Mortgage Updates....

One of my goals is to be a good source of real estate information; along with the occasional humor and articles of interest involving Long Beach.

Mortgage's right now is the number one concern for most people. Even people who rent are concerned as the trickle down theory happens to them as well.

This week’s C.A.R. Mortgage Update contains information about the effect of a reduction in the mortgage interest deduction; refinancing; loan modifications by bankruptcy judges; and the Mortgage Bankers Association’s weekly mortgage application survey. Obama’s plan to limit write-offs provokes push-back The Obama administration’s first budget proposal included a provision to reduce the mortgage interest and local property tax deductions for those earning more than $250,000. The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the National Association of REALTORS® (NAR) are strongly opposed to this provision and are working to convince lawmakers to oppose it as well. Although the government predicts it could save billions of dollars by reducing the deductions, it also will negatively impact the California housing market; further erode opportunities for homeownership in the state; and will contribute to further price declines and diminished equity for homeowners. Additionally, the devaluation would extend to lower- and middle-income homeowners and home buyers, who likely will start “pricing in” the lower tax benefits – discounting what they are willing to pay for a house given
lower future deductions,” according to the Mortgage Bankers Association and NAR.

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A waiting game for refinancing
Many mortgage professionals are advising clients not to wait to refinance. Stricter loan underwriting standards and declining property values could result in some homeowners becoming ineligible for the Obama administration’s “Making Home Affordable Refinance” program. As a result, many mortgage professionals are advising clients not to wait to refinance.
Refinances also are taking longer to complete. Whereas a refinance used to take three to four weeks to process, it now is taking as long as six weeks.

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To view additional articles about mortgages, please visit the following:
Questions, answers on bankruptcy mortgage rewrites
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Mortgage applications jump 11%
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Have a great day,

Jeff Hall
Long Beach Home Solutions Inc.
jeff@jeffhallrealtor.com

www.jeffhallrealtor.com