Home Foreclosure Options Explained
Foreclosure occurs when the homeowner falls behind in monthly mortgage payments and defaults on the loan. The lender repossesses or sells the home in order to satisfy the debt. Typical options you can pursue to avoid a home foreclosure are set out below. Your solution will depend on your financial status, the mortgage's default status, the type of loan you have and the various laws that apply.
June 17, 2008
Foreclosure
Here is a good description of foreclosure and pre-foreclosure options detailed on the blog of one of the agents in our office. Hopefully you will never need to go through any of this, but with so many people going through this around the country, it can't hurt to know the related terms/options available.
June 11, 2008
Thinking of refinancing? Don't let a good rate slip away.
Are you watching interest rates to see a substantial dip before moving ahead with your planned refinance? When you see that dip, you may not be able to react quickly enough to lock in that good rate.
Lending guidelines have tightened significantly and underwriters are taking longer to pore through a borrowers documentation. You can't really lock in a rate until you know your credit score and documentation will get you that loan approval. There are fewer lenders remaining after the mergers and closures, and the remaining underwriters are backlogged. It can take a week or possibly three to get approval. In that time rates may have bounced back up and your refinance doesn't look so attractive anymore.
Get pre-approved today. Once you have that pre-approval, we can watch rates daily and be prepared to lock in a good rate when it comes along. All it takes is a little time to gather your documentation and $19 for the credit report.
It is a great idea to watch rates. It is absolutely essential to be pre-approved to lock in that good rate before it slips away. Contact me today.
June 10, 2008
June 9, 2008
Don't wait on the sidelines
The real estate and lending market is pretty uncertain these days. The Puget Sound area has fared better than most around the country, but we are feeling our own pain.
It is understandable to feel hesitant, but this is actually a great time to be a buyer. There is a surplus of homes on the market, and buyers are enjoying their first real buyer's market in some years.
However, though rates are still historically low (low 6% range), many buyers are being kept out of the market due to tighter restrictions from lenders. As I mentioned previously, 100% financing is pretty much gone outside of VA finacing. Higher credit score and lower debt ratio requirements are keeping other buyers out as well.
Do you know where you stand? Are you staying out of the market for fear that you can't qualify? Or are you staying out of the market because you are waiting for prices to hit bottom?
Don't wait on the sidelines. Find out if, and for how much, you can qualify. Even if you know you can qualify, you should get pre-approved as soon as you are in the market for a house. The pre-approval process can take some time, and you want to be ready to nab that perfect home at a great price. If you wait to start the loan process until you think prices have "hit bottom", you could be weeks away from acting on it. In the meantime interest rates continue to change and have been on the rise in the last couple of weeks.
As always, I want you to be the strongest buyer possible. Contact me today to see if you can qualify. After some questions and some quick calculations, we can tell where you stand. If you are ready to enter the home buying market, it will only cost $19 for a credit report and a little time to gather your documentation. By being pre-approved now, you are ready to act when that perfect home comes along.
It is understandable to feel hesitant, but this is actually a great time to be a buyer. There is a surplus of homes on the market, and buyers are enjoying their first real buyer's market in some years.
However, though rates are still historically low (low 6% range), many buyers are being kept out of the market due to tighter restrictions from lenders. As I mentioned previously, 100% financing is pretty much gone outside of VA finacing. Higher credit score and lower debt ratio requirements are keeping other buyers out as well.
Do you know where you stand? Are you staying out of the market for fear that you can't qualify? Or are you staying out of the market because you are waiting for prices to hit bottom?
Don't wait on the sidelines. Find out if, and for how much, you can qualify. Even if you know you can qualify, you should get pre-approved as soon as you are in the market for a house. The pre-approval process can take some time, and you want to be ready to nab that perfect home at a great price. If you wait to start the loan process until you think prices have "hit bottom", you could be weeks away from acting on it. In the meantime interest rates continue to change and have been on the rise in the last couple of weeks.
As always, I want you to be the strongest buyer possible. Contact me today to see if you can qualify. After some questions and some quick calculations, we can tell where you stand. If you are ready to enter the home buying market, it will only cost $19 for a credit report and a little time to gather your documentation. By being pre-approved now, you are ready to act when that perfect home comes along.
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