Spring Hill Florida Mortgage Rates Might Rise A Little, But What’s It Mean?

 

 

Will Home Values Fall if Spring Hill FL Mortgage Rates Rise A Little Further?

 

 

Right now, mortgage rates in Spring Hill FL (as in the rest of the nation) are higher than they’ve been for 15 months—a trend that’s likely to continue. We have to wonder about the impact higher Spring Hill Florida mortgage rates will have on Hernando county home sales in the coming year.

 

First, some perspective. If mortgage rates do increase in 2014, it’s no ‘done deal’ that home buyers will be put off—nor that a wave of foreclosures will follow. The reason? By past standards, interest rates will still be low, even at the 5½% predicted by the N.A.R. Any hike in mortgage interest rates are coming off the historical 3.52% set in the spring of 2013. Consider: most of us were paying mortgage rates between 7 – 8% throughout the 1990’s! 5½% looks like a fire sale compared with those.

 

Factor Two: surprisingly, a projected rise in interest rates is not predicted to dampen the enthusiasm for acquiring property. The Mortgage Bankers Association predicts that home sales will increase nationally by 10% in 2014. I have no doubt that some Spring Hill first time homebuyers could be waylaid by rising interest rates—after all, a 1% increase in mortgage rates equates to approximately a 10% rise in monthly payments. But overall, buyers who can meet the current lending standards should still be able to afford to own. Given the cost of the renting alternative, they may decide they can’t afford to pass up the right house at the right price.

 

Additionally, there is a strong argument that the principal effect of rising interest rates is less likely to be on Spring Hill Florida home sales than on refis. The Mortgage Bankers Association predicts that refinancing demand will drop by half in 2014 (when you chart that kind of number, it looks like a cliff!). Many homeowners will already have locked in last year’s interest, so they certainly won’t be interested.

 

Any drying up of the refinancing business may have yet another effect. There could be a follow-on effect as lenders start loosening their lending criteria to attract new business. First time buyers that have been locked out of the market until then may (we are now two after-effects later, so this has to be a ‘may’) find themselves suddenly eligible for a home loan.

Given the healthier economy and falling unemployment, the outlook for the Spring Hill Florida housing market in 2014 has reason to look positive.

Thinking of buying a home in Hernando County and want to shop the best mortgage companies in Spring Hill FL? Now’s the time to call me to discuss timing!

 

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Spring Hill FL, 34609

NMLS# 856640

 

Office 352-688-7949

Cell 727-946-0904

 

HARP 2.0 Home Buyer Education, Get Complete Details On HARP 2.0 Refinance

HARP 2.0 Education Center

Who Qualifies For HARP 2.0?

What Are the Benefits?

What Are the Guidelines?

What can and can’t HARP 2.0 Be Used For?

This and many more HARP 2.0 Refinance questions will be answered in this informative HARP 2.0 class.

Steve Fingerman

President

E Loans Mortgage

www.myloanmodificationstation.com

Florida Mortgage Center

 

4117 Mariner Blvd.

 

Hernando County Florida, 34609

 

 

Office 352-688-7949

 

Cell 727-946-0904

 

 

 

 

HARP 2.0 Refinance Is Here, Florida Home Owners Who Are Underwater Can Now Refinance

Video: New HARP Program To Help Underwater Homeowners

The latest version of the federal Home Affordable Refinance Program went into full swing this week.

 

The program, which officially began in December but wasn’t fully available until this week, now allows homeowners to refinance at today’s low interest rates if they are current on payments and hold loans on which they are more than 125% underwater.

 

The program is limited to homeowners whose loans are backed by Fannie Mae and Freddie Mac. That means no principal will be reduced, but it may be possible to get a lower interest rate and a lower payment. Homeowners who aren’t eligible for HARP may be eligible for other modification programs.

To get a HARP 2.0 refinance, homeowners must have taken out their loan before June 1, 2009. You can read all the guidelines here . The plan will be effect until the end of 2013.

