Whose fault is it that you didn’t get your home loan

 

As I write this on a Saturday morning inspired by the phone call I got last night by someone that lost the house she wanted because after the 3^rd extension to close the seller cancelled the contract.  Then on Thursday I had a preliminary interview with someone that I had to tell them I don’t think that I can do the loan for you due to various reasons.  But she seemed a little irate with me because so and so told her they could.  Obviously I told her she should just let so and so do her loan and no point on trying to shop the rate just be glad you can get the loan in today’s market, since things have changed.

 

I have been on both sides the fence, what I mean by that is I have been the loan officer doing the loan as well as the Realtor with  the transaction whose client is getting the loan, and I can tell you sometimes it’s the loan officer’s fault that you did not get your home loan probably more than you know, I know they said it was the underwriters fault but that may not be the case.    So this going to be a two part on what may have happened and does happen and what you should expect from your loan officer as well as your Real Estate agent.

 

I myself have never had a loan go bad or go south or that I could not close after starting the process due to the simple fact that I made sure I knew what the guidelines were as well as never over promising on something that I was not sure that I can deliver.  But the reality is just like anything there are loan officers that will promise the world just to get the business.  There are loan officers that will issue Pre-approval letters to Real Estate agents when the loan officer and the Real Estate Agent are not even sure if the client will even be able to get the loan.  They just have the mentality of we will cross that bridge when we come to it.   So loan officers do “approve” people even if they are not really approved IT DOES NOT MATTER IF THEY ARE A DIRECT LENDER OR A BROKER,  I have seen approvals from both and wondered,,,how?????  As expected the deals never did close, because the wicked underwriter would not clear this condition or added on more conditions to the loan.

 

Sorry to say that there are Real Estate agents that demand that there clients get “approved”, or they will stop sending that loan officer any clients and they will make sure everyone in their office does the same. So they black mail the loan officer for the preapprovals so they can submit offers, both of these individuals do nothing but a disservice to everyone.  There will always be unsavory people in any industry but due to the fact that so many individuals in the last 3-5 yrs got in the business there are more now than ever now, and until the requirements become more difficult to become a Real Estate agent to lessen the amount of unsavory people that enter the business it will have to be something that you will just have to keep in mind.

 

Okay I am not going to say that there are not underwrtters out there that are not cooperative and put conditions on loans that just make you think  “what world is this person from “ I have seen some crazy stuff myself and have had to appeal those conditions,  but in the end it did get closed.

 

So what should you expect from a loan officer and know whether you are just being put in a situation that will result in nothing but a roller coast ride for you, because someone has hopes on cashing in on a possible commission whether it be your loan officer or Real Estate agent.

 

So look out later this week on what to expect from your loan officer and your Real Estate Agent

 

Gene Perez

805-448-7101

DRE # 01321588

 

Whether you are a first time home buyer or a veteran home buyer I have helped many clients with ther financial decisions.  Buying a home is still a very big decision for both and in making an important decisions such as buying real estate it is always good to have experience on your side.  I have been in the real estate industry prior to the refi boom before it was the "thing" to do.  And plan on being here for quite some time.  I have had many years in helping families with all of their real estate needs so whether you are buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources and tools you need to make a smart and stress free real estate minded decision.  I can also help in getting the financing for your home or just finding the home you would love to buy.

 

 

Getting a loan modification on your home loan,,, just facts

 

I know that this is going to ruffle some feathers to some reading this.  But I did not make up the numbers regarding the fraud coming from loan modifications they come from the California Department of Real Estate but I can say that it is in line what I have seen and it does seem to be predominant.  There is always an exception to the rule but for the most part when trying to get a loan modification due try to keep a few things in mind.  This will be a two part series first the loan modification scenario and second what you can do.

 

First off foreclosures and short sales are still a common occurrence in here in the Santa Maria Real Estate market and for that matter in many areas of the country.  Many homeowners prior to losing their home will try to get their loan modified.  Most homeowners sad to say do what all the financial experts on the morning and evening televisions shows tell them to do which is call your lender.  Only to find out its not that easy to call your lender you get bounced around from person to the next or put on eternal hold and sometimes you may get someone that is civil and helpful and other times some one that is obviously arrogant and can careless what the situation is that the homeowner is going through.  I remember doing exactly call for the for the client only to hear the recording that my wait time is “480 minutes” , needless to say I did not wait.

