Monday, February 20, 2012

Homebuying Tips

Home buying doesn’t begin with home searching; it begins with a mortgage pre-approval. Often, first-time home buyers fear getting pre-approved because they’re afraid the lender may tell them they do not qualify for a mortgage or they qualify for a loan smaller than expected. However, by getting preapproved, buyers will make a financial decision rather than an emotion one.
Another mistake first-time home buyers make is not thinking of a house as a long-term commitment. If a buyer may have to switch jobs in a year or two and may have to move for the job, they should think twice about buying a house. Ideally, buyers should picture themselves living in the house for five to seven years.
Some first-time buyers make the mistake of spending all of their savings on the down payment, closing costs, and coming up with a 20 percent down payment to avoid paying for mortgage insurance. However, most real estate experts advise against this because the borrower will be left with no savings at all for home repairs and other unexpected expenses.

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®.

Monday, February 13, 2012

Unemployed? Freddie Mac extends forbearance to unemployed borrowers

Freddie Mac Now Permits Up To 12 Months Forbearance To Unemployed Borrowers

MCLEAN, Va., Jan. 6, 2012 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today announced it is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed borrowers without Freddie Mac's prior approval and up to an additional six months with prior approval. This means unemployed borrowers may be eligible for up to 12 months of forbearance. Freddie Mac's forbearance options are being expanded at the direction of the Federal Housing Finance Agency and will take effect on February 1, 2012.
News Facts:

Mortgage servicers can now approve unemployed borrowers with Freddie Mac owned- or guaranteed-loans for six months of forbearance without prior approval from Freddie Mac.
Servicers can extend the forbearance period up to an additional six months with prior Freddie Mac approval, giving eligible unemployed borrowers with Freddie Mac owned- or guaranteed-mortgages up to one year of forbearance.
The expanded forbearance options will take effect on February 1, 2012.
Delinquent borrowers in an existing short term forbearance plan can be evaluated for an extended forbearance under the new policy.
Previously Freddie Mac allowed servicers to grant up to three months of forbearance with no payment and without prior approval, or six months at a reduced payment with prior approval. Longer forbearance required prior approval and was generally restricted to events such as natural disasters, permanent disability or long-term medical emergencies.
According to the latest statistics, nearly 10 percent of delinquencies on Freddie Mac mortgages were tied to unemployment.

Quote:
Attribute to Tracy Mooney, Senior Vice President, Single-Family Servicing and REO, Freddie Mac:
"These expanded forbearance periods will provide families facing prolonged periods of unemployment with a greater measure of security by giving them more time to find new employment and resolve their delinquencies. We believe this will put more families back on track to successful long-term homeownership."
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 homebuyers and more than five million renters. For more information, visit www.FreddieMac.com

SOURCE Freddie Mac

For further information: CONTACT: BRAD GERMAN, FREDDIE MAC, (703) 903-2437, Brad_German@freddiemac.com

The financial and other information contained in the documents that may be accessed on this page speaks only as of the date of those documents. The information could be out of date and no longer accurate. Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC.

Friday, February 10, 2012

Cookies for Troop!

Operation Help A Hero and returning Marines/Sailors would LOVE some Girl Scout cookies! If you'd like to donate money I will personally deliver your boxes of cookies to Camp Pendleton and place them in the barracks of a returning soldier. I can even provide you with a tax receipt!