Josh Out....

Well... I am no longer in the mortgage business.

I decided to get into this business almost 3 years ago now (Yes - at pretty much the precise moment the entire real estate industry went to shit).

When I got into this business I had one general goal in mind. I wanted to capitalize on my marketing and IT experience and build the most popular mortgage-related website in the Tucson area. I wanted to be #1 in the search results and the go-to guy for anyone searching for "Tucson Mortgages" or "Refinance in Tucson".

I accomplished that goal.

Unfortunately, the modest amount of market-share / success that I thought would go hand in hand with my marketing goals fell seemingly well off target.

... Of course the fact that there are only two or three people left in the general Tucson area that can either afford or qualify to buy a home might have something to do with it as well.

"Times is tough".

With that said, I will be officially turning my mortgage site over to my former (more experienced) "loan partner" Francine Martineau at Nova Home Loans.

If you have any loan questions from here on out, please contact Francine Martineau at (520)358-9382!

Good luck to all!

Fannie Mae "HomePath" Foreclosure / REO Financing Program

It seems like there are a lot of people out there these days getting into real estate investing because of the vast number of foreclosure / "REO" bank-owned properties on the market.

Nova Home Loans has recently started offering very attractive financing for these types of properties. Fannie Mae is now offering what they call their "HomePath" financing program which makes it easier than ever for the average person or family to purchase a foreclosed property as either their primary home OR as an investment property.

This program offers up to 97% financing if you purchase the home as your primary residence - possibly up to 100% financing in combination with some of the home buyer assistance programs currently available in Pima County.

For real estate investors looking to pick up a foreclosure as an investment property, we are also offering up to 90% financing, which up until now (since the "credit crunch") has almost been unheard of.

ADDITIONALLY, as if that isn't enough, both mortgage insurance (typically for buyers purchasing properties with less than 20% down) and a property appraisal (usually $300-$400 dollars) ARE NOT REQUIRED when purchasing one of these properties.

It should be noted however that these special REO financing conditions are ONLY available on Fannie Mae "HomePath" registered REO / foreclosure properties.

For a current list of available properties, go to: http://reosearch.fanniemae.com/reosearch/

To find out more or to get pre-qualified TODAY, please feel free to give Francine Martineau a call today at (520) 358-9382!

Tucson Homeowner? Now is a great time to Refinance...

With the sharp decline recently in mortgage interest rates, if you own a home in Tucson or elsewhere throughout Arizona, now is a great time to refinance and save some serious cash on your monthly mortgage payment.

Mortgage interest rates are currently as low as 4.00%. Typical 30-year fixed-rate mortgages are even as low as 4.50% at the moment.

To put this into perspective - If you currently owe $250k on your home with a 6.5% interest rate and refinance into a 30-year fixed-rate mortgage at 4.5% your principal and interest payments would go from approximately $1580/mo to $1266/mo saving you approximately $314.00 per month.

Refinancing is a typically a very simple and quick process and if your interest rate is currently higher than 5.25%, you would really be hard pressed to find a reason NOT to refinance at the moment.

Considering the overall state of the economy, conserving cash is becoming vital to many Arizona homeowners and families. There are few better and easier ways for home owners to save cash than to refinance their home right now.

Give Francine Martineau a call today at 520-358-9382 or you can even refinance online directly through my secure website at http://jcmillermortgage.com/tucson_refinance.html.

The Mercado District - Tucson, Arizona

There is a really cool new development being built near the base of "A mountain" on Congress called "the Mercado District". 6 different local developers are participating and when finished its going to feature all kinds of unique lofts, condos, and even shops. I just talked to my developer friend who is involved with the Rio Nuevo project and he told me the developers just purchased an additional 14 acres today to expand on the project. Its the coolest thing I have seen in quite a while... Lots of solar and "green tech". Its master-planned to be a community that will feature lots of cool shops, boutiques, restaurants, and most of what you need on a daily basis within walking distance. I can't wait to see how it looks when everything is finished.








More Info | http://www.mercadodistrict.com/index.asp

Interest Rates Are Falling

On a nation average, fixed-rate interest rates dropped from 6.46% to 6.31% this week, which is certainly good news. That basically means that fixed-rate mortgage interest rates in the 5% range are still available to most home buyers in Arizona with good credit.

This ALSO makes it an even BETTER time to REFINANCE your Adjustable Rate Mortgages (ARMs) if your rate-lock is expiring.

For more current information on mortgages or refinancing as it relates to Tucson, and all of Arizona, visit my mortgage web site - JCMillerMortgage.com

Still Here...

It has been a sobering past month in the Mortgage Industry - especially for Tucson. As many of us all know, within the last month one of Tucson's largest employers and one of the top mortgage lenders in the U.S., First Magnus Financial filed bankruptcy effectively bringing an end to the company.

To make matters even worse, this lead to the demise of Pinnacle Mortgage - another one of Tucson's top (albeit local) mortgage company's that was affiliated a little too closely with First Magnus.

As a matter of fact, as of this date 145+ mortgage lenders have had to call it quits nationwide.

This is truly a VERY VOLATILE time in the mortgage industry, however as mortgage brokers who work with just about every mortgage lender who is STILL in business nationwide, we can help like never before.

If you are in need of a home loan or refinance or you are a Realtor who is working with a client that needs a loan with as little hassle as possible, we have the resources to help!

Buyers Market in Tucson?

Home prices are continuing to drop and homes in Tucson and throughout Southern Arizona are being sold 75% current market value. Sellers are simply getting desperate and investors are starting to step in and take advantage of the current market situation. If you have been considering buying your own home, now might be a great time to get pre-qualified and start looking.

In addition to the fantastic deals that can be negotiated in this strong buyers market, interest rates are still low (for the time being), and there have never been so many different mortgage options available to both home owners and investors alike.

With mortgage programs like Option ARMs, you may be paying much less for much more home than you would think.

Interest rates are climbing...

Mortgage interest rates have been climbing fairly quickly over the past week. If you have been procrastinating on refinancing your home, now is really the time to do so. If you are currently in the midst of buying a home or refinancing, I highly recommend speaking with your mortgage professional and "locking" your loan as soon as possible. The interest rates in the U.S. bond market is expected by many to keep rising and with it will most likely come higher mortgage interest rates.

For the latest interest rates and market updates, send a quick email to:
Josh @ JCMillerMortgage.com.