Boise Mortgages

The latest reports indicate that approximately 20% of homeowners at least 60 days behind on their mortgage payments have received trial loan modifications. This figure is up from a reported 16% last month, which is moving in the right direction, but experts still say President Obama’s rescue plan hasn’t had the expected or hoped for impact on troubled homeowners.

Unfortunately, as we reported earlier, new foreclosure filings hit a record high in the third quarter. With thousands upon thousands of new foreclosures piling up, it appears as though the mortgage modification plan is failing to keep pace. Despite this, administrators claim the plan is on track to rescue up to 4 million homeowners as originally planned.

What’s to blame? Lost paperwork, incomplete paperwork, homeowners not qualifying due to too little income or too much home equity.

The continued increase in foreclosure filings seems to be contributing indirectly to low mortgage rates. Rates on some 30-year, fixed loans dipped below the 5.00% mark again within the past week, while others hover comfortably close to the coveted 5.00% mark. Idaho, in particular, was one of the top ten states for the highest rate of foreclosure filings in the third quarter, which could continue to have a positive impact on Idaho mortgage rates.

Pending home sales are also on the rise, which could help to stabilize the Idaho real estate market. The majority of states reported an increase in pending home sales for the third quarter, a trend that will continue to be fueled by the extended and expanded tax credit.

Contact one of our trusted Idaho mortgage lenders today to find out if you qualify for the extended tax credit or for more information on loan modification programs.

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The Process of Refinancing can seem not only confusing but daunting. When you refinance your Idaho Mortgage, you take out a new home loan and use some or all of the proceeds to pay off the existing one. If you obtain a lower interest rate on your new loan than you had on your old one, you’ll be saving money. If you refinance and payoff debt this could also save you money not only each month but hopefully at the end of the year come tax season when you write off your total mortgage interest.

When is it the best time to refinance?

There are two good times when it’s wise to refinance your mortgage. One good time to refinance your Idaho Mortgage Loan is when you’ll save money by getting a lower interest rate. In this case, you’ll want to make sure that your monthly savings will pay back your refinancing costs while you’re still living on the property.
If you are like the millions of other American’s experiencing difficult cash flow issues, you may be tempted to lower your monthly mortgage payments by refinancing to extend the term of the loan. Take a careful look at the overall picture and ask your mortgage loan officer to help you run the numbers to see if this will provide some overall comfort and stress relief immediately.
Another crucial time to refinance is when have an adjustable rate mortgage, and are coming due to adjust. More then likely your payment will increase. If you refinance to a fixed rate mortgage, particularly to a rate comparable to your present low adjustable rate, you’ll avoid the higher monthly mortgage payment before the adjustment even takes place.

How to pick the best Idaho Mortgage Broker

To get the best mortgage refinancing deal you need to deal with an honest broker that genuinely has your best interest in mind. Idaho Mortgage Brokers usually follow certain practices when dealing with their customers. Not favoring just their own loan product like big national lenders. Insuring complete understanding, an Idaho Mortgage Broker will explain this to you in a clear way, so you can understand it. This is so you can weigh it out and decide for yourself if refinancing is actually in your best interest!

Written by Lisa Kratz
Apex Mortgage | Meridian, Idaho | (208) 888-9251 | myIdahoHomeLoan.com

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