Riverside Home Loans
Discount Rates for Mortgage Refinance

Discount home loans are offered to Riverside homeowners with fixed rate refinancing offers for first & second mortgages with all types of credit. Industry experts anticipate home values in Riverside to remain steady, so we suggest considering tapping your home's equity with a second mortgage if you need cash.

Unfortunately Riverside County is leading the nation for foreclosures because in the last three years many Southern California residents took out adjustable rate loans that had short term teasers. As the interest rates have begun to make mortgage payments raise too many people can't afford their loan.


Southern California Homeowners begin to brace themselves for interest rate adjustments.

Real Estate evaluators are forecasting property values in Riverside to increase between 3 to 5% in 2006 and 2007. Because of the uncertainty of future of home prices, many homeowners will be considering refinancing their adjustable rate home loans. The solution has been foreclosure, short sale or refinance.


Riverside, California Home Loan Foreclosures Sky Rocket
By Krista O'Connell

While the entire United States is being adversely affected by what is now known as the subprime mortgage meltdown, the Riverside area of California has been especially hard hit. According to the Los Angeles Times, the rate of foreclosure in Riverside is currently as high as 1 in every 330 households. Foreclosures are at an all time high in 2007, and Riverside has the highest foreclosure rate in the entire state.

Although viable solutions to the foreclosure crisis remain elusive, the reasons why California home foreclosures are at an all time high are quite clear. Over the last number of years, many prospective home purchasers who would not normally have been granted mortgages were given loans, allowing them to realize their dreams of home ownership. Mortgage guidelines were loosened, but these more lenient guidelines were often accompanied by risky loan terms. Negative amortization loans, for example, allow homeowners to pay less than the actual interest owed on their mortgage each month. While these types of loans may be more affordable initially, payments typically increase as the repayment term progresses. Looser guidelines for stated income loans and high adjustable rates have also contributed to the staggering number of foreclosures in Riverside, Corona, and Orange County.

Those who took out adjustable rate mortgages are now seeing their monthly payments increase dramatically as their low initial interest rate resets to a higher figure. In many cases, these escalating loan payments have proven to be too much for homeowners, and they are simply not able to meet their financial obligations. The higher number of loan defaults is not only affecting homeowners themselves, but also the entire mortgage industry. Subprime lenders have been particularly hard hit. There are many subprime mortgage lenders going out of business and a large number of lenders going bankrupt.

Finally, decreasing property values across the United States means that, for many homeowners, simply selling their home is no longer a viable solution. Adjustable rate mortgage payments combined with decreasing home equity and tighter mortgage lending guidelines have all contributed to high foreclosure rates and decreasing home sales. In Riverside foreclosure rates continue to skyrocket, and it appears that there are no simple solutions for residents trying to avoid foreclosure and remain in their homes.

Riverside Home Values and Mortgage Rates Holding Steady
Riverside's housing market steady as the prime interest rate climbed this year. Home sales up during the first quarter, dropping at the beginning of the second quarter then heading back up and down again.

Slowing home sales reflect a national trend since the Federal Reserve pushed the prime interest rate up one point since the beginning of the year. "We experienced the greatest year-to-year sales decline last month since August 1982, when sales fell 30.4 percent," said C.A.R. President Vince Malta. "This is another indication that we're in the initial stages of a long-anticipated adjustment in the market. Buyers today have a much greater selection of properties from which to choose, while some sellers are still clinging to price expectations that are no longer valid in today's market."

The prime interest rate has held steady at 8.25% for the last three months. Home prices were also stable holding within $20,000 during the first eight months of 2006. Statistics show January's median home price at $391,250. Prices climbed to a yearly high of $409,090 in July, then dipped back down to $407,400 in August. Some experts say any slowdown in the Southern California housing market could be the result of a higher interest rate bumping up monthly payments. Higher monthly payments could weed out customers and cut equity if homeowners carry an interest only or negative amortization loan.

Whether you are purchasing a home in Riverside or Corona we offer subordinate loans for purchase or for refinancing your existing 1st or 2nd mortgages. Ask your loan officer about incentives for Southern California consumers.

If you need help with a 100% mortgage loan, then you have found the right lending source. Nationwide specializes in high LTV home equity loans. We offer home equity, and refinance loans with fixed or adjustable interest rates.

We offer loans for residents in Riverside County seeking cash or simple rate and term refinancing. We offer cutting edge mortgage programs for inland empire homeowners who need to access money, but prefer not to pay off their existing mortgage in the process.

Don't wait any longer, Call 1-877-212-9478 to speak with a seasoned loan professional live. We offer a helpful consultation that includes a free loan quotes with no obligation.

Relevant Riverside County Facts:

Average home value for owner occupied primary residence, 2000: $146,500
Homeownership rate, 2000: 68.9%
Average household income, 1999: $42,887
Population,
2004 estimate: 1,871,950
% of people living in same home for 5+ years, 2000: 46.7%
Average commute time from home to work (minutes), 2000: 31.2

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* Loan terms are state and federal fee restrictions. Laws may vary per state.
Please visit census.gov for more city, county and state facts.

 

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California Home Loan and Mortgage Rate Info by City


Loans for San Diego Homeowners
San Diego County has a mixed bag for home values. Coastal San Diego remains steady, but inland regions are reporting a significant drop in home values.

Orange County Loans
O.C. Job growth helped keep property values high for years, but home sales from San Clemente to Laguna Beach seem to have leveled off. Home sales in Tustin, Santa Ana, Santa Margarita and Mission Viejo may have actually dipped.

Los Angeles Home Loans
LA home values reached highs in 2006 and have began to slowly decline except in the beach cities like Palos Verdes, Hollywood and Hermosa Beach.

San Luis Obispo Home Loans
Home values for coastal SLO cities like Cayucos, Morro Bay and Los Osos have remained steady in 2006. San Luis Obispo property values have dropped 2-5% in many areas of San Luis Obisbo.

San Bernardino Home Loans
Home values have dropped significantly in most of the county, except for some mountain properties in Big Bear and Lake Arrowhead. Foreclosures are pushing neighborhood values lower and lower.

Ventura Home Loans
Home values in Oxnard and Ventura have been all over the map in 2006.

 

Helpful Mortgage Loan Pages:
Adjustable Rate Refinance | Home Equity Refinance | Bad Credit Refinance | State Guide Second Mortgages | State Guide Home Equity Rates | California Mortgage Rates | Purchase Loan | 2015 FHA Loan Limits in California
Additional California Loan Pages:
Avoid Foreclosure with a Short Sale | FHA Home Loans Replace Subprime Mortgages | Foreclosures Rise with Adjustable Rates | Orange County Borrowers Seek Fixed Rates | California Homeowners seek Jumbo Refinancing
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