Marty Qualls showed exemplary professionalism-Jim McGowen Loan Closing-May 27, 2010

Marty Qualls showed exemplary professionalism.  He made the process of obtaining a mortgage painless and easy to understand even when the bank tried to make things difficult.  

His experience is easy to recognize through his understanding of the mortgage industry and I would definitely recommend him to anyone looking for a mortgage.

 - Jim

Refinance to a 15 or 20 year term

Mortgage rates for 15 and 20 year refinancing are the bargain in the market place!

Nationally in July and so far this month, 1/3 of all refinances are 15 and 20 year loans.  Shorter term loans, lower interest rates, less interest paid over time, approaching retirement for many homeowners with a mortgage, has spiked demand for these loans. 

Call me to discuss your refinance or purchase mortgage options. 

Mortgage Modifications-A Successful Program?

The number of permanent mortgage loan modifications with at least a 9 month payment history = 4,764.

Although this number is very small, for the right situation and the right Mortgagor, here are some additional tips to make a loan modification successful.

Five-Tips-for-a-Successful-Mortgage-Loan-Modification

You’ve lost your job. You’ve recently gotten a divorce. Your adjustable rate mortgage has adjusted to a monthly payment you can no longer afford. Whatever the reason, you’re struggling to make your mortgage payments and need help. Through a loan modification, your lender can work with you to lower your home loan payments and help you keep your home. Unfortunately, many borrowers apply for a loan modification only to discover that the bank is proceeding with a foreclosure anyway. These tips will help you stay on top of the loan modification process and avoid foreclosure.

How many listed homes are selling?

1/2 of homes listed in 2009 were sold.  Considering the 9 month time frame for short sales to finalize, many of the homes listed in 2009 actually closed (sold) in 2010. 

45% of homes on the market last month (July 2010) had price reductions.  With the average sales price (nationally) of $254,987, there was an average of a 2.04% price reduction last month.