 

Many homeowners are confused and rightly so after hearing all the aid that is being offered to them through the Obama home affordable act as well as any other advice that they get from all corners.  The problem with all these government bailout programs or aid to stop foreclosures are voluntary the banks do not have to participate to help you or any other homeowner.  Which sorry to say should have been something that could have been implemented before we gave them all the money so they can stay in business and foreclose on their clients that had home loans with them. 

 

Most homeowners are turning to loan modification companies that they either saw online or received some kind of letter in the mail announcing how they can help or as I am told by many of my Hispanic clients, what they heard on the radio.  What never seems to amaze me is how the advertising on the Spanish radio seems to offer so much more in being able to help someone get a loan modified but the same individuals don’t advertise their services on the English radio nor do I hear the same “type” of help from anyone?    Which is something I point out to the clients seeking loan modifications, to beware of who you are dealing with, (and which has been reported to the DRE.)

 

According to the California Department of Real Estate 9 out of 10 companies offering services to do loan modifications do nothing to help the homeowner get a loan modification.  I have even seen Real Estate agents offer to do loan modifications only on the premise of getting the client to do a short sale after they could not obtain a loan modification.  That is not to say that there are not individuals and companies that are not doing loan modifications and helping, its just that 9 out of  10 do nothing.  Another fact to point out is that the DRE has partnered with the California State Bar and had approximately 800 open cases involving attorneys which you can go to the website of the State Bar since the names of the attorneys are being published. 

 

This is not something that will be going away any time soon but in times of economic turmoil there are always going to be unsavory people taking advantage of others and preying on their weaknesses and needs.   The Santa Maria Real Estate market like many other real estate markets is still recovering and there are still many more homes to hit the foreclosure market, sad truth is that until the unemployment numbers come down recovery is still a long way to come. 

 

Look out for my next blog on tips and advice on how to get your loan modified and tips on what to look for and ask if you plan on working with someone that will help you get your loan modified.

If you have any questions about buying a Santa Maria home for sale or any properties on the Central Coast and need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net

my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  I have been helping my clients for the last 15 years  on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588

 

Foreclosure and Shortsale 

 

 

Today’s market is a double edge sword especially for those areas hit hardest with a great number of foreclosure and where the foreclosure rates have not seemed to let down.  Prices have come down tremendously making it a great time to buy a home but at the cost of many other homeowners losing their homes.  Santa Maria real estate market is not immune to the current foreclosure crisis.

 

The number of Santa Maria foreclosures have seem to have died down in the recent months but I believe that is partly due to a number of factors.  One is the banks are just not releasing the homes that are foreclosed as well as loan modifications that are in the works.  

 

But even though the number of foreclosure have seem to have decreased the majority of homes for sale in Santa Maria and in probably other areas of the country where there was predominance of a considerable amount of building as well as subprime loans, mostly consists of either a foreclosure or a short sale.   Santa Maria real estate market seems to have been the dominant place on the Central Coast for foreclosures, and short sales.  Short sales is another term that has become popular due to the foreclosure crsis.   As I said before most homes for sale in Santa Maria seem to be either a Foreclosure or a Short Sale 80% of the time.

.

 

Most clients just see a home for sale in Santa Maria and want to go look at it or have questions about it with out having any idea of what the difference is between foreclosure or a shortsale. There two real main differences between a foreclosure and a short sale.   In a Short Sale the bank has not taken the home away from the homeowner, and is selling the home that he is upside down on.  The homeowner is seeking permission from the bank to sell the home since he owes more on the home than it is worth.  So basically the home is upside the homeowner may owe 300k but the home is worth now 150k.  The other real main difference is time and it usually takes a considerable amount of time to close a short sale.  The banks do not approve short sales easily nor do they make the process an easy one, it can take months to close a short sale weeks and even months just to get an approval on a short sale.  When a foreclosure hits the market the bank just wants to liquidate the home as soon as possible.   Another factor that may delay the home in a short sale is that the bank may have a loan on the home but is just servicing the loan that is backed by investors so aside from having to deal with the homeowner and the bank there is an invisible party the “investor” that no one really deals with other than the negotiator that bank assigns to the file once a negotiator gets assigned to the file time line does speed up a bit. 

