Fifty Percent of All Arizona Mortgage Holders Are Upside Down on Their Mortgages
July 21, 2011 by Eddie Knoell · Leave a Comment
Accordingly to a report released by Corelogic recently, more than half of all Arizona mortgage holders, which is about 652,000, are underwater on their mortgages right now. Arizona has the second highest rate of underwater mortgages in the nation. Declining home prices, negative equity and foreclosures keeping home prices down are the main reasons why [...]
Purchasing Job Loss Insurance for Your Arizona Mortgage
July 13, 2011 by Eddie Knoell · Leave a Comment
Borrowers who are self-employed, underemployed, over age 50, retired, or in the military, may want to think about taking job loss insurance for their Arizona mortgage. With such high unemployment rates right now, no one’s job is totally secure. Job loss insurance is now being offered by a variety of lenders and new home builders. [...]
Think Before You Walk Away from Your Arizona Mortgage
June 30, 2011 by Eddie Knoell · Leave a Comment
Strategically defaulting by walking away from your Arizona mortgage because your home’s value has substantially decreased can cause all sorts of difficulties for you. You will ruin your credit and have to pay higher interest rates on new credit or you may not even qualify for any new credit including another Arizona mortgage for at [...]
How to Save Money on Your Arizona Mortgage Closing Costs
June 27, 2011 by Eddie Knoell · Leave a Comment
Even if you have a down payment, you still need funds for your Arizona home purchase closing costs. Buyers usually don’t plan for closing costs when they are negotiating the purchase price of the home with the seller. Get an estimate from your Realtor, the title company and your mortgage broker so you have a [...]
Federal Agency Rules Affecting Arizona Home Buyers
May 21, 2011 by Eddie Knoell · Leave a Comment
Section 941 of the Dodd Frank law requires that lenders must retain a 5% ownership interest when mortgages are packaged and sold to investors. Federal agencies including the Federal Reserve and the FDIC have proposed rules that would waive the 5% on qualified mortgages by requiring a 20% down payment by the borrower. A standardized 20% [...]
Avoiding Arizona Mortgage Mistakes
May 2, 2011 by Eddie Knoell · Leave a Comment
Avoiding mortgage mistakes is important because you don’t want to end up with a mortgage that you cannot afford. Working with an Arizona mortgage broker will help you avoid choosing the wrong mortgage product. The mortgage broker will review your credit and financial information to find an Arizona mortgage product with the best Arizona mortgage [...]
How Arizona Mortgage Rates Change?
April 29, 2011 by Eddie Knoell · Leave a Comment
Mortgage rates fluctuate daily based upon the bond market. Fixed mortgage rates follow similar trends to the 10 year treasury bond yield. You can obtain the information by watching the stock market business reports. A 10 year treasury bond is always a good indicator because most borrowers pay off their home mortgages after 10 years by [...]
Arizona Second Mortgages
April 21, 2011 by Eddie Knoell · Leave a Comment
Second Arizona mortgages are secured by the same property as a first lien Arizona mortgage. The first lien has priority. The first lien gets paid first if you default. The second lien gets paid whatever amount is left over. If there are no funds left after paying the first off, then the second won’t get [...]
Great Time to Still Find Affordable Arizona Vacation and Investment Home Mortgages
June 2, 2011 by Eddie Knoell · Leave a Comment
If you are looking for an Arizona mortgage for a second home, vacation home or investment property, there are still some good products available. You will need at least a 10% down payment for a second home or vacation home. For investment property loans, figure between 20% to 25% down payment. FHA and VA mortgages [...]
Filed under Arizona Mortgage Commentary · Tagged with Arizona Mortgage, Arizona mortgage broker, Arizona Mortgage Rates, Arizona Mortgages