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MORTGAGE RATES » Home Mortgage Loan News
If you are attempting to obtain a commercial mortgage loan for your small business, you have probably realized that getting approved can be tough. Small businesses can face disadvantages that a longer-standing business may not.
Challenges Small Businesses Face 
A new report from Zillow Inc. revealed on Sunday that the number of U.S. homeowners with underwater mortgages has increased to 28 percent. The increase occurred in the first quarter of 2011 as a result of the housing market experiencing massive drops in property values.
Home Prices Dropped 8.2 Percent
Once again, politicians are talking about doing away with – or at least limiting – the mortgage interest deduction. Yanking the deduction away suddenly would be disastrous for people who bought houses figuring the interest deduction as part of the equation. Many middle class families would suddenly owe $5,000 or more per year in additional taxes. The housing market, already reeling, would fall farther. As these hard-hit families have less to spend elsewhere, the economy would dive.
You can stop worrying about a sudden elimination of the deduction altogether. It’s not going to happen – it would be political suicide. That won’t keep the government from tinkering with the rules, however.
Fears of a housing double dip were realized on Thursday with news that the U.S. had officially seen home prices drop below the lowest point of the recession. And in related news, the city of Los Angeles is suing Deutsche Bank for its illegal foreclosure activities, including the improper maintenance of its properties.
U.S. Suffers Official Housing Double Dip
Funds used for refinancing home mortgages were less available in the minority sections of major U.S. cities than in predominantly white areas after the recent housing crash, according to a new study released on Thursday. The study, compiled by a coalition of nonprofit groups across the country, revealed that refinancing in minority areas has decreased since the recession.
Mortgage Refinancing Drops 17 Percent in Minority Areas
When you have decided you would like to purchase a commercial property and need a loan to do so, you can begin by speaking with a local bank or credit union. A commercial mortgage loan expert at a local bank can provide you with valuable information before you begin shopping around for a lender.
Factors to consider include the feasibility of obtaining a loan in your area and the purchase price and down payment you need for the loan interest rate you’re looking for. You do not have to borrow from a bank, however, and researching all of your options is always recommended.
Whether you’re looking to finance a car or home purchase, right now is an excellent time to take on a loan if you’ve been considering doing so. Interest rates remain lower than average and obtaining a low rate means paying less interest over the life of your loan.
Of course, some lenders have better rates than others. Take 1st Advantage Federal Credit Union–they are currently offering an auto loan rate special of 3.49% APR as well as the lowest mortgage loan rates in history! If you want to make buying your next car or home as affordable as possible, secure a loan from 1st Advantage while these rates last.
At Educational Employees Credit Union, you’re more than just a customer–you’re a member. That’s why if you’re not already a member of EECU, you’re missing out on access to a broad array of financial resources; more services…more savings!
Benefits of Joining Educational Employees Credit Union
U.S. existing homes sales increased 3.7 percent in March, according to a new report from the National Association of Realtors. The increase was largely attributed to cash purchases and buys made by investors. First-time homebuyers, on the other hand, steered clear.
First Timers Not Ready to Buy
U.S. housing starts jumped 7.2 percent in March to a six-month high, according to the Commerce Department. This is a major improvement over the previous month when new home construction saw the biggest decline in 27 years.