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Hybrid Mortgage Loans For Short Term Low Rate Refinancing
In these days of staggering credit card interest rates and payment minimums being doubled under the new bankruptcy laws, as a home owner, you may find that loosing equity in your home through a purchase loan refinance may be still be the best way to unload burdensome debts. However, with interest rates steadily rising, you may find that current market rates may be too much for you to afford. If a 7+% 30-year fixed-rate mortgage doesn't fit your budget, a hybrid adjustable rate mortgage (ARM) may be your answer. "If economic growth slows, the Federal Reserve could begin lowering short-term rates in mid to late 2007," says Doug Duncan, chief economist of the Mortgage Bankers Association, which could be good news for borrowers considering hybrid ARMs for mortgage refinancing. Hybrid ARMs come in many flavors; the following are some of the most popular: • 3/1 - fixed rate for the first three years, then annual adjustments.
Home mortgage rate fears
THE inflation rate increase looks certain to push up interest rates next month causing misery for many homeowners. Bank of England boss Mervyn King was forced to write a letter of explanation to Gordon Brown yesterday after inflation hit 3.1 per cent, a full percentage point above the Chancellors target. The rise is expected to lift the base rate a quarter per cent to 5.5 per cent. It will push typical standard variable rates to 7.5 per cent. Monthly payments on a typical 25-year repayment mortgage would rise from £867.36 to £886.78 an extra £233.04 a year.
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Wyoming foreclosure rate second-lowest in US
The Bargain Network, a firm that provides real estate information, reports that Wyoming had 21 foreclosures last month. That is one foreclosure for every 10,659 households, the nation's second-lowest rate. Only Vermont had a rate lower than Wyoming's, with one foreclosure for every 24,532 households. The national foreclosure rate is about one in 425 homes. Colorado's rate is one for every 161 households. According to the report, the number of foreclosures in Wyoming has remained fairly constant over the past six months. The Bargain Network says that more than 80 percent of the foreclosure activity nationwide involves single-family residences. John Robbins, chairman of the Mortgage Bankers Association headquartered in Washington, D.C., said earlier this month that foreclosures most often are the result of local economic conditions, not the result of loans to subprime borrowers.
Housing Finance launches mortgage for first time home owners
The Kenya government will amend the law to enable mortgage firms charge first time home owners relatively lower interest rates. Finance Minister Amos Kimunya said this last week during the official launch of a Housing Finance mortgage product that targets the group. "These issues are being addressed under the ongoing financial sector reforms and will be extended to Vision 2030," said the minister. Vision 2030 is the government’s long term development strategy that aims at transforming Kenya into an economic powerhouse. Housing Finance, Kenya’s premier mortgage company, becomes the first firm to take advantage of tax deduction to borrowers on mortgage announced by Mr Kimunya during last year’s budget, which included major changes in the registered home ownership saving plans.
American Home Mortgage to publicly offer 4 mln shares
April 30 (Reuters) - American Home Mortgage Investment Corp. (AHM.N: Quote, Profile, Research said it will publicly offer 4 million common shares and intends to use the net proceeds from the offering for general corporate purposes. The company has granted the underwriters an option to purchase up to an additional 600,000 shares within 30 days to cover over-allotments, if any. (Reporting by Neetha Mahadevan in Bangalore) .
Wells Fargo Home Mortgage to Sponsor Career Seminar
On Thursday May 3, 2007 from 8:30 a.m. - 1 p.m., Wells Fargo Home Mortgage will bring to Denver a CENTER STAGE SM seminar designed to help real estate agents gain insights on proven and effective business strategies to better serve their clients, think outside the box, and improve the quality of both their professional and personal lives. The seminar is titled, Realtor Success Strategies in a Changing Market. The program is free and advance registration is recommended.
Real estate agents can learn the following at Wells Fargo Home Mortgages CENTER STAGESM event:
- How to operate as a business with a point-by-point plan of action
- A simple system, with clear action steps, that generates more than 150 referrals annually
- How sellers and buyers respond differently to your marketing
- How to position yourself with sellers to get the listing
Sal Serna, a nationally known real estate and business professional who specializes in serving the Latino/Hispanic community, is the events keynote speaker.
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