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.
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!
Sales of new single family houses in August 2014 were at a seasonally adjusted annual rate of 504,000, up from July’s printing of 427,000, the fastest rate in six years and the biggest monthly jump since January 1992.
The biggest gains and by far the reason for the big increase were new home sales in the West, one of the two largest housing markets, along with the South.
New home sales in the West were up 50% over July.
The South saw an 8% increase. The South is by far the largest region for new home sales, outdistancing all other regions combined.
The median sales price of new houses sold in August 2014 was $275,600; the average sales price was $347,900.
Wealthy home buyers are paying lower average rates on high dollar loans, and in some cases, they don’t even have to worry about a large down payment or mortgage insurance.
For months, lenders of jumbo mortgages have been charging interest rates that are lower than what average borrowers pay. Jumbo loans are mortgages that above $417,000 or $625,000 or more in high-priced markets.
Many lenders also have requiring as little as 10 percent, which is about half the normal rate, waiving the private mortgage insurance, and even lowered their credit standards for jumbo loan originations.
Luxury homes are selling faster than last year, according to data through July from Realtor.com. The median age of listings ranged from 80 days for homes listed at $1 million or more.