As the year winds down, economists are starting to make their predictions for 2012. The general consensus -
Let's start with the good news for families and homeowners across the U.S. Household debt burdens have continued to fall through the last financial quarter. Since October 2010, the rate of disposable income allocated to debt services has declined from 13% to just over 11%, with the total level of household debt in the U.S. having fallen simultaneously during the same period. That said, there remains a significant level of household debt within the U.S., and this situation is unlikely to improve with unemployment expected to remain high throughout 2012.
The issue facing families and homeowners in the U.S. is one of multiple debt and the prospect of having to prioritize what gets paid as a matter of urgency. When you consider that the average debt per household in the U.S. (not including mortgage repayments) stands at approximately $14,500, then you begin to understand the amount of repayments that may be missed in order to maintain a family home. As long as households continue to be burdened with multiple debts, they face an arduous journey towards solvency in 2012.
Unemployment is the major drag on the housing market. Unemployed individuals cannot get a mortgage to buy a home or refinance into a lower mortgage rate to improve their financial situation. Those who do not have job stability are reluctant to take on the commitment of homeownership.
If a home is lost to foreclosure, it has a negative impact on home values in the neighborhood. Reducing home values affects homeowners seeking to sell and trade-up, and hampers those seeking to sell and relocate to a better economic climate.
Generations X and Y, who are in their prime home buying years, are among the hardest hit by unemployment and saddled with record college debt.
30 year fixed - 3.750% + 0% cost points for rate
20 year fixed - 3.750% + 0 % points for rate
15 year fixed - 3.125% + 0% points for rate
10 year fixed - 2.875% + 0% points for rate
5/1 ARM - 2.375% +0 points for rate
7/1 ARM - 2.750 % + 0 points for rate
10/1 ARM 3.250% + 0 points for rate
FHA/VA
30 year fixed - 3.750% with +0 % points for rate
5/1 ARM - 2.750% with + 0 points for rate
7/1 ARM - 3.25 with + .625 % CREDIT point for rate
Jumbo - over 576,000 (in Fairfield County, CT) to 2,000,000
30 year fixed - 4.625 % with 0 points for rate
15 year fixed - 4.125% with 0 points for rate
5/1 ARM - 3.375% - 0 points for rate
7/1 ARM - 3.750 % - 0 points for rate
10/1 ARM - 4.375% with 0 points for rate
Jennifer Buchanan, Certified Mortgage Planning Specialist at MetLife Loans is a seasoned veteran of the Mortgage, Banking and Broker Industry and specializes in mortgage loans throughout Fairfield County, Connecticut.
Her attention to detail is unsurpassed, and her understanding of the marketplace makes it easy to find the right loan to fit her clients specific needs . Jennifer's local processing and closing team are also known for their exemplary service.
Understanding that the vast majority of mortgage brokers never discuss the long or short term financial needs or goals with their clients, she set herself apart from the rest by obtaining the coveted CMPS designation. (Certified Mortgage Planning Specialist)
She is a member of the National Association of Responsible Loan Officers, and her commitment to ethics, understanding of the marketplace, and business acumen have earned her the respect of her peers and clients alike.
Jennifer Buchanan
Metlife Loans
203-341-6949
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