If you are like me you are watching the value of your retirment account take a free fall this week. The government bail out...I mean stimulus package...doesnt seem to be popular with Wall Street. The package isn't very popular with me either.
As I have more time to sift through all the information that is contained in this bill I will try to find information that will help the mortgage industry and home owners/buyers. The only good news is the $8000 buyer tax credit for folks who qualify. This was a $7500 credit last year when it was announced and it was more of a loan than a credit...now its a little better, but not as good at the 15k credit that was being discussed for a while there.
Owe more on your house than its worth? Do you wish you had a lower rate and payment without having to pay for a new loan or pay your balance down out of savings? If so you should love this package. The plan calls for 9 million homeowners to get their balances reduced or their rates/payment reduced to keep them from losing their home in foreclosure. I havent figured out how this policy will help the overall economy, but heck I am just a mortgage broker...what do I know?
Meanwhile...I am doing my best to help homeowners reduce their payment while rates are low through the more traditional way of renegotiating their loan terms...its called a refinance and you dont have to default on your payments to qualify. I am also seeing things lighten up a bit on the purchase market. Buyers seem to be more active and I still feel the housing market will hit bottom this year and we will have a good housing market in 2010.
I plan to put something together about rates in the next week or two...stay tuned and I will do my best to make an argument that rates will be going up this summer and now really is the best time to buy!
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