • Eliminate the unpredictability of an adjustable-rate mortgage by switching to a fixed rate.
    • Free up home equity cash for home improvements, college costs or other expenses.
    • Shorten the loan term, say from a 30- to a 15-year mortgage, which can save thousands in interest payments.
  • It pays to compare quotes from several lenders because they offer different rates and fees. Start with your current lender or sit down with a local loan originator. You can also do refinance comparisons online, using mortgage calculators at sites like Bankrate.com or those of individual banks and lenders.
  • If you’re a struggling homeowner, ask your lender about changes in the federal Home Affordable Refinance Program and FHA refinance programs that have made refinancing options more plentiful.

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For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

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Daily Real Estate News | Thursday, June 28, 2012

The number of home owners with severely delinquent mortgages — 90-plus days past due or in foreclosure — fell 37 percent in May compared to its peak in January 2010, according to a new report out by Equifax. Seventy percent of those delinquencies are loans opened between 2005 through 2007, Equifax notes in its May National Consumer Credit Trends Report.

“That severe mortgage delinquencies are trending downward is not surprising given generally improving economic conditions,” says Amy Crew Cutts, Equifax chief economist. “What is surprising is that even with the foreclosure moratoriums and the slow resolution of foreclosure backlogs, the downward trend has been a steady, consistent drumbeat of recovery. If this pace continues, we expect the volume of severely delinquent mortgage balances to return to mid-2007 levels by the end of 2014.”

According to the report, severely delinquent non-agency loans have seen the largest drops. Non-agency severely delinquent loans fell 45 percent in May to $320 million compared to its peak in January 2010 of $580 million. Meanwhile, agency-sourced mortgages — those that are backed by Fannie Mae, Freddie Mac, the Federal Housing Administration, and Veterans Administration — declined 9 percent in May to $130 billion compared to its peak in January 2010 of $142 billion.

The report also showed that mortgage write-offs have dropped 28 percent in May from their peak in 2010. Also, home mortgage balances have fallen 12.5 percent to $8.6 trillion compared to its record-setting $9.8 trillion reached in October 2008.

Source: Equifax

For all your real estate needs
Email or call today:

John J. O’Dell Realtor® GRI
Civil Engineer
General Contractor
(530) 263-1091
Email jodell@nevadacounty.com

DRE#00669941

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