Federal Mortgage Rate Freeze Program

There are a lot of questions that still surround this program - who will qualify, what's involved, etc. The contact number for the group administering the program is 1-888-995-HOPE.

In many cases, especially if you have equity in your home, refinancing is the best option. If you have an adjustable rate mortgage and would like to explore your options, you can call us at 888-780-8781. We'd love to help you walk through the process.

Karen

What's My House Worth

Most of the recent problems in helping people with a mortgage are centered on values. So if you are wondering what your house is worth visit this website for a general idea of the value of your property. http://realestate.yahoo.com/Homevalues

There are 4 basic pillars of obtaining a mortgage
1. Value - Expressed as Loan-To-Value(LTV) - your total mortgages compared to the value of your property.

2. Credit - Expressed by a score provided by the three credit bureaus.

3. Income - Expressed as Debt-To-Income(DTI) - your total gross wages compared to total household debt.

4. Assets - your total liquid cash - bank accounts, 401K, investments, etc.


Most people that I talk to recently, have good credit and decent income but their value does not allow a new mortgage at this time. So visit the website listed above to get a good idea of your homes value - but remember, only an appraisal will give your homes true value.

Rich