Do you know that the best time to post things to Facebook is 8am in the
morning?  What surprises me is that one of the worst times is 3pm.

Anyways,
on to Obama’s proposed refi program.  By the sounds of it this program might be
the ticket to getting a lot of people who are underwater refinanced.  The
question is will the guidelines be relaxed enough to allow borrowers to refi and
it make sense.  Remember in order to qualify for this program your loan will
have to be owned by Fannie or Freddie and it was transferred to them before May
31 2009.  So in other words if you bought or refinanced since May 31 2009 then
your loan will not qualify.  The final details will be out Nov 15th so I will
follow up once we get that info.  In the mean time you can check to see if your
mortgage is owned by either enterprise by going to Fannie Mae or Freddie Mac

In
other news the roller coaster continues in the markets.  After the EU meeting
yesterday they agreed to boost the bailout fund and struck a deal with private
banks to accept a 50% loss on Greek bonds…Wow!.  So even though job numbers
are not the greatest and earnings reports have been so so, just knowing EU looks
like they are on track to get their problem under control gave markets a nice
warm fuzzy feeling.  With that said, Stocks are up and bonds are down so rates
are back on the higher end today at 4.25% on a 30 yr fixed….more than likely
they will increase to 4.375% by end of day.  Until the next big announcement
comes it looks like we will be treading on the higher end of our rate
outlook.

Chris Blount AES Lending

Courtesy of Jeff Dicks Real Estate