Welcome to Mortgage Guide
Mortgage Information Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Global Boiling: The Mortgage Climate in 2008
from: Mortage & Debt FactsThere’s no doubt that all the mortgage business that bubbled up in years past has now reached a boiling point. The number of adjustable rate mortgages that were sold in the last few years in the United States are now set to readjust, with a total of 370 billion’s worth of loans resetting in 2008. Places like London and Australia are also seeing a quick drop in prices and a rise in inventory from foreclosures. Hopefully, many of these loans will have already been refinanced to fixed rates, but there are new factors on the market that can affect your ability to refinance. Here’s how to figure out where you stand compared to the global forces at work.
The Local Realty Weather
If you happen to live in California or Florida, you will by now understand that it is a buyer’s market of immense proportions. So many people defaulted on their mortgage loans that the inventory of homes may take many months to clear. This has caused prices to drop substantially, and if you bought during high tide, by now your home may be less worth than what you paid for it. Refinancing may also be difficult for the same reason: negative equity. Not all realty markets are soft. In North Carolina, markets have not dropped as much as other places in the United States. This is because the market was not over-priced to begin with and gains on real estate property had been modest over the years. So, figure out where you are and how your local market is doing to understand exactly how the global climate is going to affect your mortgage options and your potential equity. If find you are in an upside-down position on your equity, you still want to be as proactive as you can to figure out how you can resolve this mortgage crisis, especially when it becomes personal.
Create More Sustainable Living Options
Now, you will need to approach your lender to figure out if you can renegotiate your mortgage terms. You will have to cut back on any additional expenses that might cut into your ability to make the mortgage payment. Understand that buying time is just as important as getting a clear-cut resolution. The odds of the market recovering are good and only a matter of time, so any little that you do will help you to recover in the long run.
Find ways to negotiate the following your lender if you are in trouble:
• Lowering your interest rate,
• Increasing the loan term,
• Skipping payments to allow you to catch up,
• Converting it to a fixed rate,
• Doing a short sale,
• Investigate special options for HUD and VA loans.
Mortgage Information Specific links
Mortgage Information News
Obama Administration Looks For Mortgage Misconduct Tipsters - Wall Street Journal
Obama Administration Looks For Mortgage Misconduct Tipsters Wall Street Journal The Justice Department on Thursday announced the launch of a website (www.stopfraud.gov/rmbs.html) that seeks information from people who worked in the mortgage-backed securities industry before the foreclosure crisis and saw wrongdoing. |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 Eastern Morning Herald | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online ... MBA Mortgage Applications Increase 3.8% from Last Week |
Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... - MarketWatch (press release)
Despite Home Value Gains, Underwater Homeowners Owe $1.2 Trillion More than ... MarketWatch (press release) Loan data are provided by TransUnion®, a global leader in credit and information management. This is the only report that uses current outstanding loan balances on all mortgages when calculating negative equity. Other reports estimate current ... |
Whistleblowers wanted for mortgage fraud probe - Politico (blog)
Whistleblowers wanted for mortgage fraud probe Politico (blog) By DARREN SAMUELSOHN | President Obama's task forcing probing mortgage fraud is offering "substantial financial help" to whistleblowers who help them find the bad guys. "We are particularly interested in information from corporate insiders – that is, ... |
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% - Bloomberg
 WRAL.com | Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% Bloomberg “Low mortgage rates are playing an increasingly important support for the housing market,” said Keith Gumbinger, vice president of HSH.com, a mortgage-information website based in Pompton Plains, New Jersey. Low borrowing costs are encouraging ... US 30-year mortgage rate falls to record 3.78 pct. Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance Freddie Mac Announces $1 Billion Reopening Of 1.00% Five-Year Reference Notes ... |