We all know interest rates have been low for quite some time but did you know that interest rates have been below 5% for all but two weeks this year? The average 30 year fixed rate has fallen again to a record low of 3.94% and the average on the 15-year fixed mortgage fell to 3.21% from 3.27%. That's also a record. Yes home sales are slow, values are way off from their highs a few years ago, but this is great news to pass along. After all its a buyers market and a wonderful opportunity to purchase property at discounted prices with great interest rates.
With so much negativity out there in the housing market we need to look for ways to be positive and pass that along. Interest rates in the 3-4% range sure sounds positive to us! Will home prices stay this low forever? Of course not. Will interest rates rise next year? Good chance. Take advantage of them today!
Have you fallen behind on your mortgage payments or already in foreclosure? Consumer advocates, loan counselors and government housing officials support these recommendations about what to do:
1. First try to contact your loan servicer. Check the servicer's website to see what help is available for borrowers needing assistance.
2. Contact a mortgage help hotline, your state's department of housing and/or a HUD-approved mortgage loan counseling service.
3. Get a HUD-approved counseling service to take your case and work with your loan servicer to try and get it resolved without foreclosure. Avoid foreclosure services that charge you a fee. HUD-approved counseling agencies are generally free of charge.
4. Ask the counselor about the possibility of getting a loan modification — changing the terms of your existing loan to ones you can afford.
5. Attend a foreclosure prevention workshop event in your area to get additional information face-to-face.
A good source of reliable information can be found on the Department of Housing and Urban Development's (HUD) website.
Here at Aloha Mortgage Loans we offer a wide variety of mortgage loan programs for purchase and refinancing in the state of Hawaii. These include USDA Rural 100% financing, HomePath mortgages, FHA, VA, Jumbo, conventional, Streamline refinances, and more. Contact us anytime to discuss available options for your specific situation.
Visit our website at www.loans4hawaii.com to learn more about our office and what we have to offer.
On Thursday, October 27, Mike Anderson, the vice president for the NAMB participated in a White House Meeting with Secretary Donovan from the Department of Housing and Urban Development and Jon Carson, Director of the Office of Public Engagement, for a conference call about the American Jobs Act/Project Rebuild and this week's Housing Refinance Announcement.
NAMB discussed allowing FHA refinance transactions to allow for the old MI (mortgage insurance) rate in order for consumers to take advantage of the low interest rates. NAMB emphasized how the new MIP (mortgage insurance premium) makes the refinance possibility out of touch for most homeowners.
What's the significance of this? Over the past few years the mortgage insurance premium FHA charges has increased from .55% to 1.15% annually. So let's say a person has an interest rate of 5.25% and they potentially could refinance into an interest rate of 4.25%. Obviously there will be a savings there. However if they have the old MI rate of .55% they would have to take on the new MI rate of 1.15% which in turn off sets the interest rate savings.
The bottom line is that if this goes through some day it will allow even more people in an FHA loan to take advantage of today's extremely low interest rates and not increase the mortgage insurance amount paid. Another positive step in moving the real estate recovery forward.
While much of the attention surrounding Halloween has been on the full return of festivities to Lahaina, there is another venue across town that is also promoting family fun on Halloween night.
The merchants at Pi`ilani Village Shopping Center in South Maui, join in hosting Maui’s Family Friendly Halloween from 6 to 8 p.m. on Monday, October 31st.
We specialize in USDA 100% financing, FHA, VA HomePath, Jumbo, and Conventional Loans in the State of Hawaii.
Give us a call today to discuss possible loan programs that fit your individual situation. With interest rates so low many people have been able to take advantgage of refinancing and saving money on their monthly payments. Did you know there's even programs available that do not require an appraisal? Yes it's true and we can tell you if that may be an option for you.
Also most people tend to agree today is about the best time in many years to purchase property. With the price of homes much lower then a few years ago, lots of properties on the market, and those really low interest rates, its what people have been waiting for. Contact us today to get pre-qualified so your ready to put in an offer when the right home comes around for you!
Our specialty is working with first time home buyers. We enjoy guiding people through the process from getting qualified for a mortgage loan all the way through closing.
Visit our website to get more familiar with Aloha Mortgage Loans, the types of programs we specialize, and our staff. We look forward to working with you on obtaining financing. Aloha and Mahalo!
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Aloha Jennifer. Sorry to be responding so late, we have been busy with the house and have had family here ever since the move. I am trying to catch up on emails (not sure if that will ever happen.) Mahalo for the card and the green bags! We appreciate your thoughtfulness and making this transaction a bit more enjoyable :)))) We are enjoying are new home and feel very fortunate and blessed to have a little piece of paradise on Maui. Wishing you all the best and thanks again to both you and Kelly!
Mike and Mary Pat Raher - March 11, 2011
I can not say enough how thankful we are to Aloha Mortgage Loans for their help and support during our recent condo refinance and new home mortgage processing. Kelly, Joe and Jennifer made it all possible and there was little we had to do. I do not think we could have done it as smoothly with a conventional bank loan process. I would highly recommend Aloha Mortgage Loans to all my family and friends. We are now in our new home and think of Kelly and her team as our new found friends.
Rosemarie Kalmeta - February 9, 2011
Aloha Sam, Joe and Jacqui,
I could not have asked for a better team to assist me in every turn in purchasing my home. It took 5 years of looking but this is the ultimate icing on the cake for it is one of the best experiences I've felt in my life. I am only indebted to you all for all you have done(going the extra mile) in this purchase. I am truly thankful and appreciated every single thing that you have done. Honestly....it feels a little surreal but we made it. I would not hesitate to recommend all your services to the community, friends and families. I truly am a very, very satisfied customer. You have more than extended to me what customer service is all about. Again, I couldn't be a happier person than now. Am so grateful and my greatest thankfulness to all you have done.
Much aloha and regards,
Jerry Porter - July 14, 2011
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