The Government Steps in
As the mortgage giants Freddie Mac and Fannie Mae fell further in to trouble the federal government stood by debating what should be done. Some believed that the companies needed to fail in order to preserve the economy. While many others thought that it was time some one stepped in.
Luckily for Fannie, Freddie, homeowners, and investors alike the government chose to step in over the weekend.
So what does this all mean?" Mortgage rates will fall slightly, but is not expected to fall enough to stop the decline in house prices. There may be a new set of rules implemented on the way that mortgage loans are given.
A few advantages to this takeover is that delinquent borrowers may have a better chance at modifying their loan, and the hope is that with mortgage rates lowering that the number of home buyers may increase, which may help stabilize the market a bit more... We could all hope this is the case.
posted by BigMortgageLeads at
10:48 AM
2 Comments:
I really think this is great news for delinquent borrows trying to get a home refinance loan. Refinancing often makes it possible for people to actually pay their bills, and thus I think you are right. This really should help stabilize the market.
News! You Can Refinance and Consolidate Your Debt Again
If you want to refinance your home and consolidate debt, now it’s the time. A group of private investors in los angeles California loan money to homeowners and real estate investors. These private investors also called hard money lenders are the bank.
Many of you tried to refinance with your local bank or a mortgage company in your area, but with no success. Now it’s possible again, but you have to know the conditions to qualify. You don’t need excellent credit score or great income documentation, but you do need a lot of equity in your property.
Hard money lenders have been around for a long time, but no body ever heard about them. Real estate investors and brokers were working with them for years, but homeowners didn’t know they exist. Today for many of us hard money lenders are the only hope to get a real estate mortgage.
Where can you find a hard money lender?
Many mortgage brokers and real estate agents are already in contact with one or two investors because of the fact that they just need them. If you will go online and look for a hard money lender, you will probably find a 100 private investors or more. You don’t need to get fanatic about it, you just need to know what they’re talking about.
How do you know who is the right investor for you?
Normally of course you need to go with gut feeling, but in this case you need to be a little more careful then that. There are many hard money lenders that you don’t want to work with. So what do you do? You ask questions. Here are some questions you will need to ask private investors when you call them:
1. The name of the company.
2. How long they’ve been in business.
3. Get some name of people they’ve worked with.
4. What are the interest rates they’re offering?
5. How many points they charge you.
6. Do they charge any due diligence fees, or any money upfront?
7. Are there any other fees included?
8. You want everything in writing from them, it’s very important.
You have to understand that you don’t deal with big corporations. Hard money lenders are individual like you and me, but they have few millions dollars in their bank account. They would love to help you as long as you offer your real estate as collateral.
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