Mortgage Rate Update

By
Mortgage and Lending


Upside Down?
You Can Refinance Up to 125% of Your Home's Value

Even if you owe up to 125% more on your mortgage than your home is worth, you may be able to refinance. For example, if your home is worth $200,000 but you owe more than that, qualifying homeowners can now refinance up to $250,000.

According to First American Core Logic, more than 15.2 million homes had negative equity in June 2009. This represents nearly 33% of all mortgaged properties across the country. Where in the past, being upside down on your loan would have precluded your ability to seek relief, you now may have an opportunity.

The Making Home Affordable program was initially structured to accommodate homeowners with a new loan to 105% of their home's value. However, that amount has been increased to 125%. There are requirements to qualify including whether your loan is currently owned by either Fannie Mae or Freddie Mac. You can find out if your loan is held by either agency by visiting http://makinghomeaffordable.gov/loan_lookup.html.

 

Mortgage Interest Rates for Fixed Rate Mortgages*

Rates as of Monday, 30th November, 2009:

 

Term

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

30-Yr. fixed

360

4.625%

4.838%

$5.14

4.875%

5.005%

$5.29

15-Yr. fixed

180

4.250%

4.619%

$7.52

4.375%

4.598%

$7.59

7-Yr. fixed ARM

360

4.875%

5.092%

$5.29

5.500%

5.635%

$5.68

5-Yr. fixed ARM

360

3.875%

4.079%

$4.70

5.375%

5.509%

$5.60

3-Yr. fixed ARM

360

4.875%

5.092%

$5.29

5.375%

5.509%

$5.60

FHA 30-year fixed

360

4.750%

4.965%

$5.22

5.250%

5.383%

$5.52

*Rates are subject to change due to market fluctuations and borrower's eligibility.

 

Karl Peidl
Pleasant Valley Home Mortgage Corp.
305 Harper Drive, Suite 3
Moorestown, NJ 08057

kpeidl@pvhmconline.com

856-252-1224

www.karlpeidl.com

www.pleasantvalleyhomemortgage.com

 

 

New Jersey: Licensed by the N. J. Department of Banking and Insurance.  Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.





© Copyright 2009. All About News, Inc.

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Janice Roosevelt 12/01/2009 06:13 AM
Topic:
Mortgage / Finance
Location:
New Jersey Burlington County Moorestown
Groups:
Addicted to Active Rain
Dedicated Bloggers
New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
New Jersey Real Estate Experts
South Jersey
Tags:
making home affordable
fannie mae
freddie mac
rates
new jersey mortgage rates
mortgage rates
interest rates
mortgage rate update

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
468,836
Janice Roosevelt
Rory Burkhart Team, Keller Williams - West Chester, PA
OICP ABR, ePRO,Ecobroker

Karl, great stuff, I am re-blogging. Happy holidays!

Dec 01, 2009 06:13 AM #1
Rainer
107,667
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Thanks Janice.  Happy Holidays to you as well.

Dec 01, 2009 09:05 AM #2
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainer
107,667

Karl Peidl

Accredited Loan Consultant
Ask me a question
*
*
*
Spam prevention

Additional Information