You can apply for a HARP Refinance at E Loans Mortgage.

The previous version of HARP limited the refinancing to homeowners who owed less than 125% of their home’s value.

  • The enhanced HARP is one of a number of refinancing and mortgage-modification opportunities unveiled in recent months to keep more homeowners out of foreclosure and in their homes.

 

Economists believe putting more money into homeowners’ hands, through lower payments also will help the economy.

  • As Mark Zandi and Cristian Deritis wrote in an analysis for Moody’s Analytics:

The economic benefit of a restrung HARP is clear. If more mortgages are refinanced, fewer borrowers will default, homeowners will have more to spend elsewhere and the fragile recovery will receive a quick and potentially sizable cash infusion.

If you think you want a HARP refinance, you should move quickly. Mortgage rates have already started rising, so you want to lock in a low rate while you can.

What Are The Benefits Of The New HARP 2.0 – E Loans Mortgage Florida

 

What is a HARP 2.0 Loan?

 

 

HARP 2.0 Is A Refinance Program That Allows The Refinancing Of Homes Where The Mortgage Balance Exceeds The Value Of The Property.

E Loans Mortgage In Hernando County Florida is offering the HARP.20 Refinance Program in addition to our other Mortgage Products.

What Are The Requirements Of HARP 2.0?

The Loan Must Be Owned By Either FANNIE MAE Or FREDDIE MAC

The Loan Must Have Been Closed Before May 31st Of 2009

 

What Are The Benefits Of HARP 2.0?

 

Loan To Values For Lending Purposes Can Go Up As High As 125%. In Other Words, You Can Be Up To 25% Negative In Equity And Still Qualify For A Refinance

Low Rates! The Maximum Loan Level Pricing Adjustments Are Only .75%. That Means Its Realistic To Achieve Today’s Very Low Interest Rates Which Nationally Are Averaging Below 4% For A 30 year Fixed Term. There is No Loan Level Pricing Adjustments On 10, 15, and 20 Year Terms

Condominiums Are Eligible! Condo’s Can Be Refinanced Under HARP 2.0 Up To 125% LTV

Property Inspection Waivers Are Available In Many Cases. This Means An Appraisal May Not Be Required At All!

For More Information About HARP 2.0 Or Other Mortgage Products Contact Us Today:

 

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Hernando County Florida, 34609

Office 352-688-7949

Cell 727-946

FAIR Files Additional Lawsuits Against Florida Home Owners Insurance Carriers

Thank You Channel 10 News For Continued Coverage. FAIR is commited To Bringing Balanced Reform For Florida Home Owners. For Information On Joining The Class Action Please Click On the Citizens Class Action LawSuit Button At The Top Of The Screen.

E Loans Mortgage In Hernando County Florida, and Steve Fingerman will continue to fight for Florida Home Owners To Keep Home Ownership In Florida, I Proud To Be A Part Of This Action And Committed To Keeping Home Ownership In Hernando County and The Surrounding Tampa Bay Area Affordable.

Please Subscribe To The Right And Forward This Site To Your Friends Using The Buttons Below.

The 10 News Investigators have learned the group suing Citizens Insurance over its insurance practices will file more lawsuits Monday.

We’ve learned that group — FAIR — will be filing class-action lawsuits against private insurance companies Monday.

Those suits will go along with the cases they’ve already begun against Citizens.

The 10 News Investigators have been leading the way on this. Following reports by 10 News last fall, allegations surfaced.

The claims: insurance companies statewide are setting the replacement costs of some homes extraordinarily high — much higher than they should be.

That means the companies can charge you more to insure your house. The technique lets them make more money and dodge state laws that limit how much they can raise your rates.

That practice is what led the group FAIR — Florida Association for Insurance Reform — to the steps of the state Capitol last week.

FAIR announced it’s suing Citizens Insurance over the issue. Citizens is run by the state and backed up by Florida taxpayers.

