Foreclosures increased in third
quarter of 2010 Source:
Informa Research Services
(12/30/2010) According
to a report released this week by the Office of the Comptroller of the Currency
and Office of Thrift Supervision, the number of homeowners receiving help from
banks or government programs fell 17% in the third quarter of 2010. Â Along with
fewer homeowners are lowering their monthly mortgage payment, the number of
completed foreclosures increased to almost 245,000, which is an 11.2% increase
since the previous quarter (Source:
NPR).
A
number of banks may be hesitant to modify underwater mortgages, but homeowners
can still lower their monthly mortgage payment by refinancing their current loan. Â If the rate attached to their current home loan is
significantly higher than those that are being offered, homeowners can
potentially save hundreds of dollars a month, which easily translates to
thousands of dollars over the entire term of the loan.
For
those homeowners who are looking to lowering the cost of their home through
refinancing their current mortgage, online
rate tables can be an incredibly helpful tool in finding the lowest available rate. Â These
tables, featured on sites such as ERATE.com, can make rate shopping a quick and
painless process. Â Using just the property location and an estimated loan
amount, these comparison tables gather offers from multiple lenders and display
them on a single table for easy reading.
