Category

Mortgage

Aug 06
0

C.A.R. Housing Affordability Fund’s Mortgage Protection Program

By | Buyers, Economy, Mortgage, Sonoma County info | No Comments

This program was developed to help address first-time home buyers’ concerns about potential job loss and how such a loss would impact their ability to make their mortgage payment. Through the Mortgage Protection Program, first-time home buyers who lose their jobs due to layoffs may be eligible to receive up to $1,500 per month, for up to six months, to help make their mortgage payments. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months.

The first time home buyers tax credit ends in a few month, together withe the mortgage protection program this is a time to get serious about buying a home.

And the definition of a first time home buyer: someone who has not lived in his owner occupied home for 3 years. So technically, someone who owns rental property and has been renting the last 3 years is a first time home buyer.

The government pays you to buy a house, go for it!

 mirjamnew.jpg   Mirjam

Mar 19
0

Yep, he did it again!

By | Buyers, Economy, Interest rates, Mortgage | No Comments

Mr. Bernanke is a very busy man nowadays. Working weekends to make the J.P. Morgan Chase & Co/Bear Stearns Cos deal happen and a 1/4 point rate cut this Sunday is unprecedented. And then yesterday an other rate cut for the short-term interest rates with the 0.75 percent cut. This means that the federal funds rate, which banks charge each other for loans, has been lowered six straight times over six months, driving it down to 2.25 percent from 5.25 percent.

The Fed not only pushed its benchmark rate to the lowest point since late 2004, it also cut the discount rate by 0.75 percent to 2.5 percent. That’s the rate the Fed charges banks and brokers that borrow directly from it.

Some of us have worries about inflation and rightfully so. However, all and all for now, this is good news. And the reason to mention the news above is that some people who did sign an adjustable rate mortgage that will reset this year might be better of that they expect.

Should you be in that situation, take our your papers and look how the mortgage will change, based upon which index/rate. Especially if you house does not have the same market value as is had when you bought it and refinancing will be difficult. Look at what your mortgage will do, it might be not that bad…

Should you have difficulties finding the info in the note, don’t hesitate to call your Realtor or you lender and have him/her help you. They will be happy to do so. (I will…)

Have a great day, it might turn out better than you think!

Mirjam (mirjam@c21alliance.com)

Nov 22
0

More about foreclosure

By | Financial news, Foreclosure, Mortgage, Sellers | No Comments

On the bottom of this page (scroll down) you will find the announcement for the Smart Home Choices Workshop.  If you are interested in real estate and want to know more about the financial aspect, you are cordially invited to come. The program is going to be great! You can register online.
Somewhere I read the 70% of all the people that went into foreclosure never talked to their lender to see whether they could arrange a solution. It’s the fear, the shame, name it. Whatever it is, I think it’s also because of lack of knowledge. – The Smart Home Choices Seminar will be educational!  However, there is a company that is there to help home owners  to keep their homes. Lowering the interest rates is not the only solution.

hpf_logo.gif This company is called HOPE, it stands for Homeownership Preservation. It’s good to know about companies like these. In our area, Redwood Credit Union will alway refer you to HOPE.

Foreclosure is not a good solution, it’s the last solution. There are many alternatives that should be tried first.

Of course, should you have any questions, don’t hesitate to contact Denise or me.

  Have a great day!

mirjamnew.jpg    Mirjam