Better Offers – Mortgage News, Information, & Advice

Home Owners and Buyers Welcome Back Low Interest Rates

April 3, 2012

in Home Buying, Mortgage, Refinance, Today's Mortgage Rates & Updates

There was good news this week for home owners looking to refinance, and for new home buyers shopping for a mortgage.  After seeing a rise in long term interest rates to over 4 percent as a result of higher 10-year Treasury note yields, home mortgage rates have moved down again. Although not hitting the record lows of a month ago, the 30 year and 15 year fixed rates are once again down below 4 percent making home refinancing and home buying a more attractive option for more people.

Although the national home price average is still falling due to the slow processing of foreclosure and short sale inventory in some states, home prices are moving up in the states where the distressed home inventory is being reduced more quickly. Thirty-eight (38) states have seen home prices improve according to the Federal Housing Finance Agency.
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Fewer Americans are Falling Behind on Their Mortgage Payments

March 6, 2012

in Mortgage, Today's Mortgage Rates & Updates

Happy HomeownersMirroring the more positive job market, the amount of homeowners falling behind on their mortgage payments has substantially declined. After five long years of gloomy weather in the real estate market, experts believe we are finally seeing signs of a return to normalcy.

During the last three months of 2011, 7.58 percent of homeowners were late on their mortgage payments, which is down 0.67 percent from a year ago. That’s a 2.5 percent decline from the record high percentage of late payments set in early 2010, a substantial decrease and an indicator that the amount of future foreclosures is indeed shrinking.
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Positive Outlook for Housing Market as Home Affordability Increases

March 6, 2012

in Mortgage, Refinance

Home affordability is on the rise and much more favorable housing conditions are on the horizon according to the latest housing market reports. Record low interest rates and reduced home pricing have made owning a home within the reach of more Americans across the country. The sales of existing homes, whHome for sale is soldich includes single-family houses and condos, are up 5.9 percent from the previous quarter, and up 9.2 percent from a year ago.

The inventory of existing homes for sale has declined to 2.38 million from 3.02 million homes, as the sales of distressed homes, foreclosures and short sales that sell at deep discounted rates, have continued to keep existing home prices down.

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Financial Incentives for Using Solar Power in Your Home

February 2, 2012

in Property Taxes, Solar

Financial Incentives For Solar PanelsIt is undeniable that energy prices are going through the roof. Just take a look at your utility bill. The good news is using solar power can save you money, particularly with new incentives.

Personal Tax Credit and Deductions

If anything is more aggravating than exploding energy costs, it’s your tax bill. New and established government programs let you attack both by going solar. The first method is by simply saving money on taxes. If you install a solar energy system on your home, the federal government is going to give you a tax credit of up to $2,000. Tax credits reduce your tax liability dollar for dollar unlike deductions which are subtracted from your gross income. A majority of states now also offer tax credits you can use when paying state taxes. Each state handles the matter differently, but you can expect to get a credit for a percentage of your installation cost or a fixed figure.

Net Metering

Net Energy MeteringNet metering is a concept that has resulted in exploding sales in the solar energy industry. Net metering refers to state laws that require utilities to purchase power generated from your residential solar system at the same price the utilities would otherwise charge you for electricity. In effect, net metering lets you use the utility company as a battery. While you are at work during the day, your solar system sends energy to the utility and your power meter actually runs backwards. When you come home at night and use power, the power meter runs forward. All and all, net metering will either slash or completely eliminate your utility bill. With solar panel systems having a life of 40 years, think how much money you’ll save! While a majority of states have net metering laws, not all do. Make sure to check if yours does.

State Solar Incentives

Property Tax Incentives

Solar Panel IncentivesProperty taxes. How we all hate paying property taxes. Well, many states now provide exemptions, exclusions or credits for homes with solar power. Each state handles this issue differently, so look into the potential savings in yours.

Rebate Programs

To promote solar energy, rebate programs are offered to homeowners by states and utilities. Again, the characteristics of such programs vary wildly, but typically come in the form of rebates ranging from a couple hundred bucks to $4,000 or more.

With your utility bills going through the roof, it is time to consider steps you can take to save money. The economic benefits of going solar have never been better, which makes now the time to switch over.

Find out how much you could be saving Now!

Free Solar Power Quotes – Save up to 70% Off Your Utility Bill!

