A Thanksgiving Treat from the Fed

Happy Thanksgiving – Mortgage Rates Plunge Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!

If you have been on the fence about buying or refinancing a home, now is the time to act. Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give us a call.

Don't wait until next week. Call us today and get pre-approved. Rates have already been very volatile and this opportunity might not survive the holidays. In many markets, falling prices are bringing out buyers that have been waiting to buy and they are scooping up both bargains and hot properties. Let me offer you some pointers to help you negotiate a great deal and lower your costs to close.

Whether you are looking to buy or refinance, call me today. I'm here to help. If we don't speak before Thursday, however, I wish you and your family a wonderful and Happy Thanksgiving.

Information provided by:
Lisa Warren
Silver Oak Mortgage
751 East Southlake Blvd Suite 100
Southlake, Texas 76092

Foreclosure Prevention

The two secondary-mortgage-market companies are well aware of the market pain and are taking a number of steps to provide relief, particularly to prevent foreclosures. Among other things, Freddie Mac is allowing lenders to modify their at-risk loans into 40-year, lower interest-rate mortgages and to reduce borrowers' burdens by permitting them to roll up to six months of missed payments into what amounts to an unsecured second loan. The two companies are also ramping up their staff and adjusting compensation so their internal structure better matches the size and complexity of the processing demand they face. What’s more, to help facilitate short sales, Lockhart’s agency will be releasing a large-scale, streamlined, standardized process for expediting short sales, which he said will give lenders flexibility and tools like principal forbearance that they can’t easily use right now.But Lockhart made it clear that the bulk of the problem isn’t with Fannie and Freddie loans, but debt in what the financial services industry calls private-label securities, the Wall Street loans, many of them subprime, that are held by investors all over the world. The streamlined short sale process his agency will be announcing soon—he didn’t give a time line—could go a long way to focusing the minds of lenders on the problem. But ultimately the problem won’t go way until interest rates come down, buyers start streaming back into the market again, and prices firm up, he suggested. —Robert FreedmanRealtor Magazine

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Find a wealth of useful Texas real estate information for TX home buyers, whether you are buying your first home or need relocation, moving, or financing help in and around Southlake. Texas home sellers, whether you are selling a house, condominium, townhouse, acreage or other property type in and around Southlake. Before you sell or buy a home in Southlake, review Texas market information found on this website. The Southlake area is a great place to live. Whether you already know which area you are interested in, or are looking for some suggestions, contact me today, and we can discuss any question you might have about Southlake TX or any of the surrounding cities!

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