Homeowners who fall behind on their mortgage payments are more likely to seek help from loved ones than from mortgage relief agencies, according to a recent survey by Money Management International. Half of homeowners surveyed say they would first seek help from family and friends before talking with their lender (26%) or seeking assistance from a housing counseling agency or mortgage relief program (13%). More than half (53%) say they are concerned about possible scams and fraudulent practices by mortgage assistance agencies, that the services they offer would cost more money than they could afford (51%) and that the process would be confusing or they would choose a solution they don’t fully understand (45%).
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California Fast Facts May 2012
California Median Home Price: $312,110
California highest median home price by region/county: Marin, $791,670
California lowest median home price by region/county: Merced, $119,410
California Pending Home Sales Index: 128.8, unchanged from April.
California Traditional Housing Affordability Index: First quarter 2012: 56 percent
Highest Down Payments
According to a recent report by Lending Tree, the average down payment on a home is 12.29%. However, buyers in some states are putting down even more money for their home purchases. In New Jersey, buyers made average down payments of 13.71%. Meanwhile, buyers in North Dakota put down an average 11.34%, the lowest in the country.
Is it Time to Refinance?
Those who refinanced their mortgages a year or so ago, when interest rates averaged just below 5 percent for a 30-year fixed-rate loan, may be wondering whether it’s time to refinance yet again now that rates are at least a full percentage point lower.
Making sense of the story
• As of Thursday, according to Freddie Mac’s weekly survey, the average rate on a 30-year loan was 3.83 percent, down from 4.63 percent a year ago, setting a record low.