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Homes More Affordable Than Ever

February 2, 2012

in Home Buying, Homeowners Insurance, Mortgage, Mortgage Insurance, Tips & Advice

Home buying tipsBuying a home is more affordable than ever thanks to historically low interest rates and low home values.  Buying a home can be a great investment.  If you think that you may not be able to buy a home because of your current credit situation, don’t worry.  There are some simple steps you can take that might just let you buy that home faster than you thought.

Try not to make too many purchases over the next couple of months.  Don’t buy anything that you don’t really need.  This will help you increase your credit score and allow you to save some money for a down payment.

Don’t choose a home that you cannot afford.  Remember, you need to be able to make your monthly mortgage payment as well as maintain your home.  Homes need regular maintenance and repairs, so make sure that you choose one that will fit your monthly budget.  Remember to factor in the cost of utilities, routine repairs, and allow a little extra money for the unexpected.

Try and make a down payment of at least 20%.  This way you will avoid paying PMI (Private Mortgage Insurance) and will make it easier for you to qualify for a loan.
Get a copy of your credit report before you apply for a mortgage.  Knowing your credit score is an important step.  Making sure that your credit score is “Good” before you purchase your home will help you get a low interest rate and save you money.

 

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Mass Mortgage Refinance Solution Gaining Support

January 23, 2012

in Mortgage, Refinance

Mrotgage RefinanceDespite their differences, both political parties are starting to lobby for a mass refinance solution that would help homeowners who have been playing by the rules and kept up their mortgage payments an affordable, streamlined way to refinance their home.  Sen. Johnny Isakson (R-Ga.), a staunch conservative, has joined liberal Sen. Barbara Boxer (D-Calif.) in pushing for simplified, cheaper refis. “It’s a win-win,” says Isakson. “A no-brainer,” says Boxer.

Experts predict that mass refinancing would allow homeowners to save an average of $3,200 per year in interest.  This is based on an average drop of 2 percentage points on a $160,000 mortgage.  This savings would equate to nearly $40 billion a year, at no cost to taxpayers, and would help stimulate the economy.

Some people may wonder, if mass refinancing is so great, why hasn’t it happened yet?  Homeowners would obviously benefit from a mass refinance program, but holders of mortgage-backed securities would lose money if homeowners were able to refinance at lower rates.  Opponents of a mass refinance fear that if the program is implemented, the investors that buy mortgage-backed securities would never do so again.  Most experts agree that this is nonsense.  The largest holders of these mortgage-backed securities are the Federal Reserve, which knows that this will stimulate the economy; Fannie Mae and Freddie Mac, which have already been bailed out by taxpayers, and would also gain the fees that borrowers would have to pay to refinance, as well as see a reduction in the number of foreclosures; and foreign governments and commercial banks, who have also received bailouts from U.S. taxpayers.  Why should any of these backers continue to gain from struggling homeowners in desperate need of help?

It will be interesting to see if politicians can put aside their differences and come up with a solution that will help millions of Americans and help stimulate the economy.

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Is It Time to Refinance Again?

November 7, 2011

in Mortgage, Refinance

Even if you refinanced before, you may find that it’s time to refinance again.  Rates are again at all time lows, and many people who refinanced as early as last year are thinking about refinancing again.  Many people are finding out that it might be smart to refinance, but go for a shorter term loan in order to pay off their home faster.  By refinancing your existing 30 year loan into a 15 year loan, you will not only pay off your loan in half the time, you could save tens of thousands of dollars in interest payments.  Keep in mind that refinancing into a shorter term loan will probably increase your monthly payments.

Figure out what refinancing your home is really going to cost.  Find out what you will have to pay in closing costs.  For example, if your closing costs are $2,000 and you will save $100 per month on your mortgage payment, it will take you 20 months to recoup your closing costs.  If you are planning on staying in your home for more than 20 months, then it makes sense to refinance your home.  The longer you stay in your home, the more savings you will see.  For example, even if you stayed in your home for just 3 years, or 36 months, your saving would be $1,600.  If you stayed 5 years, or 60 months, you would save $4,800.

Remember, the loan with the lowest closing costs might not actually give you the best savings.  If you save $400 on the closing costs, but pay an extra 1/4 percent interest over the life of the loan, you will be paying substantially more in interest payments over the life of your loan.  Make sure you look at both the closing costs and your payments to make sure you are getting the best deal and saving the most money.