 

 

 

Some times short sales can be a great opportunity for someone that wants to buy a home and although they can require more work and patience you can find some good deals in a short sale and not just foreclosures.  Many times the conditions of the home in a short are left in better shape than foreclosures.  Santa Maria real estate market still has plenty of options for home buyers and choices whether they be short sale, foreclosures, and even just regular listings, call me to show you what is available.

 

Buying or selling a home or property in Santa Maria CA, or a Santa Maria foreclosure, or a property on the Central Coast, my goal is to provide you with resources you need.  DRE 0131588

You can feel confident that he will treat you with respect and dignity and that he is only down the street, a local phone call away not an "800" number if you need help, and have any questions.  His office is located in the OSH shopping center on 1954 S. Broadway, ste. L, Santa Maria, Ca. or you can call him at  805-352-1100  or email him at GenePerez@GMSLoans.net

 

If you are curious as to which homes maybe going into foreclosure there is a website with FREE information.

All you have to do is sign up and and fill out the needed information its easy check it out.  This website is not just for Santa Maria homes or homes on the Central Coast but pretty much anywhere in the country.

 

http://www.lpsasap.com/

 

 

 

Remember I can help you get the financing you need for your home anywhere in the state of California

Please help me out in giving you the information that you may be interested. If there is a topic that you are curious about need more clarification let me know.

Thank you

If you want to search for any homes for sale in Santa Maria or the Central Coast you might want to buy just go to www.GenePerez.net. 

If you have any questions about this article or buying a Santa Maria home for sale or any properties on the Central Coast or need to get a loan in Santa Maria, CA or on the Central Coast as well as other real estate related questions please contact me by sending me an email at: GenePerez@GMSLoans.net

my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  I have been helping my clients for the last 15 years  on the Central Coast, 

Gene Perez,  Ph. 805.448.7101, Fax, 805.352.1109 - DRE 01321588

 

This is a question that I got just the other day

Q:  HI! Happy New Year! How was your Christmas? Mine was busy as usual. Anyways I have a few questions for you. Which source do you think is the most reliable to find current foreclosures? Motivated Real Estate Agents or Brokers,  the court house or those foreclosure list they sell? On to the next question. Do you know of any other sources I can look into?

A: Okay so here is my answer, Part 1 since its going to be a long and lengthy answer. So look out for part 2 later. 

The best way to find foreclosures is going to depend on you for starters on how much time you have to invest as well as how much money you have.   So I am going to give you several ideas on how to find foreclosure properties and the sources in part 2 and you can decide what works best with you.

First question is working with a motivated Real Estate agent or Broker?       

They are pretty much the same a Real Estate agent works for a Broker and the Broker is basically the person responsible for Real Estate agents in a particular office or offices.  Now all things being equal and when dealing with reputable agents this is for the most part how things work.   Now some food for thought.. there is a reason why a motivated Real Estate Agent is a good idea he is motivated!!! He only gets paid if he can find you a house that you like and can negotiate a transaction on your behalf that you will be happy with.  SOMETHING TO THINK ABOUT !!!!! When you call an agent who has his sign on the property REMEMBER HE IS WORKING FOR THE SELLER TO GET THEM THE BEST PRICE AND DEAL. There are usually two agents involved in buying property, the listing agent, and then you have the buyers agent.  There are Real Estate agents that can do a decent job for both parties but when you are dipping on both sides of the transactions and you were originally hired by the seller and you are representing the seller you have a fiduciary responsibility to get him the BEST PRICE AND SCENARIO FOR THE SELLER, its pretty hard to see how its not a conflict of interest. But for all intents and purposes its not considered to be one but imagine going through a divorce and the same attorney is representing the wife and husband,, first of all its not even allowed and I personally believe the same thing should be in real estate as well.   When you hire a buyers agent he is looking after you and has a fiduciary responsibility to see that the terms of the transaction and the details are in your best interest.   If he is a full time agent he has had experience on circumstances to look out for and PLEASE , PLEASE work with someone local, if you ask me about neighborhoods and stuff in Riverside, I WOULD BE USELESS TO YOU.   When it comes to real estate it is best to work with some one that knows the area remember you are not buying a TV!!!  So if you are looking to buy a Santa Maria foreclosure and it’s a Santa Maria home for sale or on the Central Coast home use someone local not from LA and vice versa, hey yes this is where I say use me.

