ANN ARBOR, MI -- (Marketwire) -- 02/27/13 -- Gold Star Mortgage Financial Group highlights a positive piece of news from the housing market -- specifically, the news that more borrowers are keeping up with their mortgage payments. According to a report filed in the St. Louis Business Journal, the percentage of borrowers who have not paid their mortgage for 60 days has declined for the fourth quarter in a row. Gold Star Mortgage Financial Group has issued a new statement to the press, celebrating this positive development and explaining what makes it significant.
"The number of borrowers who are behind on their mortgage payments is decreasing," affirms Gold Star Mortgage Financial Group, in its new press statement. "If you've been late on your payments, your chances of qualifying for a refinance are greatly diminished. Since fewer and fewer people have delinquent payments, this means that a greater number of borrowers will indeed qualify for a loan. This is great news for consumers and for Gold Star Mortgage Financial Group, as more and more borrowers will now be eligible for refinancing."
The report in the St. Louis Business Journal states that the percentage of borrowers who have not paid their mortgage in 60 days' time fell to 5.19 percent in the fourth quarter of 2012. This brings it down from 5.41 percent in the third quarter, and from 6.01 percent in the fourth quarter of 2011.
The report is not entirely positive, and indeed, the percentages given here show that borrowers are still a long way off from the stability they once enjoyed. The "normal" default rate is somewhere between 1.5 and 2 percent, the Business Journal states.
The report goes on to note a few related statistics, including figures for home foreclosure rates in the St. Louis area last year. According to the Business Journal, these write-offs totaled $1.16 billion in 2012, down from $1.22 billion the year before.
Gold Star Mortgage Financial, meanwhile, is a direct home lender that enjoys national recognition, though it is based in the Detroit metropolitan region. The company has experienced considerable growth in recent months, moving into a larger corporate headquarters and pledging to create 100 jobs by the end of the calendar year. Gold Star's growth comes on the heels of a prolonged period of renewed confidence within the housing market -- something lent credence by the Business Journal report.
Gold Star Mortgage Financial is known for its low rates and fees, and also for its founder and CEO, Daniel Milstein, currently ranked as the #1 mortgage originator in the country.
Gold Star Mortgage Financial Group is a nationally recognized direct home lender, based in the Detroit, Michigan metro area. The company is known for its low rates and fees, and also for its emphasis on superlative customer service. Gold Star Mortgage was founded by Daniel Milstein, who is currently rated as the #1 mortgage originator in the country. The company is ranked as #349 on the INC500 list of fastest-growing companies.
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