MALIBU MORTGAGE NEWS:
Now could be a great time to refinance your mortgage here in Malibu California according to an article by Realty Times.
Right now there are a ton of federal programs that you could miss out on if you choose not to refinance now! They could save you money and help in the economic recovery through the money you save on your payment can be used to buy other things!
In total Federal mortgage refinance programs have given more than 2 million homeowners refinance their home loans to help them save money on their mortgage payment and stay in their homes. In fact, around 2.2 million homeowners have saved an average of $120 a month on their payment. a 10.5% reduction from their previous mortgage payment.
Refinance activity will result in $2.3 BILLION in mortgage payment savings for borrowers who refinanced in the first half of 2009. Over the next five years those savings for 2009 will grow to $11.5 BILLION! That is not chump change! Those are real savings.
Also, now homeowners do not need to look just to their existing lender/servicer for refinance options. Since Oct. 1, 2009, homeowners got the option to shop around and refinance through any Fannie or Freddie lender. This is exciting news!
In addition to lowering your monthly payment, a refinanced mortgage can move you to a fixed or adjustable rate, shorten the term of your home loan, or let you tap home equity – with a lender’s approval. However, note that mortgage modifications and refinances can take some time – so start the process early!
Also, right now, rates are stable and LOW! Hovering around the 5% mark – Having low rates means that now is the best chance to buy a home before rates rise and prices go up again! Now could be the best chance to take advantage of the market as the recovery continues! Remember our article: THOSE LOOKING FOR HOME LOANS GET CREATIVE – Makes a great read!
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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Judy Kunisaki – CA DRE license 00963582
