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mortgages: Mortgage Rates Settling Above All Time Lows - 11/30/10 02:15 PM
30 year fixed mortgage rates are settling at levels significantly higher than all time lows set just weeks ago. Conforming 30 year fixed mortgage rates today are at 4.25% for well-qualified borrowers who pay a standard origination fee (points) of .07 to 1%. Current 15 year fixed mortgage rates today are at 3.75%.
FHA mortgage rates, which are driven by the same mortgage-backed securities prices as conforming fixed mortgage rates, are also up about a quarter percent higher than they were two weeks ago and are nearly identical to conforming mortgage rates today. Today's California 30 year fixed FHA loan rate is 4.125%. … (1 comments)
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mortgages: Mortgage Rates Up But Still Incredibly Low - 11/18/10 01:06 PM
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), which found that the 30-year fixed-rate mortgage rate rose slightly for the second consecutive time in six weeks. The 15-year fixed-rate mortgage rate also rose slightly while the 5-year ARM set another low, and the 1-year ARM tied last week's low.
30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.8 point for the week ending October 28, 2010, up from last week when it averaged 4.21 percent. Last year at this time, the 30-year FRM averaged 5.03 percent.
15-year FRM this week … (0 comments)
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mortgages: Mortgage Basics - 10/19/10 11:20 AM
Points, fees, and adjustable rates. If you are brand new to the home buying arena, then mortgage terminology can be as foreign as reading Greek.
The famous quote by Sir Francis Bacon rings true for all prospective buyers, "Knowledge is power." Use the following glossary of terms to help you raise your own awareness.
Underwriting: This lender process is used to determine how much of a risk you and your mortgage would be to their company. An underwriter will evaluate such things as your credit, available collateral, as well as your employment and current debts.
Points: Broken into two categories, discount … (2 comments)
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mortgages: Rules Change for Getting Home Loans - 10/15/10 10:21 AM
The Mortgage Bankers Association reported recently that mortgage applications decreased according to their weekly survey (ending 6/18/10). However, some banks are hiring mortgage lenders—a sign that banks are optimistic that requests for housing loans will increase.
J.P. Morgan Chase is planning to hire 1,200 loan officers, according to CNNMoney.com. Christine Holevas, a spokesperson for the bank said, "We may not be inundated with applications tomorrow, but we are confident the need will be there." Despite any slight downturns, expected increases in the mortgage business are estimated to go from $725 billion in 2010 to $916 billion by 2013, according to … (0 comments)
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mortgages: 30-Year Mortgage Rate Ties Low While 15-Year Sets New Record - 10/07/10 11:40 AM
McLean, VA – Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®). The 30-year fixed-rate mortgage rate dropped to tie the survey’s all-time low and the 15-year fixed-rate set another record low.
30-year fixed-rate mortgage (FRM) averaged 4.32 percent with an average 0.8 point for the week ending September 30, 2010, down from last week when it averaged 4.37 percent. Last year at this time, the 30-year FRM averaged 4.94 percent.
15-year FRM this week averaged a record low of 3.75 percent with an average 0.7 point, down from last week when it averaged 3.82 percent. … (0 comments)
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mortgages: Avoiding Mortgage Scams - 10/05/10 11:56 AM
It's goes against accepted ethics, but there are those who prey upon the weak and desperate in today's housing market. If you find yourself upside down on your loan, facing default and foreclosure, then beware. There may be those lurking nearby, waiting for a chance to take advantage of your vulnerable situation. They could make away with more than just your money; they could walk away with your home.
There are numerous tell-tale signs that you could be dealing with a swindler.
If the company, or person, in question asks for an upfront fee, it's time to turn on … (0 comments)
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mortgages: First-time Buyer ABC's - 09/29/10 12:54 PM
As a first-time buyer, you have a lot of questions. There is terminology you don't understand. And there are expenses you need to anticipate. Here are some explanations of just that, to help you on your way to homeownership.
First, what costs should you expect? After you have become "pre-approved" for a mortgage, you will know how much you can spend (aka your "budget"). Pre-approval is done by the bank or lender who will be writing your mortgage. It is accessed by your: credit history, assets, employment history, and financial status. And it guarantees you a loan.
