Home prices improve for third straight month

U.S. home prices rose for the third month in a row in July, new data Tuesday showed, more proof a fragile housing recover is underway.

Home prices are now at levels not seen since the third quarter of 2003.

There are still several risks to the national recovery, including rising unemployment and foreclosures and the expiration of a tax credit for first-time homebuyers.

First-time homeowners can qualify for a tax credit worth 10 percent of the purchase price, up to $8,000, but it expires December 1st. Find out if you qualify now before it's too late.

Sales of newly built homes are up 30 percent from the bottom, but are off about 70 percent from the peak of four years ago. Sales of previously owned homes are nearly 14 percent higher, but are still down nearly 30 percent from their peak.

What does all this mean for you? This is the perfect time to buy a home for qualified borrowers. Get prequalified now by clicking here and getting your free, no obligation rate quote.

Until next time, take care!

Jessica Enriquez

Senior Mortgage Planner

Dead Sea sinkholes - Are you in one?

updated 4:29 p.m. CT, Sun., June 21, 2009

EIN GEDI, Israel - Eli Raz was peering into a narrow hole in the Dead Sea shore when the earth opened up and swallowed him. Fearing he would never be found alive, he scribbled his will on an old postcard.

After 14 hours a search party pulled him from the 10-meter-(30 foot-) deep hole unhurt, and five years later the 69-year-old geologist is working to save others from a similar fate, leading an effort to map the sinkholes that are spreading on the banks of the fabled saltwater lake.

These underground craters can open up in an instant, sucking in whatever lies above and leaving the surrounding area looking like an earthquake zone.

Are you in a sinkhole with your current mortgage?

Refinancing relief for customers with on-time payments
The newly developed Making Home Affordable program is part of President Obama’s strategy
to get the economy back on track. One part of this program, the Home Affordable Refinance
program, can help eligible homeowners refinance their mortgage to obtain a lower rate, lower
payment or more stable product (e.g., switching from an adjustable-rate to a fixed-rate mortgage).

Are you eligible for a Home Affordable Refinance?
If you have a consistent history of paying your existing mortgage on time, but have had
challenges refinancing due to market conditions, then you may be able to take advantage
of a lower mortgage rate or payment through this program.
Please refer to the checklist below for eligibility requirements.

__ I am current on my mortgage.
__ My property is a single-family dwelling or a 2-4 unit attached dwelling.
__ This is my primary residence, second home or an investment property.
__ I have income to support the new monthly payments.
__ I can obtain a lower interest rate, a lower monthly payment or a more stable loan
product (e.g., switching from an adjustable rate to a fixed rate) by refinancing.
__ I have not been able to qualify for a loan refinance previously becuase I owe more on my
mortgage than the current value of my home.
__ I understand that loan limits up to $417,000 ($729,750 in certain areas) apply.
__ My loan must be owned by Fannie Mae or Freddie Mac.

As your Loan Consultant, I can help you work through additional provisions of this program – for
example, appraisal requirements, and finding out who services your current mortgage –
to see if you qualify for the Home Affordable Refinance Programor another refinance option.

If you have questions about the Home Affordable Refinance Program – or to discuss other
home financing opportunities, click here!

Ever heard of Guaranteed Closing Costs?

Guaranteed Closing Costs

Why is having your closing costs guaranteed important? Many homeowners may have had bad experiences with lenders who did not guarantee their closing costs. The problem occurs when unethical lenders increase lender fees shortly before closing, leaving the homeowner with no time to make other financing arrangements. This will never be a problem at Amerisave, we guarantee your closing costs upfront so that you can go to closing with confidence. At Amerisave Mortgage Corporation, we take pride in providing you with a full and accurate disclosure of all closing costs. Once you lock in your rates and fees, we guarantee that those costs won't change throughout the loan process.

