What Will the Mortgage Deal Mean For You

The long-awaited $26-billion foreclosure settlement between the government and the biggest banks was announced on Thursday.   Although that sounds like a lot of money, it’s nothing compared to the trillions lost since the credit bubble burst in 2008.

Who’s eligible?

All states took part except for Oklahoma. Unless Oklahoma signs on, borrowers there will be excluded.   About a million homeowners will get a refinance or have their loan balance paid down somewhat. In addition, some people who have already lost a home to foreclosure will get small payments.

The Banks involved.

You’re possibly in the running for a piece of the settlement if your loan is “serviced” (mortgage payments are collected) by Wells Fargo, Ally Financial, Bank of America, JPMorgan Chase and Citigroup. They manage payments on 55% of American home loans.

The Breakdown of the Settlement

• $5 billion in cash payments to states and federal agencies
• $17 billion to help homeowners
• $3 billion for refinancing
• $1 billion for the Federal Housing Administration

Read more at The Wall Street Journal

Austin and Houston Real Estate Markets 2012

Find out what’s happening in 150 local markets around the nation – including the Austin real estate market and Houston real estate market.

Housing Trends is filled with U.S. Census Bureau key market indicators, consumer videos, blogs, a real estate glossary, mortgage rates and calculators, consumer articles, real estate radio, REALTOR.com local community reports and local and national real estate sales and price activity provided by local MLSs and the National Association of REALTORS®.

http://texascapitalproperties.housingtrendsenewsletter.com/

Mortgage Rates Hit Record Lows Again

According to Bankrate.com’s national survey of large lenders, mortgage rates are at historic lows again as the Obama administration makes another attempt to help underwater homeowners refinance their mortgages to take advantage of the superlow rates.

The benchmark 30-year fixed-rate mortgage fell 13 basis points this week to 4.12 percent.  A year ago, the mortgage index was 5.02 percent and a month ago, it was 4.18 percent.

It is still a buyer’s market!  This is the time to buy!  Contact us today to start your FREE Buyer Search with daily email alerts of new listings that match your criteria.

Texas Capital Properties is your source for all real estate needs in Austin, Texas and Houston, Texas.