Austin Texas Mortgage» Mortgages

So You Thought The Foreclosures Were Ending?

admin — Thu, 08 Oct 2009 14:05:37 +0000

While the popular network news stations would like you to think that the recovery is upon us, and therefore the foreclosures and bankruptcies were going to end… the fact is that foreclosures are still likely to be with us in record proportions for the next few years. Check out this article on reuters. It contains a few real nuggets of data that should at least make you think.

The most telling to me is that on average, there is another foreclosure filing in the US every 13 seconds. Yes that’s right… every 13 seconds.

Think about your personal finances. Think ahead of time about how you might be able to withstand a layoff or sudden decrease in income. Better to prepare and not need it, than to be unprepared if it does.

So You Thought The Foreclosures Were Ending? is a post from: Austin Texas Mortgage

How Can You Get an Online Mortgage Refinance

admin — Mon, 05 Oct 2009 13:55:22 +0000

If you’re thinking about refinancing your current mortgage, you must consider an online mortgage refinance. Various mortgage lenders are presently offering this as a simple option to homeowners who wish to refinance. Receiving quotes from various lenders does not take much time and is convenient. The following tips would help you refinance your mortgage online.

Gather refinancing quotes: To begin the online refinancing procedure, obtain interest rate quotes from different lenders or you can ask your mortgage broker to get quotes from online refinance lenders. Online mortgage brokers would gather interest rate quotes and terms and conditions of refinancing from different online lenders for you. They would be composed in a list or report and supplied to you. Majority of lenders can offer you with a refinancing quote within a small period of time. You must try to find free no obligation quotes.

Lenders vs. Brokers: For refinancing your mortgage online, you can just work with an online mortgage broker. You can also work with online mortgage lenders directly. Plenty of banks and mortgage lenders are currently providing online mortgage refinancing to consumers. Just keep in mind that you need not refinance with your existing mortgage lender, hence you can shop around for other lenders.

Compare rates and terms: For locating the best possible deal, you have to compare the interest rates and terms. You should not take into account the interest rate only while thinking about whom to refinance with. Consider the terms and conditions of the new mortgage, the amount of principal you would have to pay, the tenure of the loan as well as any charges related to online refinancing. Just ensure that it is reasonable for you to refinance.

Official Refinancing Quote: When you get a refinance option that you prefer, call the lender once more and ask for an official quote. This can be performed online and through contacting the lender.

Online Refinancing Formalities: The formalities for refinancing online can be completed by electronic means. You would be requested to fill in the financial details and put forward the application to conclude the procedure of online mortgage refinance.

How Can You Get an Online Mortgage Refinance is a post from: Austin Texas Mortgage

Buy 92 Houses!

admin — Fri, 18 Sep 2009 14:57:49 +0000

Do you have $10 million to spend on a house?

In New York, it will not get you this townhouse on East 71st Street. It’s offered for just under $17 million.

In Austin, that same $17 million would buy you just over 92 median priced houses. According to the Austin Chamber website, the median house cost in Austin was $183,700 in 2007.

Obviously that is a special townhouse in New York, but it does sometime amaze me the divergence in housing prices between regions in the United States. Even the price difference between different areas of the same town can vary just as dramatically.

So… location, location, location.

When you go out looking for a house, the condition and size of a house is only a portion of the price. Remember to find the right location, and to that end, compare similar houses in similar locations when deciding if you are finding the right price.

Buy 92 Houses! is a post from: Austin Texas Mortgage

Mortagage Woes Visually

admin — Fri, 21 Aug 2009 15:51:57 +0000

Not to add to the bad news about mortgages, but I found an interesting graphic that shows mortgages by State in the United States. The real interesting part of this is that they added a graphic by state of bankruptcies as well for the first half of 2009.

Check it out here.

Mortagage Woes Visually is a post from: Austin Texas Mortgage

13% of Mortgages in Deep Trouble

admin — Fri, 21 Aug 2009 01:06:30 +0000

We all know that the recession has been going on for a while now. And, I think the large majority of people realize that a significant downstream impact of the recession has been a rise in foreclosures. Of course, the impact has tended to be concentrated in several problem states, with the most prominent being California and Florida. This is not to say that other States are immune, but rather that these States are bearing the brunt of it. A recent article in the LA Times quantifies the national problems, and points out that at the moment “the number of homeowners who are either behind on their payments or in foreclosure rose to more than 13% nationwide — a new record.”

Wow.

I hope that you are in good shape with regards to your mortgage. If you are feeling the pinch though it is better to be proactive and research loan modification programs or at least seek out a financial advisor who may be able to you with your specific situation.

13% of Mortgages in Deep Trouble is a post from: Austin Texas Mortgage