You have probably heard about it already! In an effort to aid the ailing economy, the Federal Reserve dropped the interest rates dropped below 5%. Many homeowoner who are current on their loans can take advantage by refinancing. However, those who are in danger of foreclosure and need the most help cannot take advantage because excellent credit is required.
In my opinion, the homeowners who are upside down on the value of their home and those who are behind should be the first priority to get assistance. There are so many homeowners who desperately need help to get from down under. When we agents look for listings in the Multiple Listing Service, we find that almost half of listings are either short sales or bank owned. In Chino Hills, today, there are a total of 313 listings of which 110 are short sales and 3o are bank owned properties. That goes to show the great need to assist homeowners in danger of loosing their home.
For those who are thinking of buying, they should do it soon and take advantage of the low interest rates inspite of what you hear that prices may still come down. A 1% drop in interest rates will reduce your mortgage payment considerably thereby allowing you to afford more home. With interest rates at it lowest probably in your lifetime and the large inventory of homes available. are you living in the house of your dream? The first step is to have yourself pre approved by a lender.
If you have any questions and need assistance in getting you to the right direction, just contact me and I will take care of the rest from start to finish. You may reach me by email at emeugenio@gmail.com or call (909) 376-8615.
Elizabeth M. Eugenio, (909) 376-8615
Email: Elizabeth@HomesByLiz.com, Website: www.HomesByLiz.com
Certified Distress Property Expert (CDPE), Certified Residential Specialist (CRS), Graduate Realtor Institute (GRI)
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