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Replies (19)
- Helpu2
- Contributions:28
- not available b
- Contributions:253
If I remember correctly, Oakland does not allow for Prepayment Penalties within the County...so you should be in good position to refinance at any time.
The first thing that needs to be considered is the value of your home. With current California values experiencing a decrease, it may be wise to consider a refinance soon. Since you began the life of your loan with no equity, your home value is extremely important to the viability of a refinance.
With all of the housing supply in California...and with the looming foreclosure potential for homes in your local area, values could continue to slide south. If this happens, you may end up in a very unfavorable position...and possibly owing more than the home is worth if you wait too long.
Fortunately, there are still refinance opportunities available...assuming you owe less than the home is worth. In most circumstances, there is very little variance between an Adjustable Rate Mortgage (ARM) and a 30 year fixed rate mortgage in the current market conditions.
If you would like to discuss a refinance with ZERO pressure, I would encourage you to email me at shemstedt@verizon.net. Under most circumstances I would recommend that you work with someone who is local and understands the local Real Estate market...but I would be happy to extend my advice to you.
The first thing that needs to be considered is the value of your home. With current California values experiencing a decrease, it may be wise to consider a refinance soon. Since you began the life of your loan with no equity, your home value is extremely important to the viability of a refinance.
With all of the housing supply in California...and with the looming foreclosure potential for homes in your local area, values could continue to slide south. If this happens, you may end up in a very unfavorable position...and possibly owing more than the home is worth if you wait too long.
Fortunately, there are still refinance opportunities available...assuming you owe less than the home is worth. In most circumstances, there is very little variance between an Adjustable Rate Mortgage (ARM) and a 30 year fixed rate mortgage in the current market conditions.
If you would like to discuss a refinance with ZERO pressure, I would encourage you to email me at shemstedt@verizon.net. Under most circumstances I would recommend that you work with someone who is local and understands the local Real Estate market...but I would be happy to extend my advice to you.
Hi johndee
congress just passed a bill that means short sale deficiencies are not considered income anymore.
What that means is that if you short your house, whatever is forgiven by the lender will not be considered 'income' on your tax return to the IRS.
However, it also has to pass the senate and get signed off by the prez. But I think this will be done.
This is a worst case scenerio. If you bought a year ago 100%, I fear you almost certainly will be upside down now, and even WORSE off by 2008.
Unless they come up with a lender who will do 125% stand alone seconds and the first lien will accept a CLTV over 100%, short sale may be your best way out of this.
Lets hope the programs will be availiable then for you to refi .
congress just passed a bill that means short sale deficiencies are not considered income anymore.
What that means is that if you short your house, whatever is forgiven by the lender will not be considered 'income' on your tax return to the IRS.
However, it also has to pass the senate and get signed off by the prez. But I think this will be done.
This is a worst case scenerio. If you bought a year ago 100%, I fear you almost certainly will be upside down now, and even WORSE off by 2008.
Unless they come up with a lender who will do 125% stand alone seconds and the first lien will accept a CLTV over 100%, short sale may be your best way out of this.
Lets hope the programs will be availiable then for you to refi .
What's the value of your house? When did you buy? There was an article today about most East Bay homeowners not being able to refiance because of the decline in home value. Some shopped with 15 lenders and everyone turned them down. You might want to start shopping now if you still have equity in the house. No equity = no refinance
http://72.14.253.104/search?q=cache:aCc27LoKlaEJ:origin.contracostatimes.com/ci_7070629+loan+seekers+find+salaries+fall+short&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a&ref=patrick.net
http://72.14.253.104/search?q=cache:aCc27LoKlaEJ:origin.contracostatimes.com/ci_7070629+loan+seekers+find+salaries+fall+short&hl=en&ct=clnk&cd=1&gl=us&client=firefox-a&ref=patrick.net
- Dave Mason, "DebtFreeDave"
- Contributions:1315
The best time to do most things is now. Who knows what rates will be doing in the future. I do know what they are now.
- Rhonda Porter, "rhondaporter"
- Contributions:20
Meet with a Mortgage Professional right away. Review your ARM caps and learn exactly how much it can adjust. Have your credit pulled and develop a strategy in case you need to do some elbow grease to improve credit scores so that you're in the best position in the event you need to refinance.