PREVIOUS COVERAGE:

Breaking News: E Loans Mortgage Inc Opens In Hernando County

I have some exciting News To Annouce:

We Are Happy To Announce The Launch Of E Loans Mortgage Inc!

It’s not news that the Real Estate and Mortgage Industry both have seen their fair share of challenges over the past few years, but sometimes out of those challenges come exciting innovations and new ideas. With that said, it my honor and privlage to announce the launch of E Loans Mortgage Inc.

Here at E Loans Mortgage our Mission is simple : To Provide The Highest Level Of Professional Mortgage Banking Services To Our Clients, Using The Latest Technologies To Help Our Borrowers Achieve Their Goals Through The Most Transparent, Easy To Understand Lending Practices Possible.

Through my many years of industry contacts I have built a strong network of Partner Wholesale Lenders and Service Providers who offer some of the best Mortgage Products available anywhere. By Leveraging These Contacts, we have been able to secure negotiated Mortgage Terms that will provide our Borrowers with some of the Best Rates and Closing Costs available anywhere.

We offer the following Mortgage Products:

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FHA                         USDA                       VA                  CONVENTIONAL

The Team Here at E Loans Mortgage Inc is excited about the new opportunity to serve our borrowers, and it’s my personal belief that you wont find a better more educated team of Mortgage Professionals anywhere. Regardless if you are a First Time Home Buyer or a Seasoned Investor, rest assured we have a Mortgage Product to fit your individual needs. Being an independant Lender, E Loans Mortgage does not have to fit you into a specific box, this allows us the opportunity to custom tailor a Mortgage Plan designed to meet your specific financial goals and needs.

Humbly,

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Hernando County Florida, 34609

Office 352-688-7949

Cell 727-946-0904

www.E-LoanMortgage.com

 

What’s Not Covered In Florida Home Owners Insurance?

Do You Know What is NOT Covered in Your Home Owners Insurance Policy?

You Might be Surprised

 

In recent years, insurance carriers in Florida have added many exclusions to property insurance policies, with little oversight or public debate. These exclusions are drafted into policy leaving consumers with less coverage for the same (if not higher) premium.

Because many policyholders rarely read every word of their large and complex policies, they may not even be aware of what is NOT covered. Since policyholders are unable to negotiate policy language, they are left with a choice of accepting the changes, purchasing new endorsements or seeking a different carrier.

Examples of common policy exclusions include:

Eliminating Your Rights to Appraisal – For 200 years, policies have included the binding appraisal process to settle disputes between insurance companies and the insured over amount of loss or value of damaged property. Many insurers are restricting or eliminating this provision, which provides important consumer protections.

 

Giving You a Sinking Feeling – Many policies no longer cover damage from sinkholes unless the sinkholes are deemed “catastrophic,” usually meaning large and sudden. But slowly occurring sinkholes can cause catastrophic damage to a home and its value. Damage can run into the hundreds of thousands, often more than the value of the home, leaving many homeowners with no other choice than to walk away from their mortgages.

 

Requiring You to See Through Walls – Most insurance claims deal with water damage, often stemming from damage behind walls or under slabs that doesn’t become noticeable for weeks or months. Citizens and other insurance companies now deny claims for leakage occurring over more than 14 days, even if it is hidden from sight. In fact, Citizens has just announced plans to further expand its water exclusion.

 

Eliminating Coverage for Mold – Where there is water damage mold often forms. Though it is recommended that water be removed and damaged areas dried within 48-72 hours, company insurance adjusters often are unable to visit the home within that time. No matter the reason, if mold forms, most companies will no longer cover the cost of its removal.

 

Leaving Screened Structures Uncovered – Popular in Florida, screened enclosures used to be covered under most homeowner insurance policies. Many carriers have now added exclusions that remove screened structures from coverage.

 

Re-Defining “Falling Objects” – Typically, damage from falling objects in a home or condo (such as floor damage from a falling light fixture or fan) is covered. Citizens’ new condo policy, however, only covers such damage if the falling objects come down from the sky through your roof or walls. Great coverage for meteorites, but little else.

