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refinance: 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)
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refinance: 4 Reasons Why You Should Refinance Anyway... - 08/17/09 10:56 AM
Why you might need to refinance:
#1: If you have an equityline - you should probably get rid of it if you can. Equity Lines allow you to pay interest only. I've been a mortgage lender for years, and people "want" to pay the equityline down, but normally they don't. In our area, the maximum FHA loan is $295,000. If you have a 1st mortgage at 5.625%, you might think it doesn't make sense to refinance with rates in the low 5s (today) - but if you look at the EQUITYLINE (or second mortgage) you have - then we might be saving … (2 comments)
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refinance: Why Won't Rates Get BELOW 5% and STAY there? - 08/04/09 11:07 AM
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for … (2 comments)
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refinance: 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)
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refinance: 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)
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refinance: 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)
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refinance: 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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refinance: 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)
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refinance: Veteran's Benefits Changed with New Law October 10, 2008 - 10/28/08 11:15 AM
The VA made a significant change on October 10, 2008 in an effort to help Veteran's who might be caught up in a subprime mortgage. The Veteran's Administration never made any subprime loans, and even the adjustable rate mortgages offered through the VA are considered to be some of the safest, most conservative products offered... here's what they did:
The increased the amount of cash a veteran can pull out of their primary residence on a refinance to equal 100% of the maximum loan amount for the area... and they changed the maximum loan amounts offered through the VA to more … (3 comments)
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refinance: If You Have An ARM, Pull Out Your Note - 09/17/08 04:58 PM
LIBOR is on the rise. In fact, according to Bloomberg:
"The overnight Libor rate in U.S. dollars soared 3.33 percentage points to 6.44 percent today, its biggest jump in at least seven years, according to the British Bankers' Association. The one-week rate rose by more than a percentage point, to 3.88 percent from 2.49 percent on Monday, and the one-month rate increased to 2.75 percent from 2.5 percent."
Granted, most adjustable rate mortgages are not tied to the 1 day LIBOR... but most are tied to SOME part of LIBOR! So I suggest that you get out your note, and look … (7 comments)
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refinance: Pay Off Credit Card Debt Now... - 09/05/08 10:48 AM
Have you looked at the balances on your credit card statements lately? Seriously? OMG!
Everybody I know has been "living" off of credit cards! How expensive is that? Well - If you have a $2000 balance on a credit card with an 18% APR it could take you 24 YEARS to pay it off if you simply pay the minimum balance!
If you've purchased a home in the Triangle during the last 24 months - and the value is less than $300,000 - you might qualify for a cash out FHA loan.
We are refinancing a single mom today who purchased a … (6 comments)
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refinance: FHA: We Fix $6 Haircuts - 02/14/08 09:52 AM
There's an old story about a a barber shop in a small town that pretty much was the only place to get your haircut. They'd been there for 20 years and did a great job for a good price.
The town grew - and pretty soon one of those discount shops moved in right across the street. They put up a BIG Banner that announced they had $6 DOLLAR HAIRCUTS! Well, the folks that owned the original barber shop started losing business... they couldn't meet their bills and obligations if they cut hair for $6 !!
They were honestly worried. And … (8 comments)
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
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Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
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