Latest Mortgage Rates News
Our mortage services extend beyond the obvious. For example, we recently helped a client to substantially reduce his property taxes because the property he bought in 2009 is now worth approximately half of the assessed value for the previous owner.
This client of ours actually saved almost $1,400 on his property taxes. He bought a foreclosure property two years ago for $260,000 which we advertised in our mortgage rates news column. This was still being taxed on the previous owner’s tax assessment value of $500,000, so we contacted the county assessor’s office in Salem on his behalf.
We completed the county tax appeals form, having compiled a list of similar properties that had sold around the same time that our client bought his, in similar locations. It took eight months for the assessors to give an appeal date, but eventually he won, and his yearly property taxes dropped by nearly $1,400. And the icing of the cake is that our client is now being refunded two years back tax over-payments on his property.
If you feel that the value of your property is less than it should be according to the property tax assessor, then contact us to discuss how we can help you to reduce your yearly property tax bill.
Mortgage Rates News reports on The President’s New Initiative for Helping Home-Owners to Refinance Their Properties
Obama unveiled a new program designed to help home-owners who are struggling financially to refinance their properties.
If you wish to take advantage of this scheme then you need to conform to the following guidlines in this mortgage rates news report:
a) Mortgage Rates News Point 1. The mortgage must be guaranteed or owned by Freddie Mac or Fannie Mae, commonly known as a conventional mortage. VA, FHA and USDA (Rural Development) loans don’t apply.
b) Mortgage Rates News Point 2. The mortgage must have been bought by Fannie Mae or Freddie Mac prior to the 1st June 2009. Anyone who purchased their property after the 31st May 2009 will not be eligible for refinance under this scheme.
c) Mortgage Rates News Point 4. The mortgage must not have been refinanced previously under HARP unless that was through Fanny Mae between March and May 2009.
d) Mortgage Rates News Point 5. The current LTV (loan to value) ratio has to be greater than eighty percent. In other words, you must owe more than eighty percent of the current value of your property.
e) Mortgage Rates News Point 6. This is the sticky part, especially for those who really need to re-finance: The borrower must be up to date with their mortgage payments, having had no failed or late payments during the previous six months and no more than one late payement in the previous year.
It is necessary to meet all of the requirements above if you wish to take advantage of this initiative.
For those who are in a worse financial situation then there are other methods we can adopt to enable you to reduce your mortgage payements, so please give us a call at mortgage rates news (phone number on the contact page) to see how we can help you.
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If you think that the world economic crisis doesn’t effect you, Mortgage Rates News has news for you.
The USA Credit Downgrade and how it effects you:
The recent USA Credit Downgrade has caused a lot of panic recently and Wall Street has taken another nose-dive. President Obama has appeared frequently on many TV shows explaining his reasons, though to put is all in perspective, here are some real life examples of how we are actually effected.
Put it this way, if you have a low credit rating then it costs you more to borrow money. This is because you are considered by lenders to be a high risk. The same goes for the country. The USA’s credit score aslo fluctuates according to various companies, which in this case has been downgraded. Consequently it becomes more expensive for the country to borrow money, though actually at this time interest rates are extremely low.
If our credit score is going down then interest rates will rise, and so it follows that countries who lend to other countries also raise their interest rates when they suspect that the debts cannot be repaid.
However at the moment interest rates are very low, – actually below 5%, so if you are thinking of refinancing your mortgage, now is the time!
Another example of how we are effected by the country’s economy is oil prices and the cost of gasoline. Oil Futures have depreciated because investors are afraid to risk putting money into the market in the current economic climate, and are more likey to invest in precious metals, gold and silver etc. The knock-on effect is that gas prices go down too.
It pays to keep your eye on world events. Now is a great time to refinance your mortgage! Keep an eye on our mortgage rates news page for the latest trends in property finance.
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Though home prices are low at present, recent mortgage rates news indicates that prices for new home builds are set to increase in 2012. The market appears to be stabilizing at present and actually improving in some areas. The National Association of Home Builders (NAHB) reports in the Strong Homebuilder Confidence Survey, that new home builds rose to a six month high in October, rising to 307,000 new homes.
Building on demand rather than speculating, leaving empty properties with no owners has helped to keep prices stable, and over eighty percent of new builds have been in the price bracket below $300,000. Mortgage rates news keeps it’s finger on the property market pulse.
Though these figures may not be accurate, the Census Beaureau reports the North East region at 0% from September 2011, the Mid-West region +22%, the Southern region -9.5% and the West -14.9%, all since September 2011. The October new sales report shows an increase of 1.3% over the previous month, though the margin of error as published by the governemtn can be plus or minus 19.7%.
Since the Census Beaureau declared zero confidence according to these figures, we, as home-owners, must take our information from other sources rather than to the official published data. Housing Starts data and the Homebuilder Confidence Survey are a much more realistic source, and these indicate an upturn, strengthening the potential market as we approach 2012.
So if you are in the market for a new build, now is the time to think seriously about it while interest rates are low and the cost of a new home is very affordable.
Give us a call for further information on new builds, mortgages for new homes, mortgage refinance etc. and other mortgage rates news and information.
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