Join FAIR BY CLICKING HERE

California Files Suit Against Fannie and Freddie

SAN FRANCISCO – California’s attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state’s mortgages respond to questions in a state investigation.

Attorney General Kamala Harris, whose office filed the lawsuits in San Francisco Superior Court, is investigating Freddie Mac’s and Fannie Mae’s involvement in 12,000 foreclosed properties in California where they served as landlords. She also wants to find out what role the companies played in selling or marketing mortgage-backed securities.

 

The essentially identical lawsuits ask the mortgage firms to respond to 51 investigative subpoenas that call on Fannie Mae and Freddie Mac to identify all the California homes on which they foreclosed. They also want the mortgage firms to reveal whether they have information on the decreased value of those homes due to drug dealing or prostitution, as well as explosives and weapons found on those vacant properties.

“Foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entire community,” the lawsuit said.

Harris also called on Fannie Mae and Freddie Mac to disclose whether they have complied with civil rights laws protecting minorities and members of the Armed Forces against unlawful convictions and foreclosures.

The suits also seek to determine whether the companies are in compliance with California’s securities and tax laws.

The companies were taken over by the federal government and put into conservatorship under the Federal Housing Finance Agency in September 2008 to save them from collapse.

An attorney representing the Federal Housing Finance Agency said in a letter attached to the lawsuits that the 51 subpoenas were “frequently vague and ambiguous,” and said state attorneys general did not have the authority to issue subpoenas against the federal conservator.

“The burden to collect that information would be nothing short of staggering,” the letter said.

Representatives of Fannie Mae and Freddie Mac said the companies would not comment on the lawsuits Tuesday.

The lawsuits could determine whether states have a right to investigate the mortgage firms while they are under federal control. Harris argues that since the mortgage companies own properties in California, they are subject to state law and demands.

Fannie Mae and Freddie Mac buy home loans from banks and other lenders, package them into bonds with a guarantee against default and then sell them to investors around the world. The two own or guarantee about half of U.S. mortgages, or nearly 31 million loans.

The companies have so far cost American taxpayers more than $150 billion — the largest bailout of the financial crisis. They could cost up to $259 billion, according to the FHFA.

Two former CEOs at Fannie Mae and Freddie Mac last week became the highest-profile individuals to be charged in connection with the 2008 financial crisis. In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.

The executives were accused of understating the level of high-risk subprime mortgages that the companies held just before the housing bubble burst.

Harris has created a task force that is pursuing criminal charges and civil judgments in mortgage fraud cases. She has said that her office would not join a planned 50-state settlement over foreclosure abuses that federal officials and other state attorneys general are negotiating with major U.S. banks.

She said the settlement gave bank officials too much immunity from civil litigation.

Harris said 768,330 residential mortgages were foreclosed on in California between January 2007 and June of this year.

Read more: http://www.foxnews.com/politics/2011/12/20/california-attorney-general-sues-fannie-freddie-demanding-answers/#ixzz1hAzFp71w

 

 

 

 

 

 

Branch Manager

4117 Mariner Blvd.

Hernando County Florida, 34609

 

Office 352-688-7949

Cell 727-946-0904

Michael Israel Performing Hero

 
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Don’t miss the end…wonderful surprises all the way through. HERO is an amazing accomplishment, a performance you watch with your heart. This work has helped raise interest and awareness for many charities and worthy causes. This performance was produced by Wolfgang Films.

HERO explores commitment to an ideal. It asks the question: What endeavor would you undertake knowing full well that the odds are you will fail? What would you give your all to knowing it’s likely you will be severely injured or even die trying? What is the greatest possible reward and in that thought, what is the most valuable and priceless thing on earth?

Steve Fingerman

Branch Manager

Allied Home Mortgage

4117 Mariner Blvd

Hernando County Florida, 34609

352-688-7949