{"id":10553,"date":"2009-12-14T07:52:00","date_gmt":"2009-12-14T14:52:00","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=10553"},"modified":"2009-12-12T20:08:13","modified_gmt":"2009-12-13T03:08:13","slug":"the-rates-arent-the-only-thing-that-matters-my-thoughts-on-how-to-create-healing-in-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10553\/the-rates-arent-the-only-thing-that-matters-my-thoughts-on-how-to-create-healing-in-the-housing-market\/","title":{"rendered":"The Rates Aren&rsquo;t The Only Thing That Matters&hellip;.. (My thoughts on how to create healing in the housing market)"},"content":{"rendered":"<h3>A couple of thoughts about this article from the New York Times:<\/h3>\n<ul>\n<li>It\u2019s true.&#160;&#160; Anecdotally, I\u2019d have to say that depending on the day, anywhere from 30-50% of the people who I discuss refinancing with are either not able to do it because their income has fallen or because property values have dropped.&#160; Now wait, you\u2019re probably thinking, \u201cI thought that the government was allowing people to refinance even if their mortgage was over 100% of the value of their property.&#160;&#160;&#160; They are, but there are a couple of caveats to that: <\/li>\n<li>The loan has to be with either Fannie Mae or Freddie Mac and a substantial portion of the market isn\u2019t with either one of those.&#160;&#160; If you want to find out whether your loan is with either one of them, check <a href=\"http:\/\/loanlookup.fanniemae.com\/loanlookup\/\" target=\"_blank\">Fannie Mae Loans<\/a> or check <a href=\"https:\/\/ww3.freddiemac.com\/corporate\/\" target=\"_blank\">Freddie Mac Loans<\/a> to find out. <\/li>\n<li>If you have a second mortgage\/home equity line of credit on your house and the combined balance of the two loans exceeds 105% of the value of your home (but is less than 125%) then you can still refinance, but the pricing adjustments that Fannie and Freddie charge are so extensive that unless your interest rate is over 6%, it\u2019s probably not worth refinancing. <\/li>\n<li>If you are like a LOT of people in today\u2019s economy, your credit score isn\u2019t quite as high as it used to be.&#160;&#160; It might be because you\u2019ve had struggles to make some payments on time, it might be because you\u2019ve had some of the credit lines cut on some of your credit cards (thereby lowering your credit scores because you\u2019ve got too much of your available credit tied up), it might be a variety of reasons.&#160;&#160; But the end result is the same.&#160;&#160; In order to get the best possible rate, you need to have either: <\/li>\n<li>A 5% equity position in your house and no second mortgage or <\/li>\n<li>A first mortgage of no more than 80% of the <a href=\"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10553\/the-rates-arent-the-only-thing-that-matters-my-thoughts-on-how-to-create-healing-in-the-housing-market\/#more-10553\" class=\"more-link\">Read more<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A couple of thoughts about this article from the New York Times: It\u2019s true.&#160;&#160; Anecdotally, I\u2019d have to say that depending on the day, anywhere from 30-50% of the people who I discuss refinancing with are either not able to do it because their income has fallen or because property values have dropped.&#160; Now wait, [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62,29,26],"tags":[443,444,445,441,442],"class_list":{"0":"post-10553","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-dirty-laundry","7":"category-group-therapy","8":"category-lending","9":"tag-deleveraging","10":"tag-fannie-and-freddie","11":"tag-housing-crisis","12":"tag-mortgages","13":"tag-refinancing","15":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4039,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4039\/mortgage-market-week-in-review-7\/","url_meta":{"origin":10553,"position":0},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"August 22, 2008","format":false,"excerpt":"Here we are on Friday again and it\u2019s time to take another look at what\u2019s going on in the mortgage markets. This week we\u2019re going to talk about two economic reports and two big question marks. First the economic reports from the week: 1. The Index of Leading Economic Indicators\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17130,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17130\/mortgage-refinancing-and-forbearance-three-balls-you-walk-one-strike-and-your-out\/","url_meta":{"origin":10553,"position":1},"title":"Mortgage Refinancing and Forbearance: Three Balls, You Walk, One Strike, You&#8217;re Out","author":"Brian Brady","date":"September 24, 2020","format":false,"excerpt":"One of the most consistent of the \"old school mortgage bloggers\" is Rhonda Porter in Seattle, writing over on The Mortgage Porter.\u00a0 She offers no-frills information about mortgage markets, the kind of straightforward advice homeowners need.\u00a0 Her blog is almost 15 years old. I wanted to advise current homeowners why\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/09\/blogging-guide-xYaMK5p3vCA-unsplash-480x320.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4256,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4256\/excerpts-from-the-press-release-about-the-death-of-fannie-and-freddie\/","url_meta":{"origin":10553,"position":2},"title":"Excerpts from the Press Release about the Death of Fannie and Freddie&#8230;..","author":"Tom Vanderwell","date":"September 7, 2008","format":false,"excerpt":"Treasury Press Release I have clearly stated three critical objectives: providing stability to financial markets, supporting the availability of mortgage finance, and protecting taxpayers \u2013 both by minimizing the near term costs to the taxpayer and by setting policymakers on a course to resolve the systemic risk created by the\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4267,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4267\/update-on-fannie-and-freddie\/","url_meta":{"origin":10553,"position":3},"title":"Update on Fannie and Freddie","author":"Tom Vanderwell","date":"September 8, 2008","format":false,"excerpt":"Well, it happened.\u00a0 In case you haven\u2019t heard the news, Fannie and Freddie were bailed out by the Federal Government over the weekend.\u00a0\u00a0 I\u2019m not going to go over all of the details but just try to hit some \u201chigh points.\u201d So, here goes: 1. The Federal government now owns\u2026","rel":"","context":"In &quot;Lending&quot;","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3648,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3648\/mortgage-market-week-in-review-4\/","url_meta":{"origin":10553,"position":4},"title":"Mortgage Market Week in Review","author":"Tom Vanderwell","date":"August 1, 2008","format":false,"excerpt":"Is it just me, or do Fridays keep coming around faster and faster? Maybe it\u2019s because I\u2019m so young! Any way, it\u2019s time for our \u201cMortgage Market Week in Review.\u201d We\u2019re going to focus on a couple of main topics for today: Jobs - the ADP report came out on\u2026","rel":"","context":"In &quot;General&quot;","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13025,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13025\/lucha-libre-mortgage-reform\/","url_meta":{"origin":10553,"position":5},"title":"Lucha Libre Mortgage Reform","author":"Don Reedy, San Diego, CA","date":"August 18, 2010","format":false,"excerpt":"Last week there was some discussion about what was to have happened today in Washington. This discussion centered around whether the government would or would not take certain steps to protect the housing market through a mandated deficit funded mortgage bailout. Today, we have some new information on what Tim\u2026","rel":"","context":"In &quot;General&quot;","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=10553"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10553\/revisions"}],"predecessor-version":[{"id":10554,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/10553\/revisions\/10554"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=10553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=10553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=10553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}