Santa Clarita Valley Real Estate

When is Enough, Enough? The Big Banks are Opposing C.A.R.'s Bill to Protect Borrowers The Vote is TOMORROW! Please Call NOW! C.A.R. is sponsoring SB 1178 (Corbett) to extend anti-deficiency protections to homeowners who have refinanced "purchase money" loans and are now facing foreclosure. Most homeowners didn't even know that when they refinanced they lost their legal protections, and now may be personally liable for the difference between the value of the foreclosed property and the amount owed to the lender. SB 1178 will be voted on THIS WEEK by the entire Senate. One can't help but think, "when is enough, enough?" Banks have already foreclosed upon a family's home and now lenders can continue to hound them for additional payment. How much more money can today's families afford to pay when they've already lost their homes and most likely their jobs? Are they never to have the opportunity to begin again? Action Item Call Senator G

Hope you had a nice Thanksgiving weekend, rates are almost at 45 year lows, not seen since August of 2003, when 30 year fixed rates were below 5.0%. I want to give you an update on rates and a couple of changes that are taking place regarding the conforming limits. As to rates, they are still on the downswing…but as we all know…subject to rise quickly should any positive economic news is broadcasted ! One thing we must remember when talking rates is that there are some nice savings on loan fees and your interest rate is improved when your FICO credit score is over 700. These rates today are for borrowers who are A+ rated. 30 year conforming fixed rates (up to $417,000). Currently at 5.25% - 5.375%, although for a couple points, you can have 4.875% (haven’t seen these rates for nearly 5 years!) 30 year conforming/jumbo ($417,001 to $729,750…only until the end of the year). Currently at 5.5% - 5.625%. 15 year fixed rates (up to $417,000). Currently at 4.875% to 5.0% 15 year conformin g