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rates: Hey Joe! Lower Rates Might Help! - 07/06/09 07:58 AM
"We misread how bad the economy was"This is the comment made by VP Biden this weekend as he tried to explain why the administration first declared that unemployment would go to around 8% this year and last week we saw much higher numbers... and many folks are saying that the unemployment numbers are actually worse than reported, because so many more American's are parttime employees!I'm not being a "Debbie Downer" here, I'm merely pointing out that Paul Krughman and Gordon Brown (who meets with Obama this week at the G8) both said that we need MORE / ADDITIONAL Stimulus based upon the … (7 comments)

rates: 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)

rates: 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)

rates: Problems Refinancing from Conventional Loan to a Government Loan - 12/09/08 11:47 AM
For fun an giggles, let's say you bought a property in Feb. of 2008.  You got a Heck of a Deal - and you purchased the home for $237,000.  The appraisal in February was for $245,000 (and the appraiser thinks it's worth more now).  The loan in February was a conventional 100% Community Reinvestment loan (those are no longer available).  Your credit is good, you qualify, and since your rate is currently 6.875% - you'd like to refinance.
BAD NEWS!  If you are in North Carolina, and you want to refinance you must wait until February of 2009, because there are no … (1 comments)

rates: 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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