Last but not least and probably the most important thing is working with someone that is reputable not just someone with a business card, and does this on the side for some extra cash, try to find out some info on who you plan on working with.  They do not have to be 20 year vets but are reputable, good character etc etc.  Remember its not a TV you are buying here and this is for most people their most important investment and biggest purchase decision they may make in their life.

Just keep a few things in mind when working with an agent, and you are out shopping for a home  there really are not that many homes on the market as there was last year.  Its not that there are no homes for sale and foreclosures are dwindling its just that the banks have gotten smarter on the number of homes that they put on the market at any given time. There will be foreclosures to come for a few more years to come, so that is not something you should not even worry about.  But being that there are less homes on the market you will have competition and it really is an artificial sellers market not a buyers market like so many think it is, and that is what the banks want but it really is a perfect time to buy.  Rates are going up, and you get 8k if you are a first time home buyer, and $6,500.00 if you qualify and not a ftb, and then next year qualifying for a home loan is going to get tougher I will do a blog later, on some of the changes happening.   But do not get frustrated in buying a home and give up if you are competing with multiple offers and yours are not being accepted.

But to give you an idea on the changes on the homes available ..on 11/24/08 the number of homes for sale in Santa Maria, Ca. under 200k was 110 vs the number of homes for sale in Santa Maria, Ca. 12/28/09 under 200k is only 22!. I did not do a search on the number of Central Coast homes for sale or any other area but from what I hear from other agents it is pretty much the same thing.  The thing here is to keep in mind if  you want to get a home you will have to be competitive and watching Carlton Sheets late at night and low balling homes for sale is not going to get you an accepted offer.

Buying homes this way using and using a reputable and motivated real estate agent you will not have to invest as much time as well as a ton of money.  Your agent should be letting you know of homes as they hit the market and homes that are back on the market that fall out of escrow.  He can also find out for you why they fell out of escrow?  Big thing is most of these homes do not need to be paid for in cash etc.   look out for my answers to the half of her questions.

Second question – the court house or those foreclosure list they sell?

Third question – Do you know of any other sources I can look into?

I am not really into buying a lists when the information is free I will answer this question right now ,,, most of the information you can find on foreclosures today is free and its public info so why buy lists?  The banks and the govt. are trying to get rid of  what they have for sale.

I will answer in more detail later, in part 2.

Please help me out in giving you the information that you may be interested. If there is a topic that you are curious about need more clarification let me know.

Thank you

If you want to search for any homes for sale in Santa Maria or the Central Coast you might want to buy just go to www.GenePerez.net.

If you have any questions about this article or buying a Santa Maria home for sale or any properties on the Central Coast or need to get a loan in Santa Maria, CA or on the Central Coast as well as other real estate related questions please contact me by sending me an email at: GenePerez@GMSLoans.net

my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  I have been helping my clients for the last 15 years  on the Central Coast,  Gene Perez,  Ph. 805.448.7101, Fax, 805.352.1109 – DRE 01321588

Santa Maria Homes for Sale - What I will be doing at the start of the New Year

 

I thought I would post a blog letting all my faithful readers know what I will be doing and where I will be when we start off the new year.

 

You will still be able to find me at my place of business, Greater Mortgage Solutions, 1954 S. Broadway, Suite L, Santa Maria, CA 93454 (in the Orchard Hardware Shopping Center), for those who are interested in Santa Maria Homes for Sale or a home loan/refinance, Debt Consolidation and Credit Repair. I will also be available, certain days of the week, next door to Greater Mortgage Solutions at the H&R Block, for all your tax needs. I will be helping the taxpayer get the most from their refunds, making sure they get all the credits and deductions afforded to them. I will also assist those taxpayers who need to pay, making sure that all considerations have been made.

 

Please keep in mind however, that I am readily available for all of you looking to buy home, whether it is your first or if you are looking for an investment. Just as a reminder, I have been in the Real Estate and Loan business here in the Santa Maria Valley for over 10 years. I am well versed with all the latest legislations and laws to help you make the choice that is right for you. My cell number is (805)448-7101.

 

If you have any questions about Santa Maria Homes for Sale or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net. My cell number is (805)448-7101.

