|
Subprime loan aid possible
(04-24) 04:00 PDT Sacramento -- In an effort to stem potential mass foreclosures of homes financed with controversial subprime loans, a state Assembly committee on Monday approved a bill intended to create a pool of money for homeowners to refinance their mortgages. "We're not trying to bail out lenders and speculators," said Assemblyman Ted Lieu, D-Torrance (Los Angeles County). "The idea is to assist first-time homeowners who may face foreclosure due to bad loan products." The bill, AB1538, would create a fund by tapping into the housing bond that voters approved in November, floating bonds in the future and asking banks that have large numbers of subprime customers who face foreclosures to pitch in, Lieu said. The legislator said he also has spoken with the staff of Assembly Speaker Fabian Nez, D-Los Angeles, to look for additional funding sources.
Savings and loan offers to refinance subprime mortgages
Washington Mutual Inc., the largest U.S. savings and loan, offered to refinance $2 billion worth of mortgages at lower interest rates to help subprime borrowers meet rising payments on their homes. Homeowners who anticipate higher payments on a Washington Mutual adjustable-rate subprime mortgage can apply for assistance, the Seattle-based thrift said Wednesday in a statement. One of the options is a 30-year, fixed-rate loan that charges half a percentage point of interest less than borrowers would otherwise pay. Washington Mutual has about $20.4 billion in subprime loans on its books, or about 9 percent of the $217 billion loan portfolio. Late payments on subprime loans industrywide reached a four-year high in 2006, according to the Mortgage Bankers Association, and foreclosure filings jumped 47 percent last month from a year earlier, RealtyTrac Inc.
Pay Option ARM home mortgage loans are a fairly new solution
Pay Option ARM home mortgage loans are a fairly new solution where you have 4 payment options every month: 1. Fifteen year payment- Pay your loan off and build home equity faster as well as save $1,000's in interest; 2. Thirty year payment- This choice advises you what your payment is in order to own your home in the standard thirty years; 3. Interest only option- Pay only the interest portion of your monthly payment to increase monthly cash flow; One per cent minimum payment-With this option you pay your mortgage at a one per cent rate of interest for biggest savings. The Pay Option is the very best adjustable rate mortgage program open to you for your refinance needs or consolidating debts. It has components that safeguard you from the usual concerns that go along with an adjustable rate mortgage.
Florida-Based Mortgage Expert Finally Reveals the Secrets at a ...
MIAMI LAKES, FL -- (MARKET WIRE) -- April 24, 2007 -- http://www.capitallinkmortgage.com/netpress This site is loaded with FREE REPORTS, a refinance kit, an informative home buying guide, mortgage calculators consumers can use to run various loan scenarios, and home buying resources you can use to save time and money before and after you purchase your home. If you're planning to buy your next home, your first home, that dream home, a condo, vacation home, investment property or looking to refinance in Florida, you will find that this site is a complete resource full of insider secrets that will allow you to choose the loan program best suited to your financial needs. A major problem today for mortgage applicants is knowing how to select a mortgage professional that better serves their interest; most people just blindly follow their realtor advice and go with whomever they recommend.
More Bakersfield Real Estate Owners Refinance With Pay Option Home ...
2007-04-20 23:27:37 - Use of Pay Option ARM loans to refinance in Bakersfield on the increase. Home owners value the increased cash flow. 'There is an increasing amount of enquiries from Bakersfield, California real estate owners wanting to refinance with a Pay Option ARM home loan,- states Ronald Spencer, Vice President of MaverickMortgagesOnline.com 'We can't attribute this increase to anything specific other than the Bakersfield area is growing, home owners are learning more about Pay Option home loans, and .
Pay Option ARM Loans Ideal For California Refinance
Do you need to lower your California mortgage payment, pay off credit cards, or want cash for any projects? If so, refinance your California home loan with a Pay Option ARM that will allow you the lowest payment available. A Pay Option ARM home mortgage loan gives you total freedom to choose from 4 payment choices monthly the one you .
| 