Mortgage Minutes

 Mortgage Information

 

LOS ANGELES — Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows.

The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven rebound in home prices continue to fall behind on their mortgage payments.

In all, 154 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity between January and June, foreclosure listing firm RealtyTrac Inc. said Thursday.

The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure.

The latest figures show the threat of foreclosures is spreading well beyond the top tier of metropolitan areas located in California, Florida, Nevada and Arizona, which have borne the brunt of the fallout from the housing crisis.

Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.

"The face of foreclosure is driven much more now by unemployment than in the past, and it's moving out from the places where we've been focusing on in the last few years," said Rick Sharga, a senior vice president at RealtyTrac. "The combination of a weak job market and a weak housing market is making it difficult in some of these areas."

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If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing. There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price. I would be happy to refer you to some very good mortgage contacts I have in Spring, or to help you in any other way I can to secure the best possible rate for your home purchase. You might want to visit  www.outlendingtexas.com where you can find valuable tips and reports to help you make a good informed desicion.

Also, you can use the mortgage calculators below to assist you in planning the right financing for your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.