 

Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know. Gene Perez DRE 01321588

 

Santa Maria Homes for Sale - Regarding Home Affordable Modification Program

The following is a quote by the New York Times regarding the Treasury's response to the news about the Making Home Affordable Program:

"AFTER months of playing pretend, the Treasury Department conceded last week that the Home Affordable Modification Program, its plan to aid troubled homeowners by changing the terms of their mortgages, was a dud. The 10-month-old program is going nowhere, the Treasury said, because big institutions charged with implementing it are dragging their feet."

The Times story then continued:

"After the government spent hundreds of billions of dollars bailing out banks, the Obama administration rolled out the $75 billion loan modification plan to show its support for beleaguered homeowners. But if the proof of the pudding is in the eating, homeowners are going hungry."

We were all with the understanding that the Stimulus Package and the Home Affordable Modification Program were intended to help kick start the economy, help banks work with homeowners to avoid the Foreclosure and put people back to work. Well being in the Real Estate Industry and having a front row seat, witnessing houses that are on the market (or lack thereof), people not being able to qualify and banks not willing or ignoring homeowners, it is quite plain to see that banks received this bailout money so they wouldn't fail and paid a lot of bonuses. They have not, at any point in time, been made accountable for this money they received and there has not been any legislation forcing them to assist the homeowners facing foreclosure. President Obama "Urged" the banking institutions to work with homeowners but that has not been the case. Regarding Santa Maria Homes for Sale, everyday I hear stories of people trying to contact their lenders to try and work out a plan, modification or some other solution.

The Times story then went on to point out the obvious:

"A stalled loan modification plan might not be worrisome if the foreclosure crisis were abating. Yet at the end of September, a record 14.4 percent of borrowers were either in foreclosure or delinquent on their mortgages, the Mortgage Bankers Association reported."

I heard in another report that the Real Estate Industry is recovering. It is not recovering. There are many people in the foreclosure process or who are going to be in the foreclosure process. Sure people might have gotten a loan modification from their lender and for some reason or another were not able to stay true to it. It's a choice that people are having to make, whether it be eating or paying the mortgage every month. This is a reality in Santa Maria, California. It certainly does not help matters if reporters are releasing information that is incorrect or absolutely false. Isn't bad enough for people to ignore reality? Is it necessary for news agencies to mislead the public?

So, with all I have said in this blog, what is necessary for the Real Estate Industry to recover is the following. Banks must stop ignoring homeowner's who are looking for a solution to help them stay in their homes. The number of licensed real estate agents must continue to drop. Home prices must come down as well. 2010 has to be better than 2009.

If you have any questions about Santa Maria Homes for Sale or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net

 

Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  Gene Perez DRE 01321588

There is always going to be a split opinions about homeowners getting a loan modification.  Yes they borrowed the money and yes they owe.  But I know people that have put down 100k and lost their job or lost their business and I really do think that it is a shame that there is no real help for them to keep thier home.  The treasure department just announced that Obama Home affordabiity was a flop. 

How can we help out these big banks and make sure the CEO's can still get thier million dollar bonuses and kick the rest to the curb. Its pretty clear when Henry Paulson was bailing out the banks he was also bailing out his friends and setting up Goldman Sachs for to profit big time. 

As long as everything is voluntary the banks are not going to make an effort the only way to help out the homeowners is give the BK judges that have homeowners that are desperate enough to file bk and keep a roof over their familes head.

There is a new bill in the works and is being considered this week for approval here everything is done for you except sending it out for you. 

 

 

 

