Updated HARP Plan

The federal government has made the announcement as of 10/24/2011 that the HARP program is going to have changes made and that may make it more accessible for home owner's who are current on their home, but maybe upside down. However this is the quote from the Press Release on when we will have the actual guidelines:

"The Enterprises (Fannie and Freddie) plan to issue guidance with operational details about the HARP changes to mortgage lenders and servicers by November 15. Since industry participation in HARP is not mandatory, implementation schedules will vary as individual lenders, mortgage insurers and other market participants modify their processes."

I promise to all of my current and hopefully future clients, as soon as we have the guidelines and are able to implement them, I will be working on them. Please be patient as we wait for the guidelines and shoot me an email or comment if you would like me to look at your personal situation in the coming weeks. dromero@abilitymortgage.com

Have a Great Weekend!

The Updated HARP Plan

I love to be cynical, but I think the government may have fixed the problems we were having with the refinance program. If what I am reading is true, if your mortgage is owned by Fannie or Freddie and you have been current with that mortgage, you may be able to refinance into a lower rate.

When the original program was rolled out they were hoping to help 5 million families. Values being what they are and other issues, less than 900,000 mortgages were able to be re-written.

I hope this program is what it appears to be and that we can help families lower their payments, rates, and stay in their homes. It won't solve the problem for everyone, but it may be much more successful now.

Mid-Term Week Off

The kids have a week off here in October. Of course I am very busy, but Frank and I have decided to make a softball trip into a mini vacation. We will be taking both kids to view 3 colleges, see a few different beaches, and hopefully relax a little before we have another weekend of softball games.
If you have a break this week, I hope you are able to find some time to do something "fun" with your child. Any great ideas, please let me know via comment.
Have a great week!

How Clear is your Crystal Ball?

I have had several meetings with clients asking my opinion of where I think the market is going. It is difficult to say. We are currently in a range with Mortgage Backed Securities (MBS) that we haven't been able to sustain before. Rates are in the 4% range for a fixed loan, to me that is absolutely amazing. However, will those same rates go down to 3%? I cannot tell you. I can look at the stock markets, bond markets, commodities, gold, oil...I can watch as the European Union comes up with monetary policy and corrections to help with a Greek Bailout. But what I cannot tell you is how each move each of these different markets/countries will effect our 30 year fixed interest rate. Some days it will go up, some days it will go down.
What I can tell you, is that where rates are currently residing, whether they go up a little or down a little, they are still amazing! 4% even 5% to secure the financing you your primary residence for 30 years it unbelievable. Do not put off today what you may lose tomorrow. If you are thinking of refinancing and qualify, go for it, the difference .25% makes on you payment is less than $20 and what if by waiting...it never comes and rates continue to deteriorate instead of improve. If you have considered purchasing but haven't taken the time to get yourself approved or to find out what you need to do to get approved...it is time.
Take charge of your future and take advantage of what maybe an unprecedented time in history.

What happened to Mid-June?

I have been Facebooking, Linking In, and Twittering so much, that I forgot about blogging. Well, it is the beginning of the fourth quarter. I am doing well and have started volunteering my time again to causes that I think are important. Life is hectic, work, family, school, and volunteering. In May I thought interest rates were phenomenal, and they have continued to improve. We are now at 4% on a 30 year fixed and who knows if this is the bottom. But whether or not it is a great time to purchase and/or refinance. I hope that if you want to be a homeowner or are one, that you have had someone look at your personal situation and give you an honest assessment of how you can take advantage of this amazing market. If not, call me, I would love to help.