Mortgage Update for March 23, 2009

March 23, 2009

Daily Mortgage Updates

Mar. 23, 2009 ? The Fed announced its intent to buy $300 billion of long term mortgage bonds, sending the bonds upward, and mortgage rates downward.

You can still get a 30-year fixed rate at a lower rate than currently offered on 3, 5, or 7 year arms, and FHA rates are slightly better than conventional rates right now.

Also, it was announced that part of the bailout plan includes buying up toxic assets. What this means is the government would buy up mortgages in foreclosure, and possibly other charge offs and collections. This would, in theory, free up some of the credit crunch, and allow more money to be lent. This would be a huge undertaking, and there may not be enough resources to tackle such a task, but time will tell.

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About Neena Vlamis

Neena Vlamis, President and Co-founder of A & N Mortgage Services, enjoys a challenge. In particular, she and colleagues specialize in finding the best mortgage product for each of their home-buying customers. Whereas many financial institutions shy away from customers who have special financial needs, Neena and A & N boast a winning record with clients from all ends of the spectrum. Neena and the professionals at A and N succeed in home-financing scenarios as a result of their unparalleled commitment to providing honest advice, extensive breadth of personal finance knowledge vis-a-vis home ownership, and their power of being a mortgage bank and broker. These assets, in combination, have built A & N Mortgage Services into the premier originator of residential home loans in the Chicagoland area. Neena Vlamis and A and N Mortgage will identify the optimal financial product and strategy for your specific homeownership need. You can contact her at neenav@aandnmortgage.com or 773-305-LOAN.

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