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mortgage: Mortgage Insurance Bad or Good? - 03/04/08 03:31 PM
I have been a mortgage lender since 1995 and have heard every negative comment, story, rant, and opinion about Private Mortgage Insurance (PMI). I never really understood why people had such strong negative opinions about PMI. I would, from time to time, try and explain that without PMI most people wouldn't have been able to buy there first home. Mortgage insurance, in my humble opinion, is great. That's right I said great. Without PMI I would never have had the ability to buy my first home, which would also have stopped me from buying my second home. Yea, sure I didn't … (4 comments)
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mortgage: Mortgage News You Can Use - 08/29/07 03:15 PM
August 29, 2007
Update: 100% financing is still available. The availability is dependent upon credit score, reserves after closing, and income levels. Appraisal are being scrutinized very carefully as we are in an area with declining values.
Rural Development Loans-We participate in the program and it's a great product once you get outside of Ann Arbor and Ypsilanti. In fact, the rest of Washtenaw County, all of Lenawee and Livingston Counties are eligible for Rural Housing loans. These are 100% loans with no mortgage insurance. Please contact us for more information.
Private Mortgage Insurance-The use of pmi is rapidly expanding as combination loans … (0 comments)
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mortgage: An idea to sell to first time home buyers - 06/06/07 10:16 AM
A few weeks ago a realtor friend of mine asked me if I had any ideas how she could make her listings more attractive to potential buyers. Most of her listings were under two hundred thousand so she was looking for first time home buyers. I put together a flyer marketing the home with a zero down program (special community home buyer program with low PMI and rates in the six's). My Realtor friend would talk to her sellers and get them to agree to pay 3% to 4% of the sales price to cover all the costs and tax prorations … (4 comments)
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mortgage: Mortgage News You Can Use 5/31/07 - 06/06/07 10:12 AM
May 31, 2007
Rate Watch- Mortgage rates rose again this week on strong economic growth outside of the housing market. The average rate on 30-year fixed-rate loans climbed to 6.41% for the week ending May 31, up from 6.37% the previous week. Last year at this time, 30-year mortgage rates averaged 6.67%. The rate on 15-year loans averaged 6.12%, up from 6.06% the previous week.
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Why are rates increasing at the present time? This past week rates moved to their highest levels of the year.
A few possible explanations for rates moving up include:
· The markets are now anticipating that the economy will rebound in … (0 comments)
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mortgage: Mortgage News You Can Use - 04/26/07 03:29 PM
April 26, 2007
Rate Watch - Mortgage applications ended their five-week decline last week, helped by a decline in interest
rates. Mortgage applications have slipped in recent weeks, hurt by the recent crisis in the subprime mortgage
sector, which has fueled concerns that lenders may clamp down in loans to borrowers with weak credit.
Borrowing costs on 30-year fixed-rate mortgages averaged 6.13%, down from 6.22% the previous week.
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The New Home Sales Report showed some strength. The Median Price nationwide rose 6.4% to $254,000
and the monthly inventory of new Homes fell to a 7.8 month level from last month's reading of 8.1 months.
The amount of new … (0 comments)
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mortgage: Mortgage News You Can Use - 03/20/07 03:03 PM
March 20, 2007
The Subprime Dilemma-These loans have been around for years-so why all the drama now?
Many subprime and other adjustable home loan rates have moved dramatically higher, due in part to the Federal Reserve Boards recent rate hike cycle. So as these rates are adjusting higher-and the payment right along with it-the homeowners are finding that they are unable to keep up with the dramatic increase in payment.
In the past, homeowners in this situation would just throw the house on the market, realize enough of a profit to cover any prepayment penalties, and quite literally move on. A soft … (1 comments)
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mortgage: Mortgage News You Can Use!! - 01/24/07 02:10 PM
Rate Watch - For the week ending January 19th, 30-year fixed rates averaged 6.22%, edging up 0.03 percent from the previous week. The average for 15-year fixed mortgages rose slightly to 5.93%. A year ago 30-year fixed rates were at 6.04%.
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Not much on the economic calendar until Friday's New Home Sales report is due. There is some concern that the home sales numbers may come in stronger than expected showing the housing sector continues to turn around and further indicate a stronger than expected economy.
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Starting this year Equifax and Experian - two of the nation's leading credit bureaus - will charge … (0 comments)
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mortgage: Mortgage News You Can Use 1/11/07 - 01/11/07 03:05 PM
MORTGAGE NEWS YOU CAN USE
Rate Watch - Mortgage rates rose on solid job news after holding steady the previous week. The 30-year fixed mortgage rate averaged 6.21% for the week ending Jan. 11, up from 6.18% the prior week, according to Freddie Mac. 15-year fixed mortgages also rose slightly to 5.96% from 5.71% the prior week. A year ago, the 30-year fixed-rate mortgage averaged 6.15%.
The economic calendar for this week is light with no high-impact releases until tomorrow's Retail Sales report.
Ann Arbor Buyer and Seller Tidbits - From the 2006 Profile of Home Buyers and Sellers prepared for Ann Arbor Area … (0 comments)
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mortgage: Option ARM and Interest Only Loans - 12/14/06 02:34 PM
According to data from Loan Performance, one in three homeowners refinancing today is choosing the financially riskier Interest Only and payment options ARM's loans. For years I have provided both loans to my clients. I love interest only loans for financially responsible people. I like the idea of spending the least possible on mortgage debt as long as the extra money is being used to improve there financial position more then the increased equity they would have paying down there mortgage.
The Option Arms are a totally different monster. I have provided those loans for two types of clients in the … (1 comments)
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mortgage: Mortgage News You Can Use - 12/13/06 02:35 PM
Rate Watch - For the week ended Dec. 8 the 30-year fixed rate rose to 6.02% from 5.98% last week. Fixed 15-year mortgage rates decreased from 5.75% to 5.66%.
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Economic and Market Watch Report - (Based on information from the Ann Arbor Area Board of Realtors Multiple Listing Service for the period 7/1/2006 to 9/30/2006.) During the third quarter of this year the average price of a home in Washtenaw County dropped from $279,200 in the second quarter to $263,700 - a 5% drop. The number of homes on the market dropped by 25 in the same time frame and the number … (2 comments)
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mortgage: PMI / Mortgage Insurance is soon to be tax deductable - 12/12/06 03:37 PM
Well the government finally got this one right. Starting in 2007 PMI and/or mortgage insurance will be tax deductible for people with incomes under $100,000. This can be a real cash savings for those who buy a home in 2007 using a loan that has PMI (mortgage insurance). This law has been needed for many years in my opinion. If you buy a home next year with PMI you will end up paying less in income taxes then you would have this year. This is a great law change for first time home buyers and should help relive some tax burdens … (9 comments)
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mortgage: Mortgage News You Can Use - 12/08/06 01:51 PM
Mortgage News You Can Use!!
Rate Watch - Mortgage rates fell for the fifth consecutive week, sending rates to the lowest level in nearly a year. For the week ending Nov. 30th, 30-year fixed rates averaged 6.14%, down from 6.18% the previous week. A year ago 30-year rates were at 6.26%.
All eyes are now focusing on tomorrow's Jobs Report. While the consensus estimate is for a gain of 105,000 new jobs, economists have expectations all over the board, ranging from a low of 40,000 to a high of 217,000 new jobs. This wide range depicts the high level of uncertainty surrounding tomorrow's … (2 comments)
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David Crisp
Ann Arbor,
MI
More about me…
Ann Arbor Mortgage
Address: 2200 Green Road, Ann Arbor, MI, 48105
Office Phone: (734) 669-5860
Cell Phone: (734) 646-5641
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