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312 N Hart Pl - Beautiful Home in Fullerton
0 comments • Adam Brett - Fullerton, California Realtor • September 29 2008 08:32PM806 Martinique Way
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2 comments • Adam Brett - Fullerton, California Realtor • September 18 2008 04:26PMBank Owned - 405 Fern
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2 comments • Adam Brett - Fullerton, California Realtor • September 16 2008 06:06PMBank Owned - 745 Barkley
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2 comments • Adam Brett - Fullerton, California Realtor • September 16 2008 06:04PMbank Owned - 2277 Rancho
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0 comments • Adam Brett - Fullerton, California Realtor • September 16 2008 06:02PMBank Owned - 482 Esplanade
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0 comments • Adam Brett - Fullerton, California Realtor • September 16 2008 05:59PMBank Owned - 468 Redtail
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0 comments • Adam Brett - Fullerton, California Realtor • September 16 2008 05:52PMBank Owned - 543 Helena
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1 comment • Adam Brett - Fullerton, California Realtor • September 16 2008 05:49PMMortgage Rates Down After Takeover
To prevent even more financial crises in an already delicate economy, the federal government took over Fannie Mae and Freddie Mac, leading to a decrease in mortgage rates.But what does this mean for the average person? And, more importantly, what does this mean for the average person's mortgage?
On the day of the takeover, mortgage interest rates began falling almost immediately.
They finally settled at around six percent for a 30 year, fixed rate mortgage, which is the lowest the market has seen since this crisis set in less than half a year ago.
For everyday people, this means that the mortgage system that drives our housing market remains intact.
Although Fannie Mae and Freddie Mac do not directly give out mortgages, they buy existing mortgages from lenders, which frees the financial institutions to give out yet more mortgages.
Losing them would mean losing banking as we know it.
This puts mortgage rates at an all-time low, lower they were a year ago and certainly lower than they will be in another year.
Although banks are still being extremely selective about who they loan money to, the money is there to be borrowed cheaply.
Although this will not fix the housing market of the economy, the takeover of Fannie Mae and Freddie Mac is an opportunity for prospective homeowners.
2 comments • Adam Brett - Fullerton, California Realtor • September 15 2008 01:34PMProperty Tax Appeals Double as Deadline Looms
An official from the Orange County Board of Supervisors recently reported that tax appeals had doubled since last year and almost quadrupled in the last two years.With deadlines for appeals approaching, officials expect even more appeals to pour in. Other areas of the country are reporting similar trends.
Why are so many people disputing the appraised value of their homes?
The answer lies in property values. Property values have suffered an unprecedented drop recently. Many houses are worth less than they were when the house was bought or last appraised.
This can lead to an inflated tax rate.
In order to get a reduced tax rate, homeowners must prove that the assessed value assigned by their local government is higher than the price for which they could sell their home.
Although the Orange County tax assessor's office has already granted reduced tax rates to almost 150,000 people, even more believe they are still paying too much.
People who disagree with their adjusted tax rate have the right to request a hearing before a board.
With property values falling, many people may be paying too much for property taxes.
These people can get forms from their tax assessor's office to appeal this discrepancy. It is important to turn in the completed paperwork before the deadline.
1 comment • Adam Brett - Fullerton, California Realtor • September 15 2008 01:21PMInterest Rates Fall, No Help for Borrowers
With the recent buy out of lending giants Fannie Mae and Freddie Mac interest rates on thirty year fixed loans fell.Rates fell from 6.29% to a modest 5.76%, but the flip side is a borrower’s credit score must now be a near perfect 740 to qualify.
Originally, a person with a median score of 580 would get close to the best interest rate.
Experts say that your credit score is going to affect your interest rates like never before. The aim of the buyout is to make mortgages more accessible but only to highly qualified buyers.
In addition to all of this, Fannie Mae and Freddie Mac have increased their upfront fees. These have come down across the board and in spite of a 20% down payment. For instance a borrower with a credit score below 600 will pay nearly $120 more per month on a loan.
Anytime the housing market falls, we are bound to see stricter loans and higher interest rates. In addition, right now lending investors are just not taking any chances; they feel they should be compensated for any extra risk that a borrower presents.
When it is all said and done the bottom line is this less than perfect credit is going to pay much higher price for this down turn in the market, and it will be some time before the average American will see any relief.
6 comments • Adam Brett - Fullerton, California Realtor • September 15 2008 01:03PMFederal Takeover Caused Rates to fall
The takeover of Fannie Mae and Freddie Mac by the US Government has caused mortgage rates to fall.
This brought the thirty year fixed rate mortgage down to it’s lowest in six months. It was brought down to about 5.5 percent which amounted to a one half percent drop in one day.
Economists had not expected rates to drop this much, although they did expect some drop, but not as must as a one half percent. In an unstable economy these rates can drop dramatically and jump back up just as quick.
Fannie Mae and Freddy Mac are home lending agents; they buy mortgages from lenders so that the lenders have the money to give out more home loans.
If this buying and lending process were stopped or interrupted, if only for a short period of time, it would hurt the world’s financial system greatly because they are one of the leaders in home lending agents.
This is why the Federal government took action to prevent such a financial disaster.
Mortgage bankers are assuring people that even with the federal takeover, home loans will still be given out and at lower rates than last week. Economists do not believe that rates will stay at this level in weeks to come however.
7 comments • Adam Brett - Fullerton, California Realtor • September 11 2008 05:03PMPet of the Week: Domino
Name: Domino
Cage#: A0912285
Breed: Domestic Short Hair
Age: 7 Months
Sex: Male
This week’s featured Pet of the Week for the City of Fullerton is “Domino” a seven month old, male, black and white, domestic short hair, ID# A0912285.“Domino” is such a curious cat. He loves to explore, play, and see what is going on in the big world around him. Give him a good scratching behind the ears and he will love you forever. Come visit “Domino” today in person or online at OCPetinfo.com and he could be the Purrfect pet for you!
Last Week's Pet of the Week"Buddy" is still in search of a forever home.
1 comment • Adam Brett - Fullerton, California Realtor • September 10 2008 03:44PMContent © 2009 'Frequent Contributors'. Design © 2009 ActiveRain Corp.
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