Santa Clarita Valley Real Estate

Homeowners seeking to refinance their mortgages may be surprised by the amount of paperwork required. During the “easy credit” years, some lenders did not require proof of income or documentation. Nowadays, most lenders require borrowers to provide pay stubs, banks statements, brokerage statements, and possibly tax returns. Self-employed individuals may be asked for a profit-and-loss statement. Those relying on bonus income should expect that most lenders will assume this year’s bonus will be a lot less than last year’s, which could make securing approval more difficult. Determining the amount of equity in the home is key to being approved for a new loan. Homeowners whose mortgage obligations are less than 80 percent of the home’s value are more likely to have refinancing options available to them. Other homeowners who are current on their mortgages, owe 80 percent to 105 percent of the home’s value, and have a loan owned by Fannie Mae or Freddie Mac may be able to refinance unde

Consumer confidence rose to 40.8 in May compared with the previous month and now stands at 54.9 (1985=100), according to a report released yesterday by The Conference Board. The Board’s Present Situation Index increased to 28.9 in May from 25.5 the previous month, while its Expectations Index rose to 72.3 this month compared with 51.0 in April “Continued gains in the Present Situation Index indicate that current conditions have moderately improved, and growth in the second quarter is likely to be less negative than in the first,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Looking ahead, consumers are considerably less pessimistic than they were earlier this year, and expectations are that business conditions, the labor market and incomes will improve in the coming months. While confidence is still weak by historical standards, as far as consumers are concerned, the worst is now behind us." Consumers' short-term outlook improved significantly

Getting a good mortgage rate is often a matter of good luck. After a series of increases starting April 30, mortgage rates finally took a dip Monday. It was a welcome surprise for home buyers that went under contract over the weekend. Same for homeowners looking to pull the refinance trigger.Versus mortgage rates on Friday afternoon, many lenders were already showing lower rates Monday morning before a late-afternoon rate sheet reprice even lower. The drop in rates lowered annual mortgage payments by roughly $180 per $100,000 borrowed. Rate dips like this aren't expected, of course, bringing us to the one of the most important axioms of shopping for a mortgage rate: You can't shop for good luck. This is because mortgage rates are inherently unpredictable. * On some days, rates are higher * On some days, rates are lower * On some days, rates are unchanged Occasionally, there are days when rates are all three. Monday's rate dip, though -- while sharp -- may not last. Early t