Refinance options are opening up to St. Louis homeowners who previously had lost value on their home during the housing crises.
The St. Louis housing market continues to improve. The owners of properties whose mortgage value is still greater than the home value are deciding to wait for the housing market to improve. A look at national numbers show the same trend, with a 15% decrease over all of the number of foreclosed homes for sale.
Reassessing the Value of Your Home
Distressed homes are those that are either facing foreclosure or being sold in a short sale. A short sale is when a homeowner makes an agreement to sell their home for a price that is not sufficient to pay off the balance of their mortgage. For those homeowners who were able to keep their home, now is a good time to have the value of it reassessed.
Home Values On the Rise
With a housing market that is favoring sellers due to a decrease in available property, home values are on the rise. The homeowners who are still holding the deed to a distressed property may now find themselves able to break even or even make a small profit on their home. Now is a good time to talk with a lender like Better Rate Mortgage to see which financing options are now open to purchase a new home.
TBD Mortgage Approval Program
If a potential St. Louis home buyer is unsure how much home they can actually afford, programs like Better Rate Mortgage’s TBD mortgage approval program will give them an idea of what type of home they should be looking at in their price range. More importantly, with a TBD approval, the buyer is able to make an offer immediately, without having to wait for bank approval.
Expect to see short sales and foreclosures in St. Louis continue to diminish as more and more homeowners who chose to ride out the storm are now able to reap the benefits of an improved housing market. Mortgage rates are still low, but are predicted to continue to rise, making now the optimal time for homeowners to look at the value of their property again to see if it has risen above their mortgage balance allowing them to finally sell without a major loss.
Call the team at Better Rate Mortgage at (314) 361-9979 today.