Mortgage Refinance up to 125%

The Obama administration has enhanced their refinance program to now allow refinances up to 125% of the home's value. Prior to this, the limit was only 105% of the home's value. Because home value have decreased entensively in a lot of areas, this will allow a lot of homeowners that currently owe up to 125% of their home's value to refinance their current loans into a product with a better rate. This will ultimately make it more affordable for them to own their home and hopefully not have to go into foreclosure. Read more

Mortgage Rates Rise Sharply

Over the past week mortgage rates have jumped drastically landing in the upper 5% range. Believe it or not, we are not very far from the 6.00% mark on a 30 year fixed mortgage. As of Thursday, the national average 30 year fixed mortgage was at 5.65% and from what I saw today, it only went up from there. Read more

If you're looking to refinance, you may want to hold off and see if mortgage rates come back down. It's definitely a gamble and nobody really knows for sure what's going to happen in the short or even long term. Read more

One thing is still certain; real estate continues to be a bargain and this market is still a great opportunity for buyers, especially first-time homebuyers. Mortgage rates are still under 6.00%, home prices are low and you have the $8,000 tax credit available for qualifying buyers. Remember, the $8,000 tax credit expires on December 1st of this year. Which means you have to close on the property before this date.

If you know anyone who may be looking to purchase or sell a home, or refinance their current mortgage, I will be happy to assist them. The best compliment I can receive is a referral.