Loan Information		06/08/2009 03:39 PM EST
Loan Amount:	$280,000.00	State:	GA
Purchase Price:	$350,000.00	Property Type:	SINGLE
Interest Rate:	5.500%	Property Use:	HOME
APR:	5.514%	Loan Purpose:	Purchase
Product:	30 Year Fixed	Documentation:	FULL

Guaranteed Lender Fees - SureFee

This fee covers everything and is guaranteed not to change from the time we lock your rate to closing. Other mortgage companies charge a multitude of fees, such as an application fee; an origination fee; a discount fee; a loan set-up fee; and many more. (Application Fee Funding Fee Administrative Fee Transfer Fee Origination Fee Processing Fee Loan Set-up Fee Wiring Fee Discount Fee Flood Certification Fee Tax Service Fee Underwriting Fee ')" onmouseout="hideTip()">Click here to see a complete list of typical lender fees other companies charge.) SureFee makes comparing the cost of our loans easy and straightforward.

Guaranteed Lender Fees $445.80

Learn more about SureFee.

Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting
These fees are not paid to Amerisave. Title insurance, closing fees and attorney fees are paid to your closing attorney/agent. The appraisal fee is paid to your appraiser for the appraisal of your property. By law, mortgage companies are not allowed to markup or make money on any of these fees. If a fee is guaranteed, this means that Amerisave has negotiated a special deal on your behalf for this fee. You can always select your own closing attorney/agent and ask them for a quote for title, closing, and attorney fees.
24 Month Chain of Title	Guaranteed	$35.00
Credit Report	Guaranteed	$30.50
Appraisal	Estimated	$325.00
Appraisal Review	Estimated	$75.00
Attorney Fee	Estimated	$150.00
Closing Fee	Estimated	$535.00
Courier Fee	Estimated	$35.00
Tax Certificate	Estimated	$35.00
Title Insurance (Lender's Policy)	Estimated	$575.00
Closing Attorney/Agent, Appraiser, Title Insurance, & Credit Reporting $1,795.50

Estimated Prepaid & Escrow Items
This covers your home insurance and property taxes for the first few months. If you do not want to pay for home insurance or property taxes at closing, you can choose to waive escrows/impounds. If you choose to waive escrows/impounds you will responsible for your home insurance and property taxes when you receive the bills. This also covers interest that is due for the first partial month. If you close on the 15th of the month, you will owe interest for about half of the month at closing. This is the same as making your payment, but it is due at closing. Prepays can vary significantly based on the location of the property, date you close on, when the tax and insurance bills are due, and several other factors. To determine an accurate estimate for these expenses, please click "Calculate" below. These are exactly the same for all mortgage companies.
Interest For Partial First Month	Estimated	Calculate
Homeowner's Insurance	Estimated	Calculate
Property Taxes	Estimated	Calculate
Estimated Prepaid & Escrow Fees Calculate

Total Closing Costs

This is the total of all of your estimated third party fees and our SureFee.

Total Closing Costs $2,241.30

Government Taxes and Fees
These are taxes and fees paid to city, county and states governments for the processing of your loan. These fees will be exactly the same for all lenders.
Recording Fee	Estimated	$150.00
State Mortgage Tax	Estimated	$840.00
State Regulation Fee	Estimated	$6.50
Government Taxes and Fees $996.50

Monthly Mortgage Payment
Principal & Interest	Mortgage Insurance	Home Insurance	Property Tax	Total Payment
$1,589.81	$0.00	Annual Home Insurance Premium / 12 Months	Annual Property Taxes / 12 Months	$1,589.81 + Monthly Taxes and Insurance

06/08/2009 03:39 PM EST

Disclaimer:
Loan Product availability subject to loan amount. Until you lock your rate, A.P.R. and terms subject to change, including rates, points, rebates and fees. Rates and APRs may vary depending on loan details, such as points, loan amount, loan-to-value, your credit, property type, and occupancy. ARM rates subject to increase during loan term. Rates and APRs assume that an escrow account is set up for payment of property taxes, hazard insurance, and mortgage insurance if applicable. This is not an advertisement for credit as defined by paragraph 226.24 of regulation Z.

SureFee is subject to change in the event parameters of the loan change from those presented at the time of application and loan closing, such as but not limited to, a change in the: loan amount, appraised property value, credit score of applicant or type of property.

An additional fee may be added to the Appraisal fee shown above in the event appraiser must make two or more trips to property to complete appraisal process. A second trip is typically needed when construction or renovation of property is not complete at the time the appraiser initially appraises property.

Third party fees guaranteed only if Amerisave's preferred providers are used.