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2010 Mortgage Interest Rates
By Michael Petrone
Getting the lowest interest rates possible makes a refinance more beneficial for a homeowner. Mortgage rates have been low most of the year. However, I predict things will change in 2010. Here are my mortgage rate predictions for the rest of 2009 and 2010.
While the housing market is in bad shape right now, mortgage rates are low to encourage activity in the market, and help homeowners save their home from being lost. With rates as low as they are, homeowners can usually refinance their mortgage into a better, cheaper, more affordable monthly payment. This helps prevent the housing market from getting worse, and spurs activity and interest in existing home loans, and for new home buyers. However, I do not think the housing market will get any worse than it is right now, and that is why my mortgage predictions for 2010 call for an interest rate hike.
While this mortgage rate increase will not be major enough to seriously discourage homeowners from getting refinancing, they will be noticeably higher. Right now, a typical fixed rate mortgage can be had for around 5.15%. This rate is extremely low, and not too much higher than the lowest rates have been all year. However, I believe that around April of 2010, things will change, and interest rates will rise slightly. I predict that mortgage rates in April of 2010 will rise to around 6.2% due to a recovering housing market, and a promising economy. These mortgage rate increases will represent progress being made in stabilizing home values for homeowner everywhere across the country. Although it seems small, this would represent a lot of money over the course of a home loan.
Homeowners who can, should take advantage of the lowest mortgage interest rates possible when they decide to refinance their mortgage. In my opinion that time is right now, as I predict interest rates to rise. However, each homeowners situation is different, and the time to take action may be too. While there is no proof mortgage interest rates will rise, the housing market has pretty much bottomed out, meaning the only way to go is up. Decide for yourself what is best, but these are my mortgage rate predictions for 2009 – 2010.
At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them.
Buying Foreclosures For Sale – Making an Informed Decision
Buying foreclosures for sale is not something that you should do right away, especially if you do not have any knowledge of the real estate foreclosure investing market. This type of investment needs research and planning to make sure that you are buying the right foreclosure property that can give you profit in the future.
A little research on the types of foreclosure properties that are available in the market would come a long way in helping you make an informed buying decision. So take down some notes for a profitable investment and a secure financial future.
Pre-foreclosure Homes for Sale:
Pre-foreclosure homes are distressed properties sold by homeowners who want to avoid the trouble of foreclosures. You get to negotiate directly with the homeowners to allow you to negotiate for a better price. Before you meet with the homeowner, make sure that you have arranged your finances to give you a leverage during bargaining. Distressed homeowners are desperate to dispose of their homes, thus giving you an edge over other offers to buy.
However, when buying foreclosures for sale during pre-foreclosure, make sure that you have done some research on the financial record of the property that you want to buy. Know if there are some unpaid taxes or any other liens. Also, hire a home inspector to give you a professional opinion on the condition of the house. Some major structural problems are discernible only to the expert eyes of home inspector.
Auction Homes for Sale:
Auction laws vary by state so it is important that you do some research on foreclosure auction laws in the state where you plan to buy a property. In some states, winning bidders are required to pay in cash while in others, you only have to pay 10 percent of the amount plus a letter from the bank.
Also, some states allow you to transfer to the house immediately after the auction while others still give a certain time for owners to pay for the foreclosure cost before they will allow you to take over the property. Buying foreclosures for sale is a risk-free task if you do your homework first.
Joseph B. Smith has been educating buyers on the finer points of Buying Foreclosures for Sale at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about Buying Foreclosures for Sale.
What You Need to Know About Buying a Foreclosure at Auction
If you are looking for a good deal on a house, buying a foreclosure at auction is something you should consider. Whenever a homeowner is no longer able to pay for a home, the mortgage company takes possession of the home. Sometimes, in order to recoup some of the money that was lost, the bank will sell the house at an affordable price at a government auction.
There are many advantages to buying a foreclosed home. For starters, you will save a lot of money. Instead of going through all of the trouble to obtaining a mortgage for a new home, why not buy one at an auction? According to statistics, the average home buyer saves up to 40% when buying a foreclosed house or property.
You can profit from buying foreclosed property as well. If you do not want to live in the home yourself, you can rent it out for income. The rent money you receive each month can help you pay your own mortgage on a newer home. You could also fix the foreclosed home up and sell it for a huge profit!
At least some good is coming out of the depressing economy. With all of the home foreclosures these past few years, it is nice to know that there are still ways to make money. Even if you are unsure about buying a foreclosure at auction, you can still check out some of the homes for sale.
You can obtain a schedule of upcoming auctions by looking through your local newspaper listings or on the internet. Sometimes notifications are listed in newspapers whenever a home is foreclosed. If you find a home you are interested in, notify real estate agents and attorneys in your area. You can learn more about the home.
Before buying any property, however, bring an inspector with you. Inspect the property to ensure that it is in good condition. Sometimes, when people find out that they are about to lose their homes, they will make a mess before they leave or remove all the appliances. Make sure this has not happened to the house you want to buy. Many foreclosed homes are sold “as is” for this very reason.
In addition to inspecting the property, you should also determine the ownership. Make absolutely certain that there are no existing liens on the house. Conduct a title search just in case there are any ownership problems. You don’t want to spend money on a foreclosed home only to find out that there is a lien or judgment on it.
Determine how you are going to finance the property. Is the current loan assumable? Will you have to pay cash? Will you be able to pay with credit? Different jurisdictions have different laws in regards to purchasing foreclosures at auctions. Since the legal proceedings can be confusing, make sure you are able to grasp at least the basics before going forward with your purchase.
Are you interested in Florida real estate? If you want to learn about the Florida market quickly, be sure to visit my St. Augustine real estate blog and my Daytona Beach real estate blog for more information.
Article Source: http://EzineArticles.com/?expert=Joshua_Martindale
Article from the Washington Business Journal:
The Metropolitan Washington Council of Governments and the Nonprofit Roundtable of Greater Washington launched on Wednesday the Capital Area Foreclosure Network, a group funded by Fannie Mae and Freddie Mac that will work to prevent foreclosures in the Washington area.
The group, comprised of local governments and nonprofits, as well as larger organizations such as NeighborWorks America, plans to conduct marketing and outreach campaigns and support existing nonprofits and coalitions that work with residents at risk of foreclosure.
CAFN released preliminary data from the Urban Institute that found a 2.9 percent foreclosure rate in the region, where foreclosure rates range from 1 percent in Arlington to 6 percent in Prince George’s County.
The institute found that 9.5 percent of all area mortgages were 30 days delinquent or more.
The Urban Institute plans to conduct further research of legal services, housing counseling and social services in the area to help the CAFN better connect at-risk residents to services.
The group will co-host an event May 6 with the Federal Reserve Bank of Richmond and Fannie Mae about new federal protections for renters whose landlords have gone into foreclosure.
It also plans to host an event with Freddie Mac about working with loan servicers.
When buying a shortsale, forclosed home, or real estate owned (REO or bank owned) property, it is important to have someone experienced in distressed properties working for you. You will need an agent that is current on national and state-specific information and regulations involved with these kinds of transactions, and can limit risk to you, the buyer. “Foreclosures and short sales can offer opportunities for home buyers, but it’s extremely important to have the help of a real estate professional … for these kinds of purchases,” said NAR President Charles McMillan.
If you are selling a distressed property, you want an agent that can direct you to finance, tax and legal sources. It is also important to have someone in your corner that can help you qualify for short sale and negotiate with lenders.
If you are looking into buying or selling short sale, foreclosure, or real estate owned property make sure that you have an experienced realtor working for you, and make sure that they are specifically certified to handle distressed property transactions.