Infinite Investment Realty

Bay Area Real Estates, Short Sale, Bank Owned Properties

Short Sales

Dec 15

30 Year Mortgage Rates at 4.97%

30 year mortgage interest rates headed higher this week over last week, following U.S. Treasury yields move higher. This is the second consecutive week of increases. Even with the increase, today’s mortgage interest rates are still incredibly low and will probably hover around these ranges until the first quarter of 2010.

Current 30-year mortgage rates increased to 4.97% this week, a slight increase from last week’s average 30 year rate of 4.95%. This week is the fifth consecutive week 30 year mortgage rates stayed below 5.00% in MBR’s Weekly Mortgage Rates Survey. An all-time low of 4.85% was set the week of November 30, 2009.

15 year mortgage rates remained unchanged at 4.40%. This is the seventh consecutive week 15 year mortgage interest rates remained below 4.50%. An all-time low of 4.35% was set the week of November 30, 2009. The most recent high of 5.20% was set back in June of 2009.

Oct 14

Plan to Help 9 Million Homeowners

Mortgage News 2 Comments »

Hi folks, I guess you probably heard the Obama administration’s “Homeowner Affordability and Stability Plan” phan. Here the two major components to the program.

Refinance Program to assists those responsible homeowners who are current on their mortgage payments. You can refinance up to 105% of LTV (Loan to Value). Unfortunately this program will not help many people in my market, especially in the Bay Area, since values are down in half in the last 24 months. In San Jose the house is worth $400,000 and they owe $600,000+.
Modification Program to assist those homeowners who are already behind in their mortgage payments or are facing foreclosure. The loan can modify by:
- Reduce the Interest Rate
- Increase the length of the term period of the loan - Reduce the Principle Amount.

To see more details, “read this full guideline”

Oct 06

How to Determine Who Owns Your Mortgage

Mortgage News No Comments »

When trying to contact your lender to work out a payment plan or some other deal, knowing who owns your mortgage can be very helpful. Unfortunately finding out is not as easy as it sounds since more often your mortgage lender is not the one who owns your mortgage. I have my mortgage with Wellsfargo bank, as it turned out, the record shows that Freddie Mac is the owner of my mortgage and Wellsfargo as an investor.

Chances are your loan is backed by either Fannie Mae or Feddie Mac. You can try the following links to check out if your loan is with these two agencies Fannie Mae’s Weblink and Feddie Mac’s Weblink. You can also call 1-800-7FANNIE and 1-800-FREDDIE.

If you have an FHA loan, contact FHA’s National Servicing Center to determine who owns your mortgage: (800) CALL- FHA or send an email to hsg-lossmit@hud.gov

One of the most important steps to saving your home from foreclosure is to get in touch with your lender immediately. Better yet, hire a qualified attorney with experience in foreclosures and loan modifications to contact your lender on your behalf, so you have legal representation on your side.