There are so many factors on EVERY loan that it can be dangerous to quote.Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time.I want to try and show you how things are moving through each day.Here are the factors I will be quoting:
Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount of $260,000, taxes and insurance as part of monthly payment, 21 day lock.(If any one of these factors are different, it COULD change the below rates.This is just a barometer of the current rates).
30 Year Fixed with 1% in origination fee : 4.500% (APR 4.664%) ~ Priced 0% in origination fee: 4.750% (APR 4.829%).
5/1 ARM—3.625% (!!!) with 1% in origination, APR 3.778%
And for people putting down 5%? They still look good for you! 5% down, 30 year fixed--4.875% ( APR 5.011%)!!! That is with 1% in origination. Don't believe it when people say that you have to put down 10, 15, or even 20%!
For loans that are at $417,001+, interest rates/guidelines are tighter.Here is one of the best priced 30 year fixed rates out there:
Purchase, 20% down, owner occupied, SFR, full documentation, 740 FICO+, loan amount of $500,000.
30 year fixed with 1% in origination fee: 5.750% (APR 5.895%)
5/1 ARM- (different lender than 30 year fixed) with 1% origination fee, 4.650% (APR 4.781%)
ALL mortgage professionals are REQUIRED by LAW to report APR.The real way to compare lenders is to look at RATE and ORIGINATION fee, from the two lenders, on the same day, at the same HOUR .Keep that ALL in mind.
Keep in mind that I will compete for YOUR business, and I would love to compete!
Here is a great list of what homes are selling for in the Portland Market. If you compare this to days on market, you can see that the lower valued homes are flying off the shelves, but the larger/more expensive homes are staying on the market. This is due, in part, to how difficult it is to get a jumbo mortgage.
$488,300 & $395,000 = Lake Oswego, West Linn $427,000 & $352,600 = West Portland $372,200 & $350,000 = NW Washington County $317,800 & $287,900 = Tigard, Tualatin, Sherwood, Wilsonville $289,200 & $255,000 = Northeast Portland $286,800 & $260,000 = Milwaukie, Clackamas, Happy Valley $282,100 & $249,500 = Oregon City, Canby $247,100 & $228,000 = Hillsboro, Forest Grove $243,400 & $216,000 = Southeast Portland $241,400 & $225,000 = Beaverton, Aloha $235,400 & $230,000 = North Portland $221,900 & $210,000 = Gresham, Troutdale
More on this from the blog: http://www.jakeplanton.com/home-sales-2/1097/
I just read the blog below, talking about how we are only about half way through the values of American homes going down. I am very skeptical of this blog, but they do make some good points. I would love some input from all the pros here. Why is this wrong? We did have 'fake' demand for so long, and maybe the tax credit is pulling all the demand, and values, up artificially. Shouldn't we be letting prices go back to their natural place? Interested in your opinions...
The tax credit has just been extended, and expanded. You all know how I feel about it, economically it is not a smart idea, but it is what it is. I will help anyone that can qualify get it. Just let me know!
From the National Association of Realtors:
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
If you or your client purchased a home between January 1, 2009 and the date the bill is signed by President Obama, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
The price of the home.
The buyer's income.
Price
Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 5, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
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Part of NAR's Right Tools, Right Now Initiative Resources to help you better understand and promote the value of the Home Buyer Tax Credit to consumers are available for FREE or AT COST as part of NAR's Right Tools, Right Now initiative.
There is A LOT of confusion about the tax credit, and the move up buyers part. Does ANYONE know if the people moving up have to sell their current home before they can buy a new one? Mixed answers here...
This is interesting. HUD has delayed the results of an audit on the FHA reserve fund. FHA has an important role to play, but when it goes after subprime clients, this is what you are going to get.
Good Morning all! Rates are still smoking. It is November!
There are so many factors on EVERY loan that it can be dangerous to quote.Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time.I want to try and show you how things are moving through each day.Here are the factors I will be quoting:
Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount of $260,000, taxes and insurance as part of monthly payment, 21 day lock.(If any one of these factors are different, it COULD change the below rates.This is just a barometer of the current rates).
30 Year Fixed with 1% in origination fee : 4.750% (APR 4.883%) ~ Priced 0% in origination fee: 5.000% (APR 5.046%).
5/1 ARM—3.750% (!!!) with 1% in origination, APR 3.896%
And for people putting down 5%? They still look good for you! 5% down, 30 year fixed–4.990% ( APR 5.143%)!!! Don’t believe it when people say that you have to put down 10, 15, or even 20%! AND, you DO NOT have to go FHA!
For loans that are at $417,001+, interest rates/guidelines are tighter.Here is one of the best priced 30 year fixed rates out there:
Purchase, 20% down, owner occupied, SFR, full documentation, 740 FICO+, loan amount of $500,000.
30 year fixed with 1% in origination fee: 5.750% (APR 5.895%)
5/1 ARM- (different lender than 30 year fixed) with 1% origination fee, 4.650% (APR 4.781%)
ALL mortgage professionals are REQUIRED by LAW to report APR.The real way to compare lenders is to look at RATE and ORIGINATION fee, from the two lenders, on the same day, at the same HOUR .Keep that ALL in mind.
Keep in mind that I will compete for YOUR business, and I would love to compete!
Are we kidding ourselves with this tax credit? Home prices have to fall naturally. We can not re-inflate the bubble..we SHOULDN'T reinflate the bubble. People lost value in their homes, it sucks, but we have to come to terms with that, and not prop up the market with dumb tax credits.
[N]ew home sales are far more important for employment and the economy than existing home sales. When an existing home is sold, the housing stock doesn't change, and the only direct contribution to the economy are the transaction costs. When a new home is sold, the housing stock of the nation increases, and there is a significant amount of spending on material and labor.
During the housing bust, new home sales fell much further than existing home sales (as a percent of sales). I've jokingly referred to the difference in percentage declines as the "Distressing" gap, because of all the distressed sales of existing homes.
His bottom line:
The ratio could decline because of an increase in new home sales, or a decrease in existing home sales - I expect a combination of both.
Just found this post online, and this is really what realtors, lenders, and most importantly, clients should be worrying about. The Fed is going to stop buying mortgages, rates WILL go up at least a full point. This is what we should be worrying about.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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