Austin Mortgage Rate Bingo

After such a long time remaining at the lowest levels anyone can remember, Austin mortgage rates have been climbing out of the cellar. No one who was paying attention expected them to stay at the almost unbelievably low levels they’d held for more than a year, so that was anything but a surprise. But for Austin home shoppers and sellers, it is the future of mortgage rates that is most important. Because area mortgage rates are the basis by which monthly payments are calculated, knowing what to expect in their movement would enable anyone to make the best decision about whether now is the time to buy or sell — or whether even a short delay might mean the same monthly outlay could buy more house. Experience teaches that literally no one can accurately predict those rate movements, but we thought we’d look for some of the most current advice on the matter to see if they could supply any enlightenment. The answer (certainly more predictable than the rates) was…not really. Last Friday, Mortgage News Daily had what you’d have to call the typical take. After headlining “Mortgage Rates Slightly Lower For Third Straight Day,” they admitted that the national rates, while under July 23rd lows, were reflecting “a detachment from the financial market data.” In other words, the lower mortgage rates didn’t follow any rational reasoning that their correspondents could discover. Further explanation followed, but wasn’t much more helpful for making any predictions. “Quiet days and quiet weeks have a sort of inertia in that the higher and lower boundaries of rate movements are fairly well entrenched unless [blah blah blah]… which happens because of low volume and low participation.” In other words: it’s August. Nothing (or anything) might happen when the financial traders are off on vacation. Another interpretation: if you’re intending to buy or sell a home in Austin, the hope that waiting will yield improved local mortgage rates is unlikely to give you much more than a 50-50 chance. In other words, give us a call when you’re ready to buy or sell. That’s the right time!

Austin, TX Homes for Sale Search All Homes For Sale What is Your Home Worth? Austin Real Estate Goldwasser Real Estate 512-470-2277 info@gretx.com

 

Missed Mortgage Payments Can Attract Scam Proposals

When natural disaster strikes, you can be certain that two groups will soon be there: the Red Cross — and scam artists. Unfortunately, the same holds for turmoil of all kinds.

Austin homeowners who have missed mortgage payments should be aware that, in addition to getting their accounts back on track as soon as possible, they should be prepared to be targeted by unethical operators.

Missed mortgage payments can cause a Austin homeowner’s name to appear as ‘arrears’ on public tax records: it’s one way unscrupulous characters locate their victims. That can set off an onslaught of solicitations through the phone, mail, and possibly even at the front door! Normally level-headed householders can be misled by the prospect of a quick fix, especially since stress levels can be high. Knowing the telltale signs that a mortgage scam is in the offing can stop it before it gets far.

One indication is any ‘cure’ that requires a large up-front payment to the mediating agent. Likewise, any proposal that involves repayment to anyone other than the lender — no matter how convincing the reasons offered — is not likely to be authentic.

In one devious mortgage scam, the agency tries to convince you to sign over ownership of your property with the promise that you will be able to rent it back in a “lease-to-own” arrangement. That may sound convincing since some banks are experimenting with a similar option. But anyone other than the mortgage holder who proposes that you sign over the property deed or title to them is probably not working in your best interest. Likewise, an agency that seeks your power of attorney should raise another red flag — in this case, the agency could have the power to circumvent your wishes.

If you’ve missed mortgage payments in Austin, your first action should always be to talk to a reputable attorney and financial advisor to sort out your available options. If selling your home is one — either by conventional or short sale — it’s my job to help make accomplishing that easier. Don’t hesitate to contact me with your private real estate needs.