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Global Boiling: The Mortgage Climate in 2008
from:There’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.
Lowest Mortgage Rate Specific links
Lowest Mortgage Rate News
Mortgage rates hit record low of 3.78% - San Francisco Chronicle
 OregonLive.com | Mortgage rates hit record low of 3.78% San Francisco Chronicle US mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended Thursday from 3.79 ... Mortgage rate hits new low Mortgage rates hit new low US 30-year mortgage rate falls to record 3.78 pct. |
Record-low mortgage rates spur refinancing - The Hill (blog)
 New Zealand Herald | Record-low mortgage rates spur refinancing The Hill (blog) By Vicki Needham - 05/23/12 09:48 AM ET Record-low mortgage rates spurred the third straight increase in refinance applications last week as the housing finance market starts to rebound. Overall, mortgage applications increased 3.8 percent for the week ... MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... Mortgage Rates: Low Mortgage Rates Push Existing Home Sales Higher Mortgage rates fall to record low for third straight week |
Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales - FreeRateUpdate.com
 e-wisdom.com | Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales FreeRateUpdate.com Current low mortgage rates remain stable and have helped spark an increase of 3.3% in new home sales for the month of April, according to the Commerce Department and the Department of Housing and Urban Development. This is 9.9% above the estimates for ... Mortgage rates drop to new record lows, mortgage activity jumps Mortgage Rates Drop to New Record Low Mortgage rates slide to record lows |
Coquitlam couple wins lowest mortgage rate in the country - The Tri-City News
Coquitlam couple wins lowest mortgage rate in the country The Tri-City News By Contributed - The Tri-City News A Coquitlam family is amazed after winning the Community Savings Credit Union 1% Mortgage Giveaway. Jasbir Bhullar and his wife Baldish were awarded the prize, currently the lowest mortgage rate in Canada, ... |
Mortgage rates fall to another record low - USA TODAY
 USA TODAY | Mortgage rates fall to another record low USA TODAY WASHINGTON (AP) – Average rates for 30-year and 15-year fixed mortgages fell to record lows for a third straight week. Mortgage rates fell to another new low this week, making houses more affordable for those who qualify for loans. Mortgage Rates: Low Mortgage Rates Decrease Again to New Record Lows 3rd week of record low mortgage rates US 30-Year Mortgage Rate Falls to Record 3.79 Pct. |