Lowest Mortgage Rates in History

Rates on 30-year fixed-rate mortgages dropped below 4 percent this week for the first time in history amid increasing global economic concerns,Freddie Mac said in releasing its Primary Mortgage Market Survey.

A separate survey by the Mortgage Bankers Association suggested many homeowners and would-be homeowners are unwilling or unable to take advantage of record low rates,with demand for refinancings and purchase loans both falling last week. Inman news reports that we have now surpassed the lowest of the low.

Fannie Mae economists are projecting that mortgage rates will stay well below 5 percent through 2013,and that demand for purchase loans will more than double in the next two years. Freddie Mac’s survey showed rates on 30-year fixed-rate mortgages averaged 3.94 percent with an average 0.8 point for the week ending Oct. 6,down from 4.01 percent last week and a 2011 high of 5.05 percent in February. Rates on 30-year fixed-rate mortgages have never been lower in Freddie Mac records dating to 1971.

Short Sale

Short Sale, Short Sale, Short Sale. Heard it enough? Plenty more to come! 2012 should set the record as many people rush to beat the deadline for tax forgiveness. The MTDFRA ( Mortgage Tax Debt Foregiveness Relief Act) and many state counterparts will expire at the end of 2012. That means that if the transaction closes after that date the homeowner will need to pay taxes on the amount forgiven. See my previous blog on this subject.

Many Banks have taken 3 years to get to the point where they can now process short sales in an efficient and timely manner. At the beginning it was a nightmare. We (agents) would have to fax in a 60 page files multiple times because the banks “couldn’t locate” the files. We would have to call in 30 times just to get a hold of a clerical who didn’t know the answers to anything!

But….now the time is right. The banks have streamlined the process and now have dedicated departments to assist Realtors and customers. We can now get a short sale done in as little as 5 weeks. However, keep in mind you should allow 90 days at a minimm in case there are “issues”.

If you are having any issues with your mortgage, get help now.

The mortgage companies are truly prepared to assist with many options and the government now has programs in place to help, too, such as the HAFA short sale program .

The process is now very smooth. There is little pain and the effect on credit has been minimal. But…you do have to move out of the house if you chose the short sale.

We’ve come a long way in helping the many, many Americans in need. GET ALL THE ANSWERS!

Please visit my website at ShortSaledignity for a free Fighting Foreclosure guide

Feel free to comment!

And…by the way….If you are having even the slightest hint of mortgage problems,go get my free book, Fighting Foreclosure.

I am a Certified Residential Specialist serving all of San Diego County in Southern California. Please contact me if you have any real estate questions at all. I can refer you to a Certified Residential Specialist and a short sale expert in your area.

ABR

Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.

When you look for an ABR® before you look for a home, you’ll be served, not sold. Your interests become their interests. And you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of home buyers.

The ABR® Designation is awarded through the Real Estate Buyer’s Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).

If you are in San Diego, I work with buyers throughout the county. Call me at 619.985.6528. If you are anywhere else, call me and I will refer you to an incredible ABR in your area. (or just email if you prefer).

And…if you are behind on your mortgage payments, go to ShortSaleDignity.com