Baldwin County Real Estate: America Seeks Lending Oversight

Baldwin County Real Estate: America Seeks Lending Oversight

Americans are ready for more government oversight of the mortgage and lending industry.

According to the 2008 National Housing Pulse Survey, 56 percent of those surveyed favor a more active government role. Nearly eight out of 10 consumers believe the country is headed in the wrong direction, and a majority rate the current economy as poor. 

Foreclosures are also a big concern among those surveyed. Over one-quarter were worried about their home or the home of a family member entering foreclosure. 

However, there were signs of optimism. Eighty percent are confident they could refinance should they have the need, and only 8 percent are worried about their ability to make their mortgage payments over the next year. 

Read the entire report here.  

Learn more about Baldwin County real estate, please contact us at 251-990-0569 or visit JudySells.com. 

Begin searching for Baldwin County real estate and homes for sale.

Buyers of Mobile AL Real Estate: Lock in Low Interest Rates NOW!

As I reported recently, Fannie Mae is now requiring only a 3% down payment on all loans processed through its Desktop Underwriter® program.  This is great news for buyers who can take advantage of this program.

 

If you are in the market for a conventional mortgage, however, the news may not be so promising.  As this article from the Real Estate Journal explains, mortgage interest rates are climbing again at an alarming rate, and it is in Mobile AL real estate buyers’ best interests to lock in a low rate now.  Due to fears of inflation, the average interest rate on a typical 30-year fixed loan has spiked to 6.02% from 5.82% in just a week. 

To see how this spike would increase your mortgage payments, consider this:  as a rule of thumb, for each $100,000 you borrow, an additional tenth of a percentage point on your mortgage rate will add about $2,300 to the total amount of interest you will pay over the life of the loan.  For example, on a $300,000 mortgage, the current increase will add $38 to your monthly payments. It will cost an extra $4,000 in interest over the total life of the loan.

To learn more about Mobile AL real estate, or for a referral to a reputable lender who can explain your options when it comes to interest rates, please call me at 866-560-7474 or visit JudySells.com.