Feb 13th 1 min Mortgage Market update

30 year fixed rate 4.75%
( 5.010% APR )
30 year fixed FHA rate: 4.75%
( 5.010% APR )
Jumbo rate: 5.375%
Loan Amounts up to $2,000,000, 5 or 7 year fixed 30 year amortiation. LTV's up to 80%, call for more details.
(5.694% APR)
Today's News: Great article that recomends people buy now.

Consumers' cash cows Plenty of falling prices, but 'deflation' party likely to be short-lived

http://www.marketwatch.com/news/story/Plenty-falling-prices-deflation-party/story.aspx?guid=%7B90A9F770%2DB166%2D477F%2D92A0%2D0B867A07AF66%7D&dist=hpts

Loan Modifications:

Our business is to help in any way we can when it comes to home finance, if you are having trouble affording your house payment, or are severly upside down in your mortgage we can now help you in modifying your loan. Using both legal and financial means to aggressively pursue negotiations with your lender to modify your loan.

After collecting some information from you, we do a preliminary analysis. Then, after discussing general terms with your lender, we provide you a scenario that either :

(a) reduces your payment,
(b) reduces your interest rate,
(c) reduces your principal balance, or
(d) a combination of these.

We do NOT charge any upfront fees for this analysis. Once we determine whether we can help, we work with you on the fee to be charged, and proceed according to your timeframe. If we can be of support and assistance, we want to work with you to modify your loan.

example:
5 yr. IO (Interest Only loan) @ 6.5% on 1st
Value of home: $187,500
Outstanding balance on mortgage: $297,600


Outcome: Reduced payments the payments 1st went down to 4.625% on a 30 yr. fixed, 2nd mortgage got a principal reduction from $48,500 to $19,652
Total savings of $586.00/ mo.