May 16th, 2013
We’ll do our quick roundup of mortgage news first and then get to the four biggest mistakes to make with your mortgage.
Yahoo Homes gives us this list:
The National Association of Home Builders/Wells Fargo builder sentiment index released Wednesday rose to 44 in May from 41 in April. The increase for May was the first month-to-month gain since December. Concerns over rising costs for land, building materials and labor have been holding the confidence levels down.
So more people are wanting new homes. Materials are becoming more available. There’s still some issues with smaller builders having difficulties getting loans, but large builders are finding it easier. The biggest issue is still finding qualified labor in areas that are building up primarily in Arizona, California, Texas, Colorado and Florida.
So, we have more homes being built, more homeowners, more refinancing, and fewer late payments. The percentage of mortgage holders at least two months behind on their payments fell by 21% in the first quarter of this year compared to last year stated credit reporting agency TransUnion earlier this month.
California had a statewide rate of 4.2%. Florida still has the highest mortgage delinquency rate in the nation for the first quarter at 11%, but that’s down nearly 21% from the same period last year, the firm noted.
You may be seeing specials like 1.99% mortgage rates and want to rush to refinance. But take a deep breath first and read these four mistakes to avoid.
If you’re thinking about refinancing, make an appointment with a professional loan officer to discuss your financial situation. They study the rates and fees as well as news that impact rates. And a professional loan officer will be happy to help you find options for your mortgage.