Well it’s another year in the books and 2011 was definitely an interesting one. We will remember this year as a year of record interest rate lows and massive foreclosures. It was also a year that might be considered the year when our real estate market started to “bottom out”. From a mortgage standpoint I will remember 2011 as the year the lending world started to make a turn for the good.
In 2011 we saw more lenders begin to open their doors to lending again and thanks to some government insured programs like FHA, lenders were able to offer aggressive purchase programs with as little as 3.5% down payments. For people looking to refinance, 2011 did not offer much relief since most South Florida homeowners were underwater and therefore couldn’t take advantage of the historic low interest rates being offered.
However, 2011 did end the year with a glimmer of hope for homeowners looking to refinance by announcing specific changes being implemented to the Home Affordable Refinance Program (aka HARP). This program will help underwater homeowners refinance no matter how upside down they are as long as their loan is currently owned by Fannie Mae or Freddie Mac.
This program officially goes into effect in March of this year so stayed tuned! As another year comes to a close I think it’s important to take a moment to reflect on the things we accomplished, remember the things we are grateful for and look forward to the goals and dreams we have planned for 2012. I am always grateful for my family, friends and career.
I also want to take a moment and thank those Sunset Lakes residents who have put their trust in me and allowed me to assist them with the purchase of their new home or refinance their existing home. I take great pride and pleasure in being able to assist the residents of our community.
I wish you all a happy and prosperous 2012 and look forward to the possibility of continuing to serve you with all your mortgage needs. To learn more about our company and mortgage products, please feel free to call Dan Longman, President of Priority Lending Corp, at 954-438-3776 ext.11 or email me at email@example.com. Visit us online at www.prioritylendingcorp.com