Part 1 of Part 3 Effective November 15, 2011, several vastly improved changes have been made to the HARP Program – Home Affordable Refinance Program.  These changes definitely could put the housing market back on track.  The program will be available in March 2012.  To be eligible for the HARP program, the homeowner must meet [...]

Part 2 of 3 10. Do I have to use my current lender to apply for the HARP progam? No.  You may select any lender of your choosing as long as the lender is participating in HARP. 11. I will not be able to put 20% down.  Will I have PMI (Premium Mortgage Insurance)? It [...]

Part 3 of 3 19. Can I finance the closing costs in the HARP Program? Absolutely.  Closing costs may be wrapped into the mortgage, including escrow reserves and daily interest.  However the final mortgage amount financed may not exceed the conforming loan limits of $417,000. 20.  I am currently unemployed and have no income stream.  [...]

Many homeowners have been unfortunate victims in the prolonged economic downturn.  This recession has forced the homeowner to short sale their home, forfeit their home back to the bank (foreclosure), or even worse, file for bankruptcy. The type of loan originally obtained for their mortgage dictates how long they must wait to become a buyer [...]

When applying for a home loan, there are several things to consider and mortgage questions to ask when interviewing a loan officer in the mortgage industry. If the buyer will ask these 10 mortgage questions, there will be fewer surprises during the transaction process and a much better chance of a smooth close of escrow. [...]

With consumers becoming more interested in their global footprint, we’ve seen an increase in questions regarding “green mortgages”.  A green mortgage is called an Energy Efficient Mortgage, also known as an EEM. Energy Efficient Mortgages allows a home buyer to finance cost effective energy-saving measures right into their mortgage.  A home energy “rater” or specialist [...]

With the Arizona real estate market still plagued by the challenges of continuing unemployment, tightened lending guidelines, and no equity in their homes, many homeowners are struggling to make their mortgage payments on time.  While there are multiple options available, the choices can be overwhelming. One available option for homeowners is a loan modification.  A [...]

After hundreds of thousands of sub-prime loans that were made during the housing boom and subsequently blamed for the housing recession in 2007, sub-prime loans are making a comeback. As the housing market was rapidly expanding, the need for additional types of loans began the infamous sub-prime market.   The need for excellent credit and proof [...]

Mortgage rates for homes in Arizona are currently between 4.25% and 4.5%. These interest rates are not as low as they were 6 months ago but they are significantly lower than the rates were just three years ago. With the current statement of the Federal Reserve halting the  buying of additional Treasuries, the  unanswered question [...]