I'm not familiar with Oakland, so another factor you will be dealing with is appreciation or depreciation. A qualified Mortgage Professional in your area can help guide you with your decision.
Good luck!
Rhonda Porter CMPS
Licensed Loan Originator 510-LO-32047
I'm not familiar with Oakland, so another factor you will be dealing with is appreciation or depreciation. A qualified Mortgage Professional in your area can help guide you with your decision.
Good luck!
Rhonda Porter CMPS
Licensed Loan Originator 510-LO-32047
- Vincent Towne, "Countrywide2008"
- Contributions:251
johndee, I agree. Start looking now! I originate quite a few loans in California and trust me, it is very hard right now with declining home values. You can contact me if you like and we can discuss what's really going on in Cali. Just click on my name for contact info.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
LOL
- Loan Goddess
- Contributions:22
do people post these to see how fast all of us will jump on them..... :) we're so funny. I'd start checking it out around May of 08....good luck to ya. :)
If he bought 100% financing last year or before, you can bet bottom dollar he is underneath the house.
Unless he has a wad of cash to bring to close, he is better going to short sale .
If he doesnt do that, he has no choice but to wait it out with the adjustable rate.
Unless he has a wad of cash to bring to close, he is better going to short sale .
If he doesnt do that, he has no choice but to wait it out with the adjustable rate.
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
johndee
As stated above to summarize below are areas of concentration:
1. Value- that will be critical to your situation. FNMA & FLLMC will do 100%
LTV on a rate and term.
2. Based on above, you will need to qualify thru their automated underwritting system and most certainly will need to go Full Documentation.
Depending on who your lender is, that might be a good place to start Unless it maybe a Sub-Prime Lender- Otherwise contact a Reputable Broker or Lender of your preference regarding the above.
Depending on your Pre-pay situation- You may not have one But Check- this might be possible.
Prepare early if you can- Don't wait until the last minute.
Best of Luck
As stated above to summarize below are areas of concentration:
1. Value- that will be critical to your situation. FNMA & FLLMC will do 100%
LTV on a rate and term.
2. Based on above, you will need to qualify thru their automated underwritting system and most certainly will need to go Full Documentation.
Depending on who your lender is, that might be a good place to start Unless it maybe a Sub-Prime Lender- Otherwise contact a Reputable Broker or Lender of your preference regarding the above.
Depending on your Pre-pay situation- You may not have one But Check- this might be possible.
Prepare early if you can- Don't wait until the last minute.
Best of Luck
hey cut your arm:
send your clients here
www.daviehomefinance.com
instead of the free link to YOUR site you put on every post.
send your clients here
www.daviehomefinance.com
instead of the free link to YOUR site you put on every post.
- Nic Netherton, "Colorado Lender"
- Contributions:7219
If i cut my arm i have my girlfriend put a band-aid on it, and maybe some neosporan to prevent infection.
- CORONA NICK
- Contributions:2218
Can you afford you loan when it resets???
- Dave Mason, "DebtFreeDave"
- Contributions:1315
http://getprequalified.com is probably your best bet.
- CORONA NICK
- Contributions:2218
My loan is based on the 1yr treasury index plus 2.75%... which means, it will probably be in the 8% or 9% area, at least in the 1st reset.... I have a 7yr fix and 23 adjustable... heres a link of the indexes..
http://www.moneycafe.com/library/mta.htm
http://www.moneycafe.com/library/mta.htm
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Corona
Unles is Misread your post, it appears as though based on current index your rate would come out at around 6.72 % which is not really that bad.
However, if you plan on staying there longer fixed are in the low 6's to high 5's depending on the points that you want to pay.
Unles is Misread your post, it appears as though based on current index your rate would come out at around 6.72 % which is not really that bad.
However, if you plan on staying there longer fixed are in the low 6's to high 5's depending on the points that you want to pay.
- CORONA NICK
- Contributions:2218
I know... but my loan resets in 2010... I will use all the time I have... then hopefully rates are still low.. I will refi into a 15yr.
- CORONA NICK
- Contributions:2218
BTW your right Wayne.. Im being a pessimist.
ARM expires July 08
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