San Diego Short Sale and Foreclosed Homes

 
 
RISMEDIA, July 15, 2009-The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased last week to 5.26 percent, down from 5.40 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com . Meanwhile, rates for 15-year fixed mortgages fell to 4.65 percent from 4.79 percent, and 5-1 adjustable rate mortgages also fell to 4.30 percent, down from 4.49 the week prior.

On Monday, rates for 30-year fixed purchase mortgages dropped further, with the average rate on Zillow Mortgage Marketplace at 5.19 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

Thirty-year fixed mortgage rates varied by state. California mortgage rates, Georgia mortgage rates and Pennsylvania mortgage rates decreased the most, from 5.39 percent to 5.21 percent in California, from 5.32 percent to 5.16 percent in Georgia and from 5.42 percent to 5.26 percent in Pennsylvania. Ohio mortgage rates (5.39%), Illinois mortgage rates (5.36%) and Massachusetts mortgage rates (5.36%) were the highest in the country, while Georgia mortgage rates (5.16%) were the lowest.

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow. Learn more about our rates.

Add Comment
 
 
RISMEDIA, July 13, 2009-Freddie Mac recently posted a new video on youtube.com that shows late-paying borrowers how gathering a few financial documents before calling a mortgage servicer can cut the time needed to determine their eligibility and process their application for a loan modification under President Obama’s Making Home Affordable program or Freddie Mac’s other workout initiatives.

Available in English and Spanish versions, the new Freddie Mac video, “Stop Foreclosure: Documents Your Lender Needs to Help You,” can be seen at Freddie Mac’s channel on YouTube(TM) at http://www.youtube.com/FreddieMacWeb.

The two-minute video shows step-by-step which documents borrowers should have on hand when they call their servicer to discuss loan modifications. These documents can cut the time a servicer will need to understand the borrower’s situation, determine his or her eligibility for a workout, and process the application.

According to the video, the key documents borrowers should have when they call their servicer include:

- Most recent monthly mortgage statement;
- Pay stubs or other documents showing their household’s monthly pre-tax income;
- Most recent tax return;
- Second loan or home equity line of credit statements;
- Account balances and minimum monthly payments on credit cards, car loans, student loans or other debt;
- A short, concise description of the financial hardship that is causing – or leading to – a mortgage delinquency.

“America’s servicers are handling an extraordinary volume of calls from distressed borrowers seeking an Home Affordable Modification under the President’s program,” said Ingrid Beckles, senior vice president of default asset management at Freddie Mac.

“By taking a few moments to gather these documents borrowers can help their servicer understand their financial situation and reduce the need for repeat calls.”

For more information on President Obama’s Making Home Affordable program, visithttp://www.makinghomeaffordable.gov or www.makinghomeaffordable.gov/spanish.

Borrowers with questions about Making Home Affordable should call 888-995-HOPE.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six home buyers and more than five million renters.

Add Comment
 
 
Picture
RISMEDIA, July 11, 2009-Forty-two percent of U.S. consumers have credit scores between 550 and 699. As a result, these consumers typically don’t qualify for preferred interest rates and, depending on their overall credit profile, they may not even qualify for certain loans and credit cards. The primary challenge is that most consumers don’t understand what impacts their credit profile and, more importantly, don’t know what actions they can take to help improve it. This short quiz will help test how much you know about your credit profile and how it works.

1. To have the best credit profile impact, what is the maximum amount of your monthly credit line you should use?
a) 70%
b) 30%
c) 50%

2. What is the top contributing factor to what makes a good credit score?
a) Length of credit history
b) Amounts you owe
c) Payment history

3. If you pay 2% each month on your credit card (typical minimum payment), when will you pay off a $3,000 balance at 10% interest?
a) 18 years
b) 6 years
c) 3 years

4. After paying off a high-interest credit card, you should:
a) Continue using it occasionally
b) Close the account
c) Use the full amount of available credit every month

5. Applying for credit cards in order to just receive a free sign-up gift (t-shirts, mugs, etc.) has no impact on my credit profile?
True or False

6. Rewards points on credit cards are a good deal when:
a) I get cash back
b) I get free airline tickets
c) I carry no balance each month

7. To have a credit score, I must have at least one creditor reporting activity on my credit report for:
a) 12 months
b) 8 months
c) 6 months

8. Credit bureaus that manage your personal credit report data and credit scores are a:
a) Government entity
b) Non-profit agency
c) Regular business corporation

9. Banks and credit card companies think you are credit-worthy by how many credit offers you receive by mail?
True or False

10. Credit scores are used by lenders mainly to:
a) Tell how I compare to other consumers
b) Tell if I make my payments on time
c) Predict the likeliness that I will repay my loan on time

Answers: 1 – c, 2 – c, 3 – a, 4 – a, 5 – False, 6 – c, 7 – c, 8 – c, 9 – False, 10 – c

If you find you answered more than half of these questions wrong, you’re not alone. In a survey, we found that the majority of consumers do not know the answers to these and similar types of questions. On average, U.S. consumers have a total of 13 credit obligations on their credit report. These include installment loans (auto loans, mortgage loans, student loans, etc.) and credit cards (such as department store charge cards, gas cards, or bank cards). As a result of the numerous outstanding credit obligations, combined with the lack of proper knowledge and guidance about what impacts their credit profile, the average U.S. consumer ends up spending thousands of dollars on unnecessary interest expenses.

The good news is that it’s not too late. With a good understanding and proper guidance of how credit works, consumers can learn how to effectively manage their personal credit profile. Improvements can be obtained fairly rapidly with credit coaching services and the proper changes (no more trial-and-error stuff). Our survey group of customers who participated in a credit optimization and coaching service saw their credit scores increase by an average of 30 points in just four months as a result of more effectively managing their credit. More than ever, every responsible consumer should proactively evaluate, optimize and protect their credit before they have a required credit need or an issue arises.

Jeff Mandel is president and Marlin Brandt is COO of ApprovalGUARD.

Add Comment