If you think you have time to wait and still get these great rates, you may want to consider taking advantage sooner rather than later…

The results?  Thirty-five percent of Americans now believe the economy is on the right track, an increase from 19 percent in November, compared with 57 percent who still feel damp about the state of recovery.  Fewer respondents fielded layoff concerns. Seventy-six percent of Americans say they do not feel concerned about job loss, up from 70 percent in November.

 “The pickup in the pace of hiring over the past few months has helped soothe consumer concerns, lifting their moods regarding their personal finances, the direction of the economy, and their views on the housing market,” Doug Duncan, VP and chief economist with Fannie Mae, said in a statement.

When it came to housing, respondents anticipate that home prices will inch forward by 0.8 percent over the next 12 months, while 28 percent believe figures for the same will increase and 15 percent expect more declines.  Ten percent of respondents believe that mortgage rates will continue to fall further, reflecting a 2-percent increase from January.

The number of Americans who believe it is a good time to sell their homes climbed to 13 percent, up 3 percentage points from the past period.

Duncan said the developments create a “more balanced near-term outlook” for the economy as it enters the New Year – a shift from the doom-and-gloom prophesied by many analysts last fall.

Now is a great time to purchase a new property or refinance an old one.  Call me and I will show you what your mortgage company can do for you! 802-238-1704

It has been noted that for the third straight month, 33% of purchase contracts "failed". This means that for one reason or another 1 out of 3 signed agreements never made it to closing. It could be credit problems for the buyer, lack of assets, home inspection issues, appraisals coming in low and other mortgage turndowns. Last January, only 9 percent of contracts failed.  With the increase in lending guidelines, you need to make sure that you have a solid pre-approval before looking at Real Estate. 

That said, there are lot of buyers closing on their homes.  First-time buyers make up a growing share of them, which is a good sign for the housing market overall. 

In January 2012, home buyers were split by "type" as follows :

First-Time Buyers: 33 percent of all home buyers

Repeat Buyers: 46 percent of all home buyers

Real Estate Investors: 21 percent of all home buyers

In addition, 35 percent of all January's existing home sales were distressed. That is, they were either a foreclosure or a short sale.  This is all good news for the housing market. First-time buyers can provide a market floor, buying entry-level homes which frees prior owners to "move-up". This is especially important in our improving economy. Large groups of would-be sellers have been "stuck" since 2009. With more buyers in the market, the chance to make a move increases to accommodate a growing family or take a new job in a new area.

The abundance of no-down payment and low-down payment mortgage programs help, too. The FHA's 3.5% down payment has been a boon for mortgage markets, as has the VA's 100% mortgage program for the military and the USDA's 100% mortgage program for homes in suburban and rural areas. 

Call me to learn more about our product offerings and what we have for you!

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What are you thinking of doing with your refund?  If you've been considering buying a home, now may be the time!  Lenders are strict about where funds for down payments and closing costs can come from, but a tax refund is absolutely an acceptable source. 

With programs like Rural Development, FHA and VA, you may qualify to buy with little to no money down, and couple that with amazing rates, it's a winning combination!

If you already own a home, a great way to decrease the years you will have your loan is to make an extra principle payment with your tax refund monies.  Did you know that making one extra payment a year can potentially reduce a 30 year mortgage to 22 years!

Give me a call for more great ideas and to discuss how you can turn your refund into a home today!  802-238-1704.

1. Reinstatement: Your lender may agree to let you pay the total amount you are behind, in a lump sum payment, by a specific date. This is often combined with forbearance when you can show that funds from a bonus, tax refund, or other source will become available at a specific time in the future. Be aware that there may be late fees and other costs associated with a reinstatement plan.
2. Forbearance: Your lender may offer a temporary reduction or suspension of your mortgage payments while you get back on your feet. Forbearance is often combined with reinstatement or a repayment plan to pay off the missed or reduced payments.
3. Repayment Plan: This is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
4. Loan modification: This is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable.  

Depending on your circumstances it may not be possible to keep your home. But there are still options available to you to prevent foreclosure:

1. Short Sale: where you sell your home for less than you owe, and where your lender may accept the lesser amount as repayment of the loan.
2. Deed-in-lieu of foreclosure: Your lender may accept the voluntary transfer of the title of your home back to them in exchange for cancellation of your mortgage debt. This approach may have tax implications for you, and it may not be possible if there are other liens against your home.
3. Assumption: This option permits a qualified buyer to take over your mortgage debt and the mortgage payments, even if the mortgage was originally non-assumable.

Be aware that some workout options affect your credit rating more than others. Foreclosures, short sales and deeds-in-lieu of foreclosure are considered "not paid as agreed" and may have serious negative impact on your credit score.

One thing that we have led the industry in is our on-line presence, and offering of tools that are available when our clients need them.  I work with people from all over the world; just because I am sleeping at 2am does not mean that they are!

Answers for existing mortgage clients 24 hours a day!  Now that sets us apart!

Did you know that as a service to your clients we offer MortgageQuestions.com to assist with any and all servicing questions after closing? The site is available 24 hours per day, 7 days a week.  Once you close on your mortgage, you are set up in our servicing center and have the ability to manage your mortgage online.

A simple one-time registration process will provide you a user name and password, and you can then access your account information from home, work or any place with online access.   Through MortgageQuestions.com, you have real-time access to review details such as your escrow account without ever having to speak with a customer service representative.  However, the push of a button allows you to talk online with a company representative, through a secure online chat room.   For those not wanting to talk online we still offer access to a  live person, through phone or email, of course. 

MortgageQuestions.com also allows you to:

• View current payment and transaction history.
• Shows you information on how to remove PMI.
• The address where they send their payment.
• Set up your mortgage to be drafted monthly from the site.
• View end of year tax statements without waiting for them to come in the mail.
• Loan payoff information can also be requested. 

MortgageQuestions.com is just one way we set ourselves apart!

You can close faster and save money with HomePath financing, backed by years of experience and our guaranteed same-day loan decision. 

We are a national retail mortgage lender with an established reputation in real estate owned (REO) property financing.  If you are considering buying a Fannie Mae REO home that is eligible for HomePath financing, contact me.  

Here are some great benefits to the program: 

1. As little as 3% down and no appraisal needed – making it easier to close faster.  Most closings take place in less than four weeks.
2. Up to 97% financing – with no mortgage insurance and "as-is" properties are ok!
3. As usual, no prepayment penalties are attached on any of our products.

So whether you are looking for that affordable home or you are looking for financing, call me.

Our policy is to give you a pre-approval decision on the same day you call, guaranteed – or we’ll pay you $250.  Our pre-approval is the most reliable, because we tell clients up-front exactly what you need to do to get to closing.

You can trust me to save you time and money while giving you the best possible financing for your home!

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