Short Sale or Foreclosure? is a post from: mesa-az-mortgage.com

Are you looking for lower interest rates and to reduce your monthly mortgage payments? This may be possible even if you are upside down on your current FHA loan. There is now a FHA Rate Reduction Streamline Refinance available for people with existing FHA loans. This was designed to permanently lower your monthly payments and keep you in the FHA program and to streamline the whole process. The process requires much less documents, processing and costs than your original FHA loan.

There is no appraisal done which is important in AZ because you won’t run into value problems. Therefore you will be able to take advantage of the program even if you owe more than the property is worth. Plus you won’t have to pay for the appraisal which is usually between $400 and $600.

There is also no income qualifying. You just need to verify that you have an income source, but how much you make and how much you owe is not part of the qualifying process. HUD may change this at any time however. Even if you are collecting unemployment you don’t have to worry about re-qualifying, though you will need to provide proof of pay.

There is also much less processing. Since you have already qualified for the FHA loan once so as long as you have maintained a decent credit profile that original qualifying carries over into your new streamline. No more waiting and wondering if you qualify.

There are also much lower closing costs. We are able to get discounts on the closing costs because these loans are a whole lot less work. Larger loan sizes may be able to have the bank pay for all closing costs.

Finally you might get to skip a payment! Lets you go the first month without making a mortgage payment. Your first payment will be due 30 days after your closing.

When you close on your FHA streamline do it at the end of the month. When you pay off the old loan you have to pay for a full month’s interest regardless of when it closes. By closing at the end of the month your new FHA loan will only have a couple of days of interest to pay and depending on the size of your loan, this strategy alone could save you hundreds of dollars.

If you have an FHA loan right now, have made at least 6 payments, have a middle credit score of at least 640, have been on time with your payments for the last 12 months and if your loan is in AZ then contact us today to see about lowering your monthly payments and reducing your interest rate.

Arizona FHA Streamline is a post from: mesa-az-mortgage.com

As of late, it seems like the word “deflation” is being used daily by even the most reliable economists. At first it seems safe to think everything we buy tomorrow will be less expensive than last year. If we listen to the most popular subjects for the last couple of years like housing, cars, appliances, etc., everything is priced at a discount. Housing is down by more than 25%, supermarkets have slashed the base prices of most items, and almost every car dealership is currently offering 0% financing in some way.

Why is all of this so risky? Mainly it has to do with jobs. With unemployment already at one of the worst levels in the past, corporations have gotten used to manufacturing products with decreased workers. In some ways that is good because as an economy we are manufacturing products more efficiently. Unfortunately, that also means that thousands of products are now being manufactured abroad. Thousands of American jobs are farmed overseas due to decreased pay. Furthermore, the feeling of the American consumer is, why would they want to buy anything today when in a couple of months they can get it for half the price? Or why would I buy a house when chances are the interest rates for mortgages will be in the high 3%? This type of hesitation represents a tremendous hit to the economy because everything goes inactive. The wait means factories are not able to move inventories produced, construction remains at a stand still and more jobs are being cut. This is a chain reaction that our economy cannot afford at these already weak levels.

So what is the remedy? The answer is simpler than one might think. As per the Census Bureau, 3 out of 4 jobs in the US are created by the mall to medium size business. Currently, there are no tax incentives from the current administration for this field to hire workers. Moreover, the finance committee just spent months crafting the reform that essentially precludes business from obtaining loans to spur more research and development and job growth. Imagine the possibilities of bringing those thousands of jobs back into the US. Or the normalization of the housing market, the single biggest variable for progress.

To find out more and talk specifically about the right choice for a mortgage for you contact Academy Mortgage at http://mesa-az-mortgage.com/

A Dangerous Possibility – Deflation is a post from: mesa-az-mortgage.com

Tips and helpful advice will help you, regardless of what task you may have to accomplish. Having a guide, a “track to run on” will help immensely to get it done. 3 super strategies set forth in this article can help you to complete your project Follow these tips and you will likely get a lot better outcomes.

While getting approved for a jumbo loan might be different than a few years ago, it is always essential that you do things correctly. If you don’t, the consequences could in fact be disastrous. You can end up paying more than necessary, or maybe even be denied. Here are 3 tips for obtaining the best results..

1. You must have good credit and be able to document your income and assets

You need to have a favorable credit record and be able to document your income and assets as it prevents being denied that loan for any costlier house. Failing to achieve this might change the price bracket you must shop in. So don’t make the mistake of ignoring this mandatory step!

2. You should also expect to have a significant down payment

Nearly as necessary as having a good credit score when dealing with getting approved for a jumbo loan is it’s also advisable to have a significant down payment. I am telling you, this isn’t something to neglect. It will help to make the borrowed funds process smoother, which is something absolutely everyone engaged in looking for a jumbo loan needs.

3. Find an expert when it comes to jumbo loans — not just someone in a call center!

Finally, when looking to set up a jumbo loan you ought to remember and find an expert when it comes to jumbo loans — not just someone in a call center. This can encourage getting perfect mortgage, and that is a necessary part of looking for a jumbo loan. If you don’t, chances are you’ll regret it later — and I think we can agree that this will not be the best thing!

