Home Loan Rates? Going Down!

Home Loan Rates? Going Down!

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If you’re looking for good news these days in the housing market, then you may have heard that home sales are up and prices have stabilized in some markets. But, you may  have also heard that come 2011, there could be a rash of new foreclosures as a fresh batch of variable rate loans come up for an adjustment.

Signs of relief are beginning to appear in the housing market. HARP and HAMP programs from the federal government could help to keep you in your home.

Signs of relief are beginning to appear in the housing market. HARP and HAMP programs from the federal government could help to keep you in your home.

Several markets remain depressed including Detroit, Las Vegas and much of Florida. However, sections of Southern California, Texas and various cities dotting the south and midwest are holding their own. Likely, the performance differences between these markets will continue as unemployment and other issues weigh in.

Additional Help For Home Buyers?

When Congress returns from their break next week, they’ll have a number of issues to take up besides national health care. One issue that should be on the mind of potential homeowners, particularly first time buyers, is the $8000 federal tax credit which must be taken by December 1, 2009. There has been talk about extending and expanding the credit to allow all home buyers to participate while also increasing the rebate to as high as $15,000 per purchase. We’ll let you know more about this information should a bill be presented over the coming weeks.

Meanwhile, the rate for a fixed-rate thirty-year mortgage continues to slide, dropping to 5.17% nationally according to the Zillow Mortgage Rate Monitor. Even better, the rate on a fifteen-year fixed-rate mortgage is 4.57% while 5/1 adjustable rate mortgages can be had for just 4.17%. Keep in mind that these rates apply only to the most creditworthy customers. Shop around for a deal that is most favorable for you.

HARP or HAMP

For homeowners struggling to keep up with payments, the federal government’s “Making Home Affordable” program could help you modify your current loan or seek out an all new loan. The government’s HARP – Home Affordable Refinancing Program – and HAMP – Home Affordable Modification Program has helped thousands of homeowners keep their homes thus far. Visit the related website to learn more including confirming your own eligibility to participate.

Finally, if you’ve been getting the run around when it comes to refinancing your home, then going the traditional rate of refinancing may help you out especially if your personal economic situation has improved over the past several months. Private lenders are still looking for customers, so first verify that your credit is good by obtaining copies of your credit reports to see where you stand. Who knows, the help you’re wanting could be within your reach!

Adv. – Are you considering a loan modification? If so, this mortgage medication website could offer just the prescription you need to improve your financial health.

See Also — Will Nearly Half of Mortgages be Under Water in 2011?

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