Houston Refinance: Double Dip in Housing?

Houston Refinance: Double Dip in Housing?

Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

If you live in Austin | Houston | Dallas please call Frank Zhu for your custom Good Faith Estimate.

Frank Zhu:  512-919-0154

frank@mylendingplace.com

It looks like we are more likely to experience a “double dip” in housing according to the Case-Shiller Home Prices Indices released today.

The indices reflect data through November and show a deceleration in the annual growth of home prices nationally and in 17 of the 20 metropolitan statistical areas (MSAs) that create its indices.

Case-Shiller analyzes its national sample of 20 MSAs individually and uses them to construct a 10- and a 20-City Composite Index.  Both indices fell in November from October levels by 0.4 percent and 1.6 percent respectively and prices fell in 19 of the MSAs; only San Diego eked out a negligible 0.1 percent gain.

This combined with the fact that the banks are going to release a massive amount of foreclosed houses this Spring would bring the prices of the houses for sale down even further.

Right now would be to a great time to shop around to find a suitable house for yourself if you can qualify. You could qualify for a FHA loan for purchasing a house if you have a credit score above 620 and you would only need 3.5% for down payment.

The current rate for a 30 years fixed FHA loan is 5.0% depending on your credit score.

We also offer “no cost” refinance. Contact me, Frank Zhu, and let me help you find the lowest rate in Texas when it comes to your mortgage. I’m bilingual in English and Chinese. Give me a call at 512-919-0154 for your mortgage needs.

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