ARE WE ON THE RIGHT TRACK?

ARE WE ON THE RIGHT TRACK?

foreclosure-montageEight national banks,  Bank of America, JPMorgan Chase, Citibank, HSBC, OneWest Bank, PNC, U.S. Bank, and Wells Fargo  saw the performance of their first-lien mortgages improved in the fourth quarter of 2014, while the delinquency rate on those mortgages and the foreclosure activity continued to decline, according to a quarterly report on mortgage performance by the Office of the Comptroller of the Currency (OCC) released Friday.

The mortgages covered in the report comprised about 45 percent of all outstanding residential mortgages in the United States – about 23.1 million mortgages with principal balances totaling about $3.9 trillion as of December 31, 2014.

Foreclosure inventory dropped by 39.7 percent year-over-year in Q4 down to 315,022, and Home retention actions, which included modifications, trial period plans, and shorter-term payment plans, totaled 195,577 in Q4, a decline of 19.5 percent year over year.

What do you think…

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Mortgage Rates plummeted today after Fed’s announcement

While the average improvement of 0.10% might not look like much at face value, it’s the biggest Finding-a-refinance-rate-for-your-homeone-day drop we’ve had in 2015, and in a league with very few other players historically.

With today’s improvement, the most prevalently-quoted conventional 30yr fixed loan for top tier borrowers falls back to 3.75%.   Some lenders will remain at 3.875% today, but many feel that  those lenders held back from passing on the full effect of the market movement not an uncommon occurrence after a volatile swing like today’s.

Negative Equity continues being a Serious Concern Despite Year Over Year Decline!

Negative Equity continues being a Serious Concern Despite Year Over Year Decline!

HARP-Refinance

While the percentage of homes in the United States with negative equity has declined substantially since the fourth quarter of 2013, they experienced a slight increase quarter-over-quarter in Q4 2014, according to CoreLogic‘s Q4 2014 Equity Report released last Tuesday.

CoreLogic reported that 10.8 percent of all residential homes were underwater in Q4, this is about 5.4 million properties approximately, which was down from 13.3 percent  in the same quarter a year earlier. The Q4 total was up slightly from the 10.3 percent that was reported for Q3 2014 – an increase of 3.3 percent.

Despite the year-over-year decline in the percentage of underwater residential properties, negative equity remains a serious issue, according to Anand Nallathambi, president and CEO of CoreLogic. For the full year of 2014, 1.2 million borrowers regained equity – but nearly five and a half million properties remained in negative equity as of the end of the year after approximately 172,000 homes slipped into negative equity from the third quarter to the fourth quarter in 2014.

Approximately 10 million of the nearly 50 million residential properties with a mortgage in the United States, which is about 20 percent of these properties have less than 20 percent equity, a condition known as under-equitied.

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Tienes un Préstamo HELOC? Informate!

Presta Atención si tienes un Préstamo HELOC a punto de reajustarse! Informarte de como puedes balancear esta linea de crédito HELOC para que no te afecte drásticamente en tus finanzas. Hay opciones y alternativas que puedes aplicar aun si tu balance hipotecario es superior al valor actual de tu propiedad!

Como siempre analiza tus finanzas, mantente informado de los opciones y programas que más te benefician y no te olvides de buscar ayuda professional. Preguntas??? Llámame 714-963-7462.  Sandy Flores…Liderando el camino a tu Casa Propia! www.sandyflores.com Sígueme en Twitter @SandyFloresRE

Save on your Mortgage NOW!

HELOCs the next thing home credit product? Mortgage rates are historically low, and many owners have the opportunity to take advantage, but not all owners pay close attention to these numbers.  

You have the opportunity to investigate the possibility of refinancing through HARP or stream line if your loan is FHA to take advantage of the historic rates.  

You can analyze  what financial options give you the best interest rate and  most convenient terms according to your personal situation, and you do this by comparing these rates from various financial institutions through the Good Faith Estimate. This simple action prompts banks to be more competitive and offer rates lower while they. 

Mortgage rates are closely linked to the action of the Federal Reserve – Fed and the economy, so it’s important that you analyze your financial situation to see if you could take advantage of the today historic rates, before they take off.     

Let me explain with numbers in this example:

Balance of   mortgage:  $ 200,000 –

§  Interest @6.5% Monthly Payment 1,440.                                           

§  Interest @3.75% Monthly Payment $ 1,014.                                           

§  Total Savings Monthly $ 426.                                                          

§  Total Savings Per Year $5,112.

§  30 Years Total Savings  $153.360.

