Increased Mortgage Activity in Wisconsin

Increased Mortgage Activity

Although the winter months have traditionally been a slow time in the real estate market, business has seen significant improvement across Wisconsin. While it may be premature to proclaim that the recession is ending, these signs do point to an improvement in the overall economy.

Starting Off 2012 with a Bang

Across the state the number of home purchases increased by 11 percent in January 2012 in comparison to the number of homes sold in January 2011. This is a continuation of the trend that began in October of 2011. Although the average home price is still down from the levels of 2006, the improved activity is a good sign.

Refinancing is Hot now

Along with improvements in home sales, refinancing has been quite popular lately. The record low interest rates have caused quite a few people to investigate refinancing their home. Recent reports show that as much as 80% of mortgage applications have been for refinancing.

Primary Key to Fuel Home Sales and Price Improvements

The majority of economists agree that it is too soon to determine if the surge in home sales will last. However, they all agree on one point. A steady, stable growth in the number of people able to return to full time work will drastically help the housing market.

Still a Buyer’s Market

The good news for buyers is the available inventory makes it possible for a buyer to review multiple homes and find the one that is best for their needs. The recent statistics show that the current inventory of homes for sale is quite large, but the numbers are moving down. Along with the incredibly low interest rate this marks a great time for new homebuyers to get in their first home as well as for current homeowners to consider selling for either a bigger property or a home in a better area.

Short Sales and Foreclosures add Properties to the Mix

While home prices have declined in recent years due to the struggling economy, some of the best deals can be found in the case of foreclosures and short sales. It is common for a short sale to be in a much better condition than a foreclosure. Most of these owners were living in the home right up until the time they sold the property and moved on. This means that a home that was part of a short sale has a good chance of being in move-in condition. For the do-it-yourself type of people, a foreclosure could be a way to get a home at a tremendous discount and have the option of adding paint, carpet, and fixtures to customize the home to their liking.

Original Post - Increased Mortgage Activity in Wisconsin

Mortgage Calculator for Purchase|Refinance

I wanted to bring your attention to a great tool available to you. Rock Realty's 'Mortgage Calculator', linked below, can help you with your important mortgage decisions. Whether you are buying new or refinancing, this tool can help you determine:

-Mortgage Payment
-Mortgage Principal
-Should I Refinance?
-Interest Only
-Affordability
-Paying More Each Month
-Real APR
-Payment Per Thousand
-Should I Pay Points
-How Much Income Do I Need?
-Rent Vs. Buy

and more...

Bank of America is now offering Principal Reductions!

Wisconsin Short Sales
Madison Wisconsin Short Sale Realtor®
Janesville Wisconsin Short Sale Realtor®
Beloit Wisconsin Short Sale Realtor®

Bank of America is offering...PRINCIPAL REDUCTIONS!


You read that right..the nations largest lender is now going to offer a program to bail out underwater owners...here are the details directly from BofA:


CALABASAS, Calif. - Bank of America, a leader in developing and carrying out programs to help financially distressed homeowners, is leveraging the federal government's Hardest Hit Fund (HHF) initiative to begin pilot programs of principal reductions for customers in Arizona who owe considerably more on their mortgage than their property is worth in today's depressed market.


The bank has become the first major mortgage servicer to send letters of interest to homeowners who may qualify for HHF-supported principal reductions in these states. Previously, Bank of America began testing and implementing new programs for unemployed homeowners in several other states receiving HHF support.


"Bank of America remains committed to helping distressed borrowers remain in their homes through a variety of programs," said Terry Laughlin, executive vice president. "Since the Obama administration established the Hardest Hit Fund (HHF) initiative one year ago, Bank of America has worked closely with both the Department of Treasury and state housing agencies to design and implement the program to provide interim payment assistance to unemployed borrowers, as well as funding for loan modification assistance to delinquent borrowers. We are excited this program is coming to fruition."


Through the Arizona pilot program, Bank of America customers experiencing financial hardship may be eligible to have the amount owed on their mortgage reduced through matching contributions from the state and from participating mortgage investors. Bank of America has begun mailing letters to customers in those states who may qualify for the assistance based on state program and investor guidelines. The offers are being made proactively in conjunction with the solicitation process for the federal government's Home Affordable Modification Program.


Bank of America also is finalizing processes for a pilot principal reduction program with the Nevada Affordable Housing Assistance Authority and is in advanced discussions with the California Housing Finance Agency to begin a pilot program with that state.


Bank of America established its leadership in providing solutions for severely underwater homeowners last spring with an innovative principal forgiveness program for eligible customers under its own National Homeownership Retention Program. HHF will provide assistance to additional homeowners who, mainly due to drastic decreases in home values in the last three years, are upside-down on their mortgages.


The HHF unemployment program offers qualified borrowers mortgage payment assistance for up to 36 months while they are unemployed, depending on state program guidelines. Bank of America is currently involved in pilots of unemployment assistance programs in California, North Carolina, South Carolina, Ohio, Oregon, Lee County, Florida, and Washington, DC. Customers who are interested in these programs should work with their state housing finance agencies to determine their eligibility.


Bank of America will continue expanding these programs on a state-by-state basis as agreements are reached with interested housing finance agencies in other HHF-grant states.


All HHF programs are targeted to low- and moderate-income homeowners, and eligibility also depends on investor participation.


Bank of America


Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with more than 5,800 retail banking offices and approximately 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.


www.bankofamerica.com


# # #


Reporters May Contact:


Dan Frahm, Rick Simon or Jumana Bauwens, Bank of America, 1.800.796.8448


pressroom@bankofamerica.com

Have you tried Rock Realty's Mortgage Calculator?

Hello All,

I just wanted to update everyone on a feature that can be found on our website. Since mortgage rates are at an all time low, many of you may be thinking about refinancing or making a home purchase. The Rock Realty website has a very helpful mortgage calculator that can answer some of the following questions:

-Should I refinance?

-What if I pay more every month?

-What is the real APR for that loan?

-Should I pay points to lower my interest rate?

-How much income do I need in order to qualify?

-Should I use HELOC to lower my debt payments?

-Which loan is better?

Feel free to try it out & let me know how you like it.

http://www.RockRealtyWI.com/Calculators/Mortgage.html

Thanks!

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Michael Collins, SFR - Broker
Short Sale & Foreclosure Resource
Rock Realty
Janesville, WI