Being pre-approved can … (2 comments)
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mortgages: First-Time Buyers Find a House - 09/28/10 02:20 PM
Buying a home is an exciting experience. For first time buyers new to the process, it can also be terrifying. In order to ease buying jitters, take a look at a few simple tips.
At the beginning of this journey, you'll need to decide on a budget. There are several factors you need to keep in mind. First, how much of a downpayment do you have? FHA loans allow for as little as 3.5 percent of the purchase price as a downpayment. Other lenders generally require a higher percentage.
Do you want to be house rich and cash poor? … (0 comments)
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mortgages: What is a Mortgage Broker and Do I Need One? - 09/22/10 12:25 PM
So, you’ve been searching the Boston real estate listings and you think you would really like to buy a house there. The first step for many new home buyers is confirming that they will qualify financially to buy that home of their dreams. For some, this is done at the branch of the bank that they deal with; for others, their real estate agent may have an association with financial experts who can help them; and still for others, a mortgage broker may be the way to go. If you have been advised to seek the help of a mortgage broker, and the … (1 comments)
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mortgages: August Round Up: Rates Hit All Time Low - 09/14/10 11:35 AM
In Freddie Mac's results of its Primary Mortgage Market Survey® (PMMS®), the fixed-rate mortgages reached record lows, while the 5-year adjustable rate remained tied at its low for this survey.
30-year fixed-rate mortgage (FRM) averaged 4.36 percent with an average 0.7 point for the week ending August 26, 2010, down from the previous week when it averaged 4.42 percent. Last year at this time, the 30-year FRM averaged 5.14 percent.
15-year FRM this week averaged a record low of 3.86 percent with an average 0.6 point, down from the previous week when it averaged 3.90 percent. A year ago at … (0 comments)
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mortgages: Most Homebuyers Have No Regrets - 09/13/10 04:10 PM
An overwhelming 90 percent of homeowners say they don't regret buying their current home, according to a new study by Bankrate, Inc.
That's even in the face of stagnant - or sliding - home prices they've suffered and rock-bottom mortgage rates they may have missed out on.
Only 9 percent of respondents expressed second thoughts about taking the plunge. Why? Most often because they couldn't sell their home and move on, or because they were unable to afford the monthly mortgage payment.
"It's surprising and reassuring to hear 90 percent of homeowners say they don't regret the purchase of their … (3 comments)
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mortgages: Understanding Private Mortgage Insurance - 04/03/10 08:40 PM
With the cost of houses for sale in Boston and elsewhere around the nation constantly on the rise, it is often a struggle for first time buyers to come up with the necessary 20% down payment. While there are lenders that will advance mortgages for more than 80% of a home’s value, they will most often demand that you buy private mortgage insurance to cover the amount of the mortgage. PMI can be confusing and difficult to understand to the novice home buyer. Here are the answers to some of the most frequently asked questions.
Why do I need PMI? Private … (3 comments)
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mortgages: How to Avoid Mortgage Scams - 04/03/10 07:34 PM
Something that seems to happen even more often during troubled economic times, is the increase in scams that lure both home owners desperate to sell and buyers eager to purchase a home when they can make a good deal. If you are considering the sale of your home or if you are looking to buy, here are a few things to watch out for:
Refinancing Fraud In this scam, you may be given what appear to be papers to refinance your home, when in reality they are title transfer papers. If you sign them, you will lose your home. Always be … (1 comments)
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mortgages: Comparing Mortgages and the Good Faith Estimate - 11/18/08 01:51 PM
The recent announcement from Housing and Urban Development that the Good Faith Estimate (GFE) form will be overhauled veered my thoughts toward the current GFE and how potential buyers use it. It seems that a lot of buyers are not sure what a GFE is or how it can help in comparing loans. Basically, the estimate outlines fees-in addition to the interest-that will be included in your mortgage. Many of these are due at closing. The Good Faith Estimate is exactly what its title suggests-an estimate-so unless your lender agrees to "lock" your rates, then they could all change by the … (0 comments)
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Miro Fitkova
Boston,
MA
More about me…
Fitkova Realty Group
Address: 1318 Beacon St., Suite 16, Brookline, MA, 02446
Office Phone: (617) 232-3220 x 101
Cell Phone: (617) 921-9952
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