Check your mortgage payments,  interest rate,  balance and the pending term of the life on your loan, so you can determine if refinancing is best for you. The Government Program HARP that does not require evaluation of the value of the property, conventional and FHA  Streamline Refinance are great choices to consider allowing substantial savings.

Don’t Miss It Out!

 

 

Fannie Mae sets new rates effective October 14

Fannie Mae sets new rates effective October 14

Fannie Mae is set to raise the benchmark interest rate for its Standard Modification program. Fannie Mae will raise its required interest rate for standard modifications from 4.375% to 4.5%.  The rate was lowered from 4.5% to 4.375% on Sept. 15, but will now rise again in one week. Fannie Mae announced the change on Tuesday in an email sent to its servicers.

When the program began in Jan. 2012, Fannie’s benchmark interest rate was 4.625%. Fannie lowered the interest rate to 4.25% in Sept. 2012, before dropping it to 4% on Dec. 1, 2012.

“Fannie Mae Standard Modification interest rate is not determined on a preset schedule,” Fannie said in the note to its servicers. “The interest rate is subject to periodic adjustments based on an evaluation of prevailing market conditions.”

Fannie also noted that any loan modification requests that were approved at the previous rate are not eligible to be resubmitted for approval under the new modification rule

NOW is the time…Rates don’t wait!

If you have higher mortgage payments, now is the time to change it!  In recent years we have seen many changes in our national economy. We have seen cuts in interest rates given by the Federal Reserve cuts not seen for many years. imagesCA68GG1H

One situation that influenced home foreclosures for many homeowners were the high interest rates they were granted. These mortgage loans  were presented for a large number of months as a fixed payments and later converted into variable rates, causing a drastic financial instability in many homeowners facing now a new higher mortgage payment.

The HARP Refinance Program gives the Homeowners that have not been behind in the last 12 months, and can prove income under the new conditions and repayment capacity; the opportunity to refinance with low current interest rates. This means that you can refinance even if the actual mortgage balance is higher than the value of your property on the market today.  The HARP and FHA programs are the only programs that allow you to refinance under these terms.

Compare and discuss your options and determine if refinancing NOW is financially right for you. The essence of refinancing is to find the best fit and financial balance  for you and your family. Remember, an informed decision is the best guarantee!

Home sales show encouraging stats

Home sales show encouraging stats

Existing home sales, excluding distressed sales, are the most encouraging stats at the moment. These, according to Trulia and the National Association of Realtors, were 80 percent back to normal in August.

home-salesTrulia’s Bubble Watch also showed that prices were 3.4 percent undervalued in the third quarter, which is a marked improvement over the 13.5 percent undervaluation at the worst of the housing bust. That means prices are three-fourths of the way back to normal.

Delinquency and foreclosure rates also were much improved. According to Trulia and Black Knight, the national delinquency and foreclosure rate was 74 percent back to normal in August, the same as one quarter ago and up from 56 percent one year ago. The decline in defaults and foreclosures has helped stabilize the financial system and hard-hit neighborhoods.

Your Home: Modern or Traditional?

Your Home: Modern or Traditional?

fantastic-modest-white-color-scheme-living-roomNothing is extra comfortable than coming back to our homes, full of heat and love after taking care of  stack of issues at work.

Decorating or redesigning our homes should not be thought as an expensive or complicated activity.

We have to make sure that the design Open Plan Livingwe choose will be sophisticated rather than unnecessary. Color, style and balance are not a neutral sort of thing. It affects us and how we see our surroundings.

The usage of appropriate color scheme and fabrics to emphasize and provide light for the rooms in our home play a very important role.     Balance is the most important part of home decorating, and it applies to colors as Luxury Home Kitchen.well. They have the power to affect        how we perceive things.

Room colors can influence our mood and our thoughts. Colors affect people in many ways, depending upon one’s age, gender, ethnic background or local climate. So when it comes to decorating, it is important to choose wisely.

You do not have to worry too much about trends, as they come and go. Make your home beautiful by choosing Colors and styles that reflect your personality.  Have fun!

Mortgage Rates slightly higher

Mortgage Rates slightly higher

Finding-a-refinance-rate-for-your-homeMortgage rates are higher today, leaving September as one of only 3 months this year with noticeable upward movement.

And today was an exception to that recent trend, but it’s tempered by the fact that yesterday’s gains were the best of the month.

The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today.

These movement considerations may be small scale compared to what lies ahead.  Several big tickets events are coming up in the second half of this week and they stand a good chance to increase the level of volatility.