Consider Refinancing While Interest Rates Are Low

Written by Sherri Schneider on . Posted in CVHA, Home Buyer Tips

Annual interest rates continue to hover at historically low rates of 3—4.5 percent. For people who purchased a home in the 1990’s or 2000’s and are pay-ing interest rates of 5.5%-7.5%, this could be a great time to consider refinancing your home loan.

By refinancing your mortgage (home loan), you can replace your current loan with a new one bearing better terms. Refinancing can result in lower monthly payments and save you thousands of dollars a year. For example, if you reduce the interest rate of a 30-year $100,000 mortgage by just 2% — for in-stance, from 6.5% down to 4.5% — you can save over $45,000 in total interest payments.

Preventing Foreclosure

Written by Sherri Schneider on . Posted in CVHA, Home Buyer Tips

If you find you can’t make your payments, see if you qualify for new loan-modification or refinancing programs.

Despite recent glimmers of hope that the economy is improving, news on the housing front can be getting worse for homeowners who have lost a job, or had wages and benefits trimmed. Dipping into savings isn’t always the best strategy and can leave you with little in reserve for new emergencies.

If you are in this difficult situation, don’t despair. There are options that might help lower your mortgage payments and keep your other assets intact: loan modification or mortgage refinancing, part of the Obama administration’s housing plan. (Full details at makinghomeaf-fordable.gov.)

12 Reasons Why Homeownership Is So Important to Low-Income Families

Written by Sherri Schneider on . Posted in CVHA, Home Buyer Tips

  1. yellow-houseHomeownership supplies the basic human need for shelter.
  2. Homeownership builds a better quality of life.
  3. Homeownership generates citizens more involved in their communities.
  4. Homeownership creates healthier neighborhoods and stronger community.
  5. Homeownership increases cultural understanding and respect within neighbor-hoods.
  6. Homeownership constructs a platform for financial se-curity.
  7. Homeownership builds family assets.
  8. Homeownership invests millions of dollars into our local economy.
  9. Homeownership boosts civic pride.
  10. Homeownership reduces domestic and community violence.
  11. Homeownership provides a stable home environment.
  12. Homeownership produces better students.

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Phone: (509) 888-6784
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Email:  sherri@cvhousing.org