We've moved!  Mortgage Capital Partners 310-295-2900.

 In March, mortgage rates dropped to the lowest they have been in 47 years.  Banks have cut PRIME rate to 3.25%, and the FED is doing what they can to get the banks to loan money again. Mortgage rates have also been hitting new lows…

The good news is that there are actually 30 year fixed rate mortgages in the 4.50% - 5.00% range.   The bad news is that the banks are making it very difficult to borrow the money.  You need perfect credit (740+ FICO).  You need a low loan-to-value.  You need a JOB – with documented income. 

Right now I’m looking for someone who has a loan of $729,000 or less and a current rate of 5.75% or higher.  This person should have plenty of equity in their home, have excellent credit as well as be able to document their income.

If you know someone who fits this description (and maybe it is you!) please give me a call right now: 310-295-6248. 

 Home Affordable Refinance...

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.

Am I eligible for a Home Affordable Refinance? Answer these questions:

Top of Form

1. 

 

Are you the owner of a one- to four-unit home?

Yes No

2.

Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?
If you don’t know, click here.

Yes No

3.

Are you current on your mortgage payments?
“Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.

Yes No

4.

Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

Yes No

Bottom of Form

Home affordable refinance cont...

Prevent Mortgage Foreclosures

 January 15, 2009 - $7,500 first-time home buyer tax credit

December 18, 2008 - Mortgage rates hit a 37-year low!

November 25, 2008 - Mortgage rates are down because the Treasury decided to start purchasing Mortgage Backed Securities from Fannie Mae & Freddie Mac thus creating a demand for these instruments - when demand increases, prices go up which means rates fall!

Mortgage Industry Updates continued...

 
Meredith Chapman
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