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45: Unemployment and the Recession Have We Hit Bottom? - 09/04/09 09:33 AM
In an interview with CNBC this morning, Nouriel Roubini, a leading Global Economist, speculated that today's job numbers, though dismal - could be setting us up for a U shaped recovery.  
This is interesting, as others on CNBC this morning, also speculated that we've hit the bottom, and are due for a bounce upwards.
In fact, according to the Bureau of Labor Statistics:
"Although job losses continued in many of the major industry sectors in August, the declines have moderated in recent months."
What this means for the Immediate Housing Market:  Fortunately, or Unfortunately, housing has ALWAYS been tied … (10 comments)

45: Does a 4.5% Mortgage Mean You Can Buy A Bigger House? - 01/21/09 11:45 AM
There are TONS of statistics that point to THIS being the right time to purchase a home... but maybe you haven't looked at how LOWER mortgage rates relate to homes?  For instance, this is a beautiful "used" home in Garner, NC... The sales price is $259,900.  To keep things easy - let's assume you are putting 5% down on this property. At a 5.75% mortgage interest rate, the principal and interest payment would be @ $1441.  This same lovely house, with mortgage interest rates at 4.5% would have a principal and interest payment of $1251!
A difference - just because historically low rates … (12 comments)

45: How Mortgage Rates Work Now - 12/22/08 01:21 PM
In the "old days" (before the government had to get involved in lending), rates, and yield spread worked just like a ruler.  A rate of 5%, might be "even" - meaning the broker charged a 1% origination fee (which they share with their company), and that was what they earned.  A rate of 5.125% would pay them slightly more, a rate of 5.25% paid more (so you didn't charge an origination fee at this rate), 5.375 paid more, and at 5.5% you were earning enough, in most cases to pay part or all of the closing costs on the loan.  It … (7 comments)

45: How to Get Your 4.5% Mortgage! - 12/03/08 04:08 PM
I can not tell you how many people have told me TODAY that they heard rates are going to 4.5%!!!
From your mouth to God's Ears!
As I write this, rates are close to 5.0%... but it's still quite a stretch to get to 4 ANYTHING... so should you just wait?
The reality is that the mortgage business has gotten pretty L-E-A-N on the "back" side... what I'm saying is that the layoffs (it's estimated that more than 200,000 jobs have been lost in the mortgage business) affected closers and UNDERWRITERS... underwriting times are already over 2 weeks in some places.
… (12 comments)

 
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