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Housing Market Thoughts

Looks like the housing market is looking up….NOT. Housing prices are not recovering. This is horrible. Properties were once one of the best ways to get rich in America but this is not true anymore. According to a lot of articles that are coming out this week, the house is not your biggest asset anymore. You can be better off renting, at least you will be recession proof, or at least your net worth will not take a serious hit if your value of your property takes a hit. Mortgages are crazy these days. The interest rates have started to come up but the housing prices are not. How can people win in an economy like this? Bad credit mortgages can help you do that.

I think it will be easier to just move back in with your parents if you don’t have money to pay for your mortgage. Move in with the entire family, take your wife kids and second car back to mom. Save a lot of money that way by sharing in the utilities, sharing in the space, and paying no mortgage at all. More money for grand family vacations to Europe.

Seriously, if you don’t have work or are trying to find work or don’t think you’ll have any work in the near future, it will be crazy to keep an expensive mortgage. If you lose your job, you don’t have any protection at all and you could lose your house and the money that you already put into it. With housing prices totally depressed, you will lose money on the deal and will probably get no money back. Scary proposition right? Well, that’s the reality of the world these days, folks.

Housing Market Predictions

Are you still considering investing in real estate or are you just curious as to the state of your home’s market value in the near term? We admit that these days it’s hard to know where the market is headed. Some people will predict the value of property to go up only to see them come tumbling down again the next week. Some days we see an optimistic surge, some days we don’t. So what is really going to happen now? Continue reading Housing Market Predictions

SunTrust Mortgage complaints

I contacted SunTrust Mortgage on April 30, 2009 about a 30-yr refinance on my primary residence. The uniform residential loan application and all required financial documentation was completed and sent to them on May 1, 2009. I was quoted a rate on the phone and I asked the loan office (Steve Fahrenthold) to lock. I was also asked to pick a closing date during the first week of June. Receipt of all information by SunTrust was confirmed via email on May 4, 2009. After several unanswered email and voicemail messages, SunTrust responded on May 20, 2009 and told me in writing: “Your loan is in process. Please understand that with the overwhelming volume, they focus on everything closing at the end of this month first. We are on line for a closing by mid June.” Continue reading SunTrust Mortgage complaints

Should We Be More Optimistic About Housing?

When the stock market broke into the last week, hope was in the air for economic recovery. But a sunny outlook was missing for most of us, wrote New York Times columnist Floyd Norris. Economists, he said, were about the economy: “Having been embarrassed by , there is an understandable hesitation to appear foolishly optimistic again.” Today, the committee of economists who mark the end of recession announced its to mark the end of the downturn. Where does this leave the real-estate market? Are housing analysts also hesitant to express optimism? Most would agree that home prices hit bottom around April or May last year, since then the Case-Shiller index has risen every month through January, writes Robert Shiller in this weekend’s . Cause for optimism? Not for Mr. Shiller. Recent polls show that economic forecasters are largely bullish about the housing market for the next year or two. But one wonders about the basis for such a positive forecast. Momentum may be on the forecasts’ side. But until there is evidence that the fundamental thinking about housing has shifted in an optimistic direction, we cannot trust that momentum to continue.

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Should I Refinance – Chase Customer

Question:
I am in need of some help with a possible refinance. I hope someone can assist. I have a feeling refinancing is the way to go but when I asked my current lender, Chase several questions today, my head went spinning.

Should I Refinance

My situation is as follows:
498,00 purchase price in 7/05 and current value is also 498,000
373,500 financed at closing in 2005
351,000 is my balance now
5.75 is my current rate with a 10 year fixed and then 20 year variable
2179.00 monthly payments now
Chase offered 2 options today to start thinking about:
30 fixed at 4.625 1 discount point at a cost of 3500 making the monthly payment 1840 or
30 year fixed 5.125 par no points making the monthly payment 1932
the 2100 in closing costs quoted will be rolled into new loan and are included in the above monthly payment calculations above.
The 750 app fee cannot be rolled into the new mortgage.
My management company / corporation (I am in a coop) is going to charge me approx 1800 app fees etc. to close as well.
With all these fees, etc., how do I know when I will break even? Is either a good deal? I will be shopping and look at other lenders but before I spend the time, I needed a baseline. I should be in the apt at a min of 4 years more but anything is possible. I could be here forever, or I could move next year….who knows? By the way, I am in NY.

Thanks!

Answer:
Calculate your mortgage payment Prin & Interest divide that into the total closing cost and that will tell you what your break even point is. Should I Refinance My Home

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Read the news carefully today. You never know what you're gonna get. For recommended reading materials on mortgages and refinance aspects and how to fix your deeds or just plain news on real estate, check out the new york times online. It's a very good source of information.