Wachovia & World Savings Helping Homeowners

Wachovia.thumbnailYes. It’s true. Wachovia, part of Wells Fargo Bank, is helping homeowners to sell their home to pay off their Wachovia and World Savings Loans. Wachovia is taking a proactive approach because they lose less money if they work out a short sale rather than foreclose on a homeowner.

Hands down, a majority of the time, it is better for the homeowner and bank to work out a short sale agreement rather than go through foreclosure. Short sale is when a home is sold for less than the mortgage. Wachovia is offering homeowners something other banks are not offering right now. Here’s a few of the many benefits that Wachovia is offering to help homewoners sell their home. For one, they are offering approval in days and not months. Second, you don’t have to be behind on your mortgage to get qualified. Third, no lengthy mountain of paperwork and financial information to provide.

We have direct contact with the Wachovia Manager who can approve these loans from anywhere in the country. Call us immediately at (661) 726-0696 to find out more information on your Wachovia or World Savings Loan. If you don’t have a Wachovia or World Savings Loan, call us anyway. There are solutions and options for homewoners other than foreclosure.

Call to discuss your options and ask to speak with a short sale specialist at (661) 726-0696. You have nothing to lose. No pressure, no commitment. We’re here to help.

30 Year Loan Rates Match Record Low

The Washington Post
By News Services
Saturday, November 28, 2009

Average rates for 30-year, fixed-rate mortgages fell this week, matching a record low set last spring. Rates are more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

Rates for those 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the low mark reached the week of April 30. Freddie Mac has been tracking rates on 30-year, fixed-rate mortgages since 1971.

Last year at this time, the mortgages averaged 5.97 percent.

The average rate on a 15-year fixed-rate mortgage fell to 4.29 percent from 4.32 percent, according to Freddie Mac. The 15-year rate hasn’t been this low since Freddie Mac started tracking it in 1991.

Rates on five-year, adjustable-rate mortgages averaged 4.18 percent, down from last week’s 4.25 percent. Rates on one-year, adjustable-rate mortgages were 4.35 percent for the second consecutive week.

Interest rates began dropping last November, when the Federal Reserve began spending $1.25 trillion to buy mortgage-backed securities in an effort to lower rates, loosen credit availability and bolster the housing market… Read More

Get Pre-Qualified

Why is it important to get pre-qualified by a lender before starting the home buying process?

mortgage application.thumbnailIt’s important to get pre-qualified by a lender so that you will know what price range you qualify for, the type of loan that fits your criteria and how much money you will need for a down payment and/or closing costs. This will eliminate wasted time and energy looking for homes that are out of your range.

In addition, when the market has less properties available for sale than there are buyers to buy them, the competion heats up. Those buyers that have been pre-qualified and have started their loan application can close faster. This is a definite advantage in getting the seller’s attention to choose your offer or at least allow you to be in the running.

Keep in mind, when purchasing REO homes (bank owned properties), you may have to pre-qualify with the bank’s lender of choice before you can even submit an offer. Although you may still use the lender of your choice, this helps give the seller confidence regarding your qualification. In the end, you win. You will have a couple of lenders bidding for your business.



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