A SAMPLE LETTER TO YOUR ELECTED REPRESENTATIVE: I am writing to urge Rep. __________ to support the amendment to H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others that will help stabilize the housing market by helping families avoid foreclosure. The foreclosure crisis continues to worsen and is preventing the economy from beginning its recovery. In 2009 alone there have been more than four million foreclosures, and it has been forecasted that unless something is done, there will be 14 million more over the next few years. The Obama Administration’s Making Home Affordable plan has failed to-date because it provides a carrot, but no stick. The stick was always intended to be judicial loan modifications. Obviously, the banks and servicers are not going to modify loans voluntarily. We need judges to be able to modify the mortgages on primary residences for homeowners in bankruptcy. If you voted yes on HR 1106 this past spring, this new amendment is identical to H.R. 1106. If you voted no on HR 1106: Please consider that in the intervening months, the foreclosure crisis has gotten much worse. If our economy is to recover, we need the housing market to stabilize before any recovery can take hold. Thank you. Sincerely, John and Joan Q. Public Whatever you do… DO IT TODAY… like now would be perfect. Don’t put it off and let it go. Our country’s economy and millions of homeowners are counting on you. TOMORROW AT THE LATEST… CONGRESS WILL BE DEBATING THIS ON THURSDAY OF THIS WEEK… THERE IS NO TIME TO SPARE. PRESIDENT OBAMA HAS TRIED TO GET THE BANKS TO VOLUNTEER. IT HASN’T WORKED. THERE IS ONLY ONE GROUP MORE POWERFUL THAN THE BANKING LOBBY… THE PEOPLE. TAKE ACTION AND ENCOURAGE OTHERS TO DO THE SAME… NOW! PLEASE FORWARD THIS EMAIL TODAY TO EVERYONE YOU KNOW. WE SIMPLY CANNOT ALLOW THE BANKS TO WIN OUT OVER HOMEOWNERS AGAIN.     Gene Perez Dre 01321588 Buying or selling a home or property in Santa Maria CA, or a Santa Maria foreclosure, or a property on the Central Coast, my goal is to provide you with resources you need.  805-448-7101 or email me at GenePerez@GMSLoans.net

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Santa Maria Homes for Sale - October home sales rise 10.1 percent

 

Home sales rose for the second month in a row in October, climbing to the highest level in 2 ½ years as first-time buyers rushed to take advantage of an expiring tax credit. Home sales nationwide are now up nearly 36 percent from their bottom in January. At the current sales pace, there is only a 7 month supply of homes on the market.

 

This information is also in accordance with the National Association of Realtors, who said home re-sales rose 10.1 percent. It was the biggest monthly increase in a decade.

 

The housing recovery is being driven by lower prices combined with federal programs to lower mortgage rates and bring more buyers into the market. Many experts are saying prices will hit a new low next spring, maybe another 10 percent; this as a result of foreclosures being shoved onto the market. This may certainly be true on a national level, but Santa Maria Homes for Sale are still slim to none because banks remain reluctant to help homeowners who wish to keep their homes.

 

Home sales are historically likely to drop during the holidays and probably won't pick up again until next year.

 

Regarding Santa Maria Homes for Sale we will not see an improvement for some time. It means that none of this will get better until banks decide to help homeowners with modification programs. Programs that will help them stay in their homes permanently, not for 6 months or 3 years with a fixed interest rate, rather a solution that is more permanent. I have heard of some programs that will urge banks work with homeowners. There are other factors that are needed to help in the recovery of this recession. An important number is the Unemployment rate. It is over 10 percent on a national level, but closer to 13 percent here in Santa Maria. More on that information will come in a later blog.

 

If you have any questions about Santa Maria Homes for Sale or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net

 

Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  Gene Perez DRE 01321588

Santa Maria Loans - Mortgage Interest Rates Fall/Not many homes to sell 

 

Interest Rates for Home loans rates fell last week to their lowest level in nearly six months. On the average, 4.83% for a 30-year fixed-rate mortgage, down from 4.9% two weeks ago, according to the Mortgage Bankers Association.

 

But even though interest rates for home loans have come down so much, applications for home loans have fallen for six straight weeks. The index that measures mortgage applications for home purchases also fell 8% from last week.

 

Refinance applications for home loans were also down 1.4% from last week. Refinance applications accounted for nearly three in four total applications.

 

A forecast by Fannie Mae projects that residential mortgage originations will fall by 30% next year, as rising interest rates on home loans will lead to fewer re-financings, even as home purchases are expected to improve somewhat.

 

Mortgage rates regarding home loans have fallen even after Congress passed and the president signed an extension and expansion of the $8,000 tax credit for first-time home buyers. FHA-backed loans accounted for nearly half of all purchase applications last month, the highest level in nearly two decades.

 

All of this being said, with interest rates so low and single family residences prices low as well, it is a great time to buy a house.

 

If you have any questions about buying a home or a loans in Santa Maria, CA or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net

 

Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  Gene Perez DRE 01321588