True Mortgage solutions for people living in Scottsdale can sometimes be difficult to find unless you know where to look. Because so many homes in Scottsdale are considered “higher value” homes, some loan programs are not really applicable due to the higher loan amounts.

True Mortgage Solutions To Scottsdale Loan Needs

Some of the most popular loan programs in Scottsdale that are available are conventional and jumbo loan programs. Jumbo loan programs have been dormant for a number of years due to the credit crisis, but they are making a comeback as the credit crisis thaws.

Conventional loans are at the Maricopa county loan limit of $417,000 and are available at a number of lenders throughout the Scottsdale area.

FHA loans are available also in the Scottsdale area and of course we can close your FHA loan when you are buying your house or refinancing your FHA loan, in ten days when needed.

No matter where you live in Arizona, finding the right loan officer can be the difference between making your home loan transaction smooth or full of problems. Be sure to call our local Scottsdale mortgage (true) experts who can help you get closed as quickly as possible and of course with the lowest rates available.

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Are you searching for Tempe AZ Condos For Sale? If so, you should talk to Dean Ouellette. Dean is a RE/MAX agent who specializes in Tempe Town Place Condos and other Tempe AZ based condominiums for sale in Tempe and Phoenix Arizona locations.

See all Tempe Town Place Condos For Sale

Dean suggests, the Tempe Luxury condo market and Phoenix luxury condo market over the last few years have been hit especially hard. Both condo markets have been slower to recover than the single family residential market. The primary reason for the slow recovery time is due in most part from the fact that most of the sellers owe more on their mortgage than the condos are worth. This means that most Tempe and Phoenix condos for sale must be sold through a short sale process. To protect yourself in this market it is imperative to work with an agent who specializes in short sale and foreclosure transactions.

Dean Ouellette spends a tremendous amount of time studying and working in the Tempe and Phoenix condo markets. He has the knowledge to help you buy or sell your condo in this challenging market. If you are looking to sell your Tempe condo and need someone who has successfully dealt with condo short sales or you are looking to purchase a condo foreclosure Dean can help.

Want to be featured like this? Contact us.

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I know, I know – you already know that we are located right here in Chandler, Arizona and we are a mortgage company.

Yawn.

But what you don’t know is that my boss just got a direct mail piece from a local SEO firm that wanted to put “him” on the front page of Google for being a Chandler Arizona Mortgage Company.

First, I have to take my hat off to the SEO firm. Really. I mean, they sent out a color brochure explaining how they could get him on the front page for “Chandler Arizona Mortgage Company” in one of two ways — either through pay-per-click or organically. Which I thought was nice since I have had some other companies try to pitch their “getting you on the front page of Google” only to launch a ppc campaign and charge $x per month to get you there and keep you there.

Anyway, if you are a Chandler, AZ mortgage company and you are wondering how to get on the front page of Google… well, you can do it yourself OR you can call an SEO firm. The truth is that there are many SEO firms that are great and do a great job. So if you want to be visible on Google but don’t want to put the time in that it takes to do it yourself, then outsource it.

But if you want to do it yourself and you can spend a few hours a week, it won’t be long before you can also be known as another Chandler Arizona mortgage company that works (hopefully) right down the street from me.

Chandler Arizona Mortgage Experts: 480 374 0303.

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Are you thinking about buying a home in Southeast Gilbert? You might be surprised to learn that there is a loan program that allows up to 102% financing that many homes in Southeast Gilbert can qualify for – or in other words, no down payment is required.

Why don’t more people know that you can buy a home in Southeast Gilbert for no money down?

Just guessing, but I suspect that it has something to do with the loan program. The loan program is the USDA Rural loan program – and it allows 102% financing.

Does this look rural?

How about this?

No, not really.

But – according to the loan program guidelines, many homes in Seville (Golf and Country Club by the way) can qualify for a 102%-no-money-down-mortgage.

Fore!

