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Smart mortgage moves • First-time home buyer tax credit • Better business starts here
The word "foreclosure" dominated the news in 2008, and many homeowners who were making their payments found themselves underwater on their loans due to falling home values. This year, unfortunately, is not expected to be much better. However, there are a few sunny spots in the 2009 mortgage forecast.Mortgage modifications and refinancing.
In 2009, more homeowners are expected to refinance or modify their mortgages. In February, President Obama proposed a $75 billion relief plan to help lower borrowers' monthly payments to affordable levels, keep them from foreclosure and restructure mortgages.
If the plan works, more people will be able to keep their homes. This could cause prices to stabilize because fewer homes would be sold at steep foreclosure discounts.
Because mortgage rates are at historic lows, many homeowners are expected to refinance in 2009. Some may be looking to get away from an adjustable-rate mortgage and into a fixed rate, while others might just want to take advantage of lower rates. If you are interested in refinancing your mortgage, visit the experienced mortgage team at Endura Financial. We can help you decide if refinancing is right for you.
New home buyers jumping into the market.
With rates as low as they are, and home prices at affordable levels, the mantra is "now is a great time to buy a house." In 2009, many may heed this advice. New home buyers are expected to enter the market in 2009, but lenders are enforcing stricter qualification guidelines. A qualified buyer will likely need a high credit score and a down payment in order to get a mortgage. At Endura Financial, we can help you run the numbers and see if buying a home is in your future.
Make your move.
While 2009 will still be rough, as the government works to stabilize the housing market, there are smart moves you can make. Visit EnduraFinancial.com to find out how our mortgage lending team can help or call 1.877.309.7676 or 763.302.3111.
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