Considering everything going on the economy, housing and mortgage industry it is always a good idea to revisit things like your mortgage loan and whether you can find a better interest rate. Mortgage rates are still relatively low, though they are increasing and expected to go up.
There is the Harp 2, which helps homeowners who are current on their mortgage but upside down. Contact your local lender or mortgage company to see if you quality.
Mortgage rates are near a 35 year low (as of this writing). You may be able to substantially curtail your monthly payments if you refinance. We know friends who have cut their monthly mortgage payment by $400-600 per month by using the Harp 2 or refinancing. However, to get the best interest rate when refinancing you may need a score of 740 or higher and maybe some equity in your home.
It’s been written that interest rates will climb. Perhaps they have to. The Federal Reserve has been keeping rates artificially low for a long time. Raising rates will happen. It’s a good idea to use a mortgage broker who shops rates with many lenders to find the best deal for you.
Home prices have fallen and the equity issue may cause issues for some homeowners. Run your credit report for free from a number of online credit services. A mortgage company would be delighted to do the preliminary work for you to see if you qualify and for how much. That’s their job and business.
To talk with a professional mortgage rep or get a quote on Arizona Mortgage Refinance contact a mortgage broker you know or ask a professional realtor. If you need a referral to a mortgage broker let me know.
Is your homeowner rate rising? With the dip in the stock market many insurance companies could no longer afford to have zero profits on the homeowner premiums and rely on stock market investments.
Now, insurance companies are poised to ensure they are positioned correctly (priced to make money) on their homeowner policies. One solution for you is to request an Arizona Homeowners Insurance quote from your local independent agent and broker, such as Choice Insurance of Arizona.
Are you upside down on your mortgage?
Some statistics indicate that 1 in 5 homeowners owe more on their home than what it is worth. That is a big concern for someone who needs to move or sell. That means you may be taking a massive financial loss to sell your home. When you sell your home you are also obligated to pay a real estate commission.
However, if you are someone who will be in your home for many years you are in a great position. More than likely, home prices will likely rebound well before you have to sell your home. During 2012 we have seen home prices rise. This has helped thousands of homeowners reclaim lost equity.
If you have a loan with Freddie Mac or Fannie Mae check into various loan programs they have ongoing for those who may be upside down. It is possible you can get your loan restructured.
One of the best ways to cut your budget is to get a quick quote on your Arizona homeowners insurance. For a quote on homeowner insurance, click here: Arizona Homeowner Insurance.
Or call our office for a quote (480) 659-0229.