Make sure that you get quotes from multiple lenders.  Make sure that you are comparing apples to apples, and get each lender to quote you for the type of loan you are looking for, for example a 15 year fixed rate loan, and make sure to get the estimated closing costs and fees.  This way you can see which lender is offering you the best deal.  Get your free, no obligation quotes at Better Offers today, and see how much you could be saving.

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Common Debt Traps and How You Can Avoid Them

October 27, 2011

in Debt Consolidation, Mortgage

Debt ConsolidationIt is not hard to get caught in a debt trap.  In these tough economic times, no one wants to become buried in debt.  Here are a few of the biggest debt traps, and the easy ways you can avoid them.

With low home prices and falling interest rates, you may think that you can afford to buy a bigger, better, more expensive home.  Buying too much house is a big debt trap, but can easily be avoided.  Remember that the mortgage payment is just one expense that you incur when you own a home.  You need to factor in all of the other costs, including your property taxes, maintenance costs, utility bills, insurance, etc…  All of these expenses add up, and you may quickly find that you cannot really afford the home that you thought you could.  Experts suggest that you should spend no more that 28% of your gross income on your housing expenses.  Staying close to this will help you avoid this debt trap, and keep you in a home that you can afford.

Never take on someone else’s debt.  A common scenario is when a family member comes to you and says, “I want to buy this car, but I need someone to co-sign my loan.” Taking on someone else’s debt is a quick way to get into a debt trap.  If the person needs someone to co-sign their loan, the lender has already judged that they are a credit risk.  If they default on their payments, you will be responsible for their debt.  Also, this loan will show up on your credit report as your debt and may make it harder for you to get a loan if you need it.  When it comes to co-signing a loan, just say “No.”  It’s really the only way to avoid this debt trap.

Credit CardsBe responsible with your credit cards.  Using a credit card can be a great way to build your credit score, but it is also one of the fastest ways to ruin it.  Making just one wrong move with a credit card can damage your credit score and make it much more difficult to secure new lines of credit.  Late payments or large balances can severely damage your credit score.  The best way to avoid this debt trap is to pay your credit card bills on time, send in more than required minimum monthly payment, look at your credit report regularly, and keep your spending habits under control.

With interest rates low, you may be thinking about taking out a home equity loan to remodel your house.  Remodeling your house can be a smart move and improve the value of your home, but if you are not careful, it can quickly turn into a debt trap.  Set a budget for the home improvements and stick to it.  Make sure that the home improvements you decide to do will add resale value to your home.  For example, your kitchen is functional but outdated.  You would like to remodel your kitchen by replacing your appliances with new, energy-efficient updated models.  You also would like to replace your counter tops, install a new kitchen sink faucet, pick out a new floor, and repaint.  You have talked to a contractor, and the estimated cost for your remodel is $22,000.  This remodel is expected to add $17,000 to the resale value of your home.  Looking at it this way, you recoup approximately 79% of the cost of the remodel when you resell your home.  As long as you are planning on staying in your home and enjoying your new kitchen, this is a smart remodel move.  To avoid this becoming a debt trap, make sure that you stay in your budget, pick neutral colors, and avoid over-the-top designs.

These are just a few of the common debt traps that are easy to fall into, but as you can see, they are also easy to avoid.

To refinance now or get the best offer on a home equity loan click on the link below:

http://www.betteroffers.com/refinanceoffers.htm

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Can You Benefit from Cash-Out Refinancing?

October 10, 2011

in Mortgage, Refinance

When interest rates are at record lows as they are today, more homeowners consider refinancing. Typically home owners refinance to reduce their monthly mortgage payment, change to a shorter loan term, or to lock in a low predictable monthly payment when switching from an ARM (Adjustable Rate Mortgage.)  Home owners also refinance their mortgage to get cash out of their homes for major remodeling projects, education costs, or other reasons they deem appropriate. If you are smart with your cash-out money, cash-out refinancing can make good financial sense. [click to continue…]

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Save Money By Refinancing Now

September 16, 2011

in Mortgage, Refinance, Today's Mortgage Rates & Updates

Refinance SavingsWith mortgage rates at all times lows, refinancing now can save you thousands of dollars in interest over the life of your loan.  Also, by refinancing for a shorter term, you can pay off your loan faster than expected, and you might be able to become debt free at a younger age than you expected.  This will help set you up for a more secure retirement. [click to continue…]

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