If you are checking mortgage rates online, trying to refinance or been waiting on low mortgage rates then the time is now. Mortgage rates are at the lowest point ever recorded with Freddie Mac. The move to lower mortgage rates is in an effort to push mortgage refinancing by good to excellent credit homeowners and drive up new home sales.

The average rate is the lowest in Freddie Mac's weekly survey dating to 1971. The 30-year fixed-rate mortgage averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 5.85 percent. The 30-year fixed-rate has never been lower.

So what does this all mean for you as a homeowner?

If you have good to excellent credit, home equity, an adjustable rate mortgage or a 30-year fixed mortgage rate above 6% then it may be time to apply for a refinance. Sounds simple, refinance if you have good credit and be locked in for 30 years. Well it is not that easy even for good credit borrowers. Mortgage rates may be at the lowest point in history, but having
good credit is not the only factor that decides a mortgage loan approval. Especially in today's banking environment.

The second biggest factor next to credit is income. Do you have enough income to afford your mortgage payment or should we say income you can prove. Refinancing now is not the same as it was during the refinance boom in early 2002. If your credit was strong then proving your income was not as important. Stated income mortgage loans were easily available for self employed borrowers with FICO scores above 700. Homeowners that locked in adjustable rate mortgages with a stated income loan are in a unique situation and may find it hard to refinance out of this situation. Currently there are no stated income products and that is a self employed homeowner's worst nightmare. Many small business owners do not claim the full amount earned during a year or write off a lot of expenses to lower their taxable income. When trying to get financing this can cause an issue where income is a factor. In the past your credit would allow you to just make up what number worked to get financing. If you needed to make 150k per year to get a mortgage then no one was their to stop you. Many homeowners are in this situation and can not refinance to take advantage of the lowest mortgage rates in history.

Home foreclosures in 2009 are expected to exceed the record number recorded in 2008. With more mortgage rate adjustments, job loss, and the weak economy we expect to see over 2 million new foreclosures in the year 2009.

If you are a Yorba Linda, CA homeowner facing foreclosure and need foreclosure assistance the best thing you can do is educate your self on your foreclosure options, foreclosure rights and California foreclosure laws.

Mortgage Modification Legal Network’s Temecula Seminar a Success
Reliable Information is Paramount During These Discouraging Economic Times

On Tuesday night, January 20, 2009 Mortgage Modification Legal Network (MMLN) presented to a bustling auditorium full of homeowners eager for reliable loan modification information. Homeowners feeling the burden of debt in these economic hard times were eager for information as the LIVE question and answer section lasted over 45 minutes.

Our best tool to negotiate with mortgage companies is the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). State and Federal law require mortgage companies to follow these guidelines when originating home loans. Many mortgage loans have these TILA and/or RESPA violations which can and will be used as leverage when negotiating a favorable settlement for our clients. The law must be followed and failure to do so can result in significant damages your lender. So, naturally, they will be very amicable to working your loan out to more affordable terms to avoid costly litigation.

**Free Loan Modification Consultation - Click Here Now**

WASHINGTON, Sept 18, 2008 /PRNewswire-USNewswire via COMTEX/ -- Older holders of subprime first mortgages are 17 times more likely to be in home foreclosure than are older holders of prime loans.

A first-of-its-kind study by AARP debunks the myth that older homeowners are not vulnerable to the home mortgage crisis.
New research by the AARP Public Policy Institute (PPI) to be released tomorrow shows that for the six month period ending in December, 2007, 684,000 older Americans (aged 50 and over) were either in foreclosure or were delinquent in mortgage payments. That's more than a quarter of all foreclosures or delinquencies (28.1 percent). Delinquency normally refers to mortgage payments at least 30 days in arrears.

HOUSTON — Hurricane Ike may give some homeowners lagging on their mortgage payments a temporary rescue from foreclosure.

Texas foreclosure help is available from ForeclosureForward.org

The region's housing market is increasingly dominated by sales of bank-owned, foreclosed houses, which made up almost half of the homes sold in August, according to MDA DataQuick's report on existing home sales. And despite the frenzy of foreclosure sales, banks are foreclosing on homes faster than they can sell them, according to Peter Hong's front-page story in today's L.A. Times: