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interest rates: First Time Homebuyers - Don't Just Check On The Rate! - 09/14/09 04:30 PM

There are tons of first time homebuyers out there negotiating the best deal on their new home, and now it's time to get a mortgage.
Most of them only know how to ask one question:  What's the Rate?
We've been in the mortgage business for over 20 years - and the only thing most people know to ask is - "What's the Rate?" 
While that's a great question, it's kinda' like going into a shoe store and asking if they have any shoes in a size 9.  Just shopping the rate is not necessarily going to get you the best … (27 comments)

interest rates: What Obama Needs To Do To Fix The Economy - OPINIONS - 01/13/09 09:55 AM
Obama recently said he wanted to hear the ideas "out there" for a better stimulus package.  Paul Krugman, who recently won a Noble Prize for his Economic Genius, has some ideas... and he recently shared those with Rolling Stones!
In his post, Krugman notes... "One more thing: even with the Obama plan, the Romer-Bernstein report predicts an average unemployment rate of 7.3 percent over the next three years. That's a scary number, big enough to pose a real risk that the U.S. economy will get stuck in a Japan-type deflationary trap."
This doesn't sound good...
According to Krugman.. "There's nothing to … (11 comments)

interest rates: If Your Score is Less than 620 - Interest Rates Are Going UP! - 01/09/09 01:44 PM
Just received an update from a MAJOR investor that credit scores less than 620 are going to be priced SIGNIFICANTLY higher beginning Monday, January 12, 2009.
This is significant for folks who are purchasing, and using USDA or FHA/VA financing tools.  The "hits" for scores between 600 and 620 today are .25.  Meaning that it costs us almost a quarter of a discount point more to do a loan with those scores. In most cases, this means we can still get a rate of 5% for these folks.
According to the news bulletin, the new cost for doing a government loan … (12 comments)

interest rates: Rates Started Moving South... Will it last? - 11/25/08 07:52 AM
Those of us in the mortgage business have been watching mortgage interest rates with one eye on our list of past customers, hoping rates will finally mirror the lowering bond market. 
The Emergency Economic Stabilization Act (more commonly known as the Wall Street Bailout Plan) was passed under the presumption that $700B was needed to buy up troubled assets such as mortgage backed securities (which is why the program was originally called TARP - for Troubled Asset Relief Program). The program was supposed to work by taking the troubled assets off the market and off bank balance sheets thereby enabling … (1 comments)

interest rates: FHA and the PMI Companies - 10/24/07 01:40 PM
We have a shot, after many years of begging, to make some real advances in FHA REFORM, but we'll need the Senate and President's help.  HR 1852 is currently sitting in the Senate Banking Committee, and according to my Senator ( Ms. Libby Dole who is on the committee) it might not come out before Thanksgiving!  Why would Congress hold up a bill that will increase the loan limits to 125% of the median sales price?  Why would they hold up a bill that would do away with the "nasty" audit, and the net worth requirements (meaning almost every broker could … (2 comments)

 
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Cary, NC

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Steve Thorne NC Mortgage Experts

Address: 111 Corning Road, Suite 230, Cary, NC, 27518

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