As I said at the start, with regards to getting approved for any jumbo loan could possibly be unique of a short while ago, you desperately want to be certain you never make blunders that turn out that you’ll pay over necessary, or perhaps even be denied. What you would like is to buy your home or investment you wish, and you can achieve that through using the recommendations supplied.

Learn how one can look into an Arizona jumbo loan to finance your house by speaking with our loan expert at Academy Mortgage web site at http://jumbo-loans.org/.

Best Three Strategies for Effectual Jumbo Loan Search is a post from: mesa-az-mortgage.com

As the state of Arizona continues to attempt to remedy the mortgage and foreclosure crisis at hand, many lenders continue to ignore that fact that the economy is troubled.  According to the Arizona Republic, commercial real estate brokers use the phrase, “extend and pretend,”as a response to their bad lending and million dollar debts.

Currently, most lender in the Phoenix area are continuing to let their clients keep their properties by extending the terms of their loans, ultimately, letting them get deeper in debt and postponing an eventual foreclosure.  Because of this, many property owners, both commercial and personal, are ultimately pouring more money into a property that they are likely to eventually loose.

As published in the Arizona Republic:

In areas where office vacancies exceed 30 percent, such as the Scottsdale Airpark, Phoenix-Mesa Gateway Airport and Glendale’s sports and entertainment district, it’s unlikely that the current owners of such properties will be able to hang on, according to local real-estate brokers, investors, contractors and analysts.

The experts said about 25 percent of outstanding commercial real-estate loans are in good shape, and another 25 percent are doomed to foreclosure. The remaining 50 percent could go either way. It’s the fate of those loans that concern analysts.

The fallout from widespread foreclosures could cause more bank failures and discourage out-of-state employers from coming to Arizona, experts said. The credit crunch on small businesses would worsen, and fewer companies would have the capital to grow.

If these lenders continue to ignore the fact that Arizona is in a foreclosure crisis, the states real estate market will continue to struggle in its attempts to recover. Unfortunately, these lenders have yet to realize the damage they are doing to the economy and the property owners they are lending to.

If you are currently struggling with your mortgage, there are many options available to you. Recently, the government has implemented a new foreclosure prevention plan to help distressed property owners. If you would like to research more about this plan, more information is available to you here.

Are Lenders Ignoring the Foreclosure Crisis? is a post from: mesa-az-mortgage.com

As published in the Arizona Republic, home prices in the United Stated have continued to fall throughout the country during the first part of 2010. The average housing price has decreased 3.1 percent from last year at this time.

The decreasing home prices throughout the valley can be attributed to the steady stream of foreclosures being put on the market. These foreclosure increase the supply of homes available, and at the same time, they are priced much lower than an average sale. These two factors can drastically decrease the average price of housing.

Economist predict that the excess of housing on the market will continue to decrease housing prices. The prices will continue to fall until the foreclosure crisis is solved and the housing market begins to recover. According to the Arizona Republic:

The inventory of homes in foreclosure rose to a record 4.63 percent in the 2010s first quarter from 4.58 percent in the prior period, the Mortgage Bankers Association said in a report last week. The combined share of foreclosures and mortgage delinquencies was 14 percent, or about one in every seven U.S. mortgages.

Some participants saw the possibility of elevated foreclosures adding to the already very large inventory of vacant homes as posing a downside risk to home prices, thereby limiting the extent of the pickup in residential investment, according to the minutes.

Today’s FHFA report measures changes in real estate values using repeat data on individual properties. It doesn’t include a dollar value for homes. The U.S. median home price was $166,100 in the first quarter, according to NAR.

Although the fact that the average price of a home in Mesa is still decreasing indicates that our economy still has a long way to go before recovery, there is good news! With housing prices decreasing and mortgage interest rates continuing to fall, now is a great time to purchase your first home!

If you would like more information on the current interest rates available, or homes available in the Mesa area, you can contact a mortgage expert in your area. Also, you can research homes currently on the market here.

Home Prices Decrease in Mesa is a post from: mesa-az-mortgage.com

As homes sales begin to rise in Mesa, the housing market is beginning to show signs of recovery. Statistics for both April and May both indicate that home sales are on the rise.

As published in the Arizona Republic, the following numbers indicate that the Arizona housing market is on the mend:

• Foreclosures did not dominate sales of existing homes in the Valley for the first time in more than a year.

• The number of investors purchasing homes from lenders dropped.

• More buyers purchased homes with the intent of living in them.

• More buyers financed their purchases with long-term mortgages.

Although the housing sales for April included the rush of first time home buyers who used the tax credit offered by the federal government, home sales continued to increase throughout May. This indicates that the increase in home sales is not solely based on the tax credit.

Another reason experts believe the market is starting to recover is the return of long term investment buyers. In the past, the market was dominated by investors and people who were looking to “flip” a property for quick profit.

According to the Arizona Republic, during the peak of the housing market, nearly 60 percent of all home sales were made by investors. Last year at this time, nearly 20 percent of all home purchases were made by investors with no intent in living in the home.

Currently that figure has dropped to 15 percent. This new surge of long term investment home buyers will help to stabilize the Arizona housing market. Also, with people purchasing homes with the intent to stay in them, the prices of homes with slowly start to increase in the near future.

Currently, there are many homes available in the Phoenix area. If you are interested in researching available homes in the Mesa area, you can visit here.

Mesa Home Sales Increase is a post from: mesa-az-mortgage.com