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Tempe Arizona Mortgage Rates December 8 2008

A thought: with all of the mortgage company closures, I am wondering what a true refinance boom will do to the mortgage companies.  Is there enough credit and capacity to finance all of those people who want to refinance their 6.x% interest rate into a 5.x% interest rate?

As I said last week, if you are looking to buy a new home, now is a great time to start the process.

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As seen on ABC 15 News…

What do the Oklahoma Sooners and a 4.5% interest rate have in common?

They may both be part of a land grab.

Ok, not really, but the national (and local) media sure did jump on the story that broke in the WSJ about the possible plan for the government to do everything in its power to lower the target interest rate for people buying a new home to 4.5%.

The “4.5% plan” is one that the National Association of Realtors has been lobbying hard for and thinks is the key to helping the housing market recover.

According to the most recent article in the New York Times about the “4.5% plan”:

“We believe that the only way to really address the housing situation is to increase sales,” said Lawrence Yun, chief economist for the association. “Home prices will not stabilize until we address the inventory problem, and the only way to bring down the inventory of houses on the market is to bring in a new set of buyers. We think this would do the trick.”

Mr. Yun estimated that a one-year program to provide home buyers with an interest rate of 4.5 percent would cost the government about $50 billion. It would result, he predicted, in about 500,000 home sales — an increase of slightly more than 10 percent over today’s depressed sales rate. If the program were extended to people who simply wanted to refinance, Mr. Yun warned, the government’s cost could easily be 10 times higher.

Will the 4.5% plan pass? Will the Oklahoma-Sooner land-grab days come back to the Valley?

I hope so.

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Phoenix, AZ Mortgage Rates December 2, 2008

Mortgage Related News

According to the Wall Street Journal today, TransUnion forecasts the number of home loans 60 or more days past due to reach 7.17 percent at the end of 2009–nearly twice the anticipated delinquency rate of 4.67 percent for 2008 and the highest level since at least 1992. The credit bureau predicts that mortgage will finally start to go down in early 2010 when loans that were based on more stringent underwriting criteria take effect.

According to Ezra Becker with TransUnion’s financial services group: “There may be an ongoing flow of consumers who may now be able to pay their mortgage but may not be able to a year from now.”

If you are having trouble making your mortgage payment, you have options that are available to you and usually fall in one of these categories:

• Loan Modification
• FHA Short Refinance
• FHA Secure Program
• FHA Hope for Homeowners

Start with talking with your lender about getting a loan modification, then move down the list for your options.  With the current foreclosure moratorium until early next year, many lenders are getting better about working with borrowers to modify their loan so they can afford their mortgage.

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Some time ago, I was a student in an advanced capital markets finance class in college.  I seem to have forgotten many of the things I learned in that class (or at least “learned” enough to pass the test!) but one thing has stuck with me through the years.

“Don’t fight the trend. The trend is your friend.”

Today, it was announced that the Federal Reserve was committing $800 billion to hopefully unfreeze the capital markets.  The announcement came as a surprise and stated that the Federal Reserve will purchase up to $100 billion in direct debt of Fannie Mae, Freddie Mac and the Federal Home Loan Banks and up to $500 billion of mortgage-backed securities backed by Fannie, Freddie and Ginnie Mae.

“This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally,” the Fed said.

This $800 billion is in addition to the $700 billion “bailout” that was announced by the Treasury in early October.

Look for interest rates to generally trend lower in the relatively near future. And no, I am not 100% certain of what exactly the future holds — but I *did* learn in class once that the trend is your friend!

Arizona Mortgage Rates For November 25, 2008

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Scottsdale Arizona Mortgage Rates for November 21, 2008

Quick Mortgage News Update

Freddie Mac & Fannie Mae temporarily halted foreclosure sales and evictions. Fannie Mae, issued Lender Letter 04-08 announcing that they are “halting all foreclosure sales on occupied single-family properties that are scheduled to occur from November 26, 2008 through January 9, 2009. This temporary halt also applies to eviction lockouts of occupied single-family properties.”

Fannie & Freddie are working with FHFA, to implement their streamlined loan modification program by December 15, 2008.

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