| |
mortgage commentary: Mortgage Rate Update -- Let's give 'em somethin' to talk about! - 05/13/09 07:11 PM
Interest rates today remind me of my 1 1/2 year-old... I turn my back for ONE SECOND and he falls down! Based on a number of factors including unemployment numbers coming in worse than expected, mortgage rates went down today, closing at the recent low:
4.5% Rate / 4.673% APRP & I payment: $2,112.88Loan amount: $417,000Down payment/equity: 20%Loan Program: 30 Year Fixed
Rates are as of 5/13/09. Subject to change without notice and most likely they will, but I will be ready in the morning in case they open where they closed! Anyone care to lock a rate? Anyone? Bueller? Bueller?
… (0 comments)
|
mortgage commentary: Making Home Affordable Update -- FAQs - 05/12/09 07:42 PM
I have received a lot of feedback on my original posting entitled "The Home Affordability Refinance Program." You can read the original post and comments here. The goal of my original posting was to provide information regarding the newly announced "Making Home Affordable Program." Here' s a quick review:
The program has two components: the modification program -- designed to reduce the monthly payment of struggling homeowners to a more affordable level to keep them in their homes; and The refinance program -- designed to allow homeowners to refinance into a lower rate who are not able to qualify otherwise because of a loss … (8 comments)
|
mortgage commentary: Mortgage Rate Update -- "He didn't fall?!? Inconceivable!' - 04/29/09 06:43 PM
For any fellow Princess Bride fans, that classic line can be used in myriad ways. In this case, I'm absolutely flabbergasted that we haven't seen an increase in mortgage rates. In fact, they might have smidged down. This is to me absolutely, positively, and unequivocally, inconceivable.
Oh no wait, now they're up again.
Oops -- they've inched down. Now back up.
And so it has gone for the past couple of weeks -- down a smidge, up two smidges, down half of a smidge, and so on. Rates are basically unchanged and vary by down payment, loan program, discount points etc. … (0 comments)
|
mortgage commentary: The Home Affordable Refinance Program - 03/04/09 02:16 PM
Please see the bottom of this post for updates and lots of great comments below that!
Original title of this blog was "The Home Affordability Refinance Program" (corrected from 'affordability' to 'affordable') once the program title had been verified.
As announced in February, the terms of the $75 billion foreclosure mitigation plan were released today. You can read the CNBC article here.
Here are my Cliff Notes:
The Home Affordable Refinance Program will be available to 4 to 5 million homeowners whos mortgage is currently owned by Fannie Mae or Freddie Mac and aimed primarily at people facing 'imminent hardship.' Borrowers … (103 comments)
|
mortgage commentary: Mortgage Rate Update -- heading up and sideways - 02/26/09 06:40 PM
Rates have had a bad run over the last couple of days and we're back solidly into the fives. Well, 5 at least...
5% Rate / 5.152% APRP&I payment: $2,238.55Loan amount: $417,000Equity: 20% / Credit Score: 740Loan Program: 30 Year Fixed
Hey, looks like we are back to a maximum conforming jumbo loan amount of $567,500. 10% down for a conventional loan, 3.5% down for an FHA loan...
And for first time home buyers, the 2009 tax credit can be applied to 2008 taxes if you haven't already filed or you can file an amended return!
As always, thanks for reading … (0 comments)
|
mortgage commentary: Home Sale -- Save up to 25% or more! While Supplies Last! Must act now! - 02/26/09 06:14 PM
Ok, if that's not enough to get the fence sitters off their duff and into their Realtor's car, also consider this:
There are currently 15 million students in colleges and they're not all going to move back home after graduating;
60% of current marriages will soon need two households due to divorce;
According to a Harvard study we need 2.7 million MORE homes than are currently in existence by 2011;
In order to get an interest rate comparable to today we'd have to go back to England 315 years ago. Talk about historic low;
The only way to see the bottom … (0 comments)
|
mortgage commentary: Housing Stimulus' affect on, well, housing... - 02/13/09 08:22 PM
The National Association of Realtors recently made a statement from President Charles McMillan, entitled:
Housing Stimulus and Stabilization Will Help Economic Recovery
(That's an active link if you'd like to view the statement, but the title summarizes it well-enough)
In a separate letter to Realtors that was forwarded to me and became the basis for this post (thanks Louise), NAR reiterated that the steps being taken through TARP, TALP, the new Treasury plan and the Housing Economic Stimulus Bill are all positive moves that will help the current crisis.
Here's my struggle with this -- it seems like an awfully expensive price-tag for what … (4 comments)
|
|
|
|
|
|
James Wirth
Everett,
WA
More about me…
Address: Everett, WA, 98208
Cell Phone: (425) 298-7883
Email Me
James Wirth here, and T-H-A-N-K--Y-O-U for visiting my blog! Here I hope to inspire, educate, and coach those affiliated with the Real Estate industry on how they can better market themselves online & connect with past, present and future clients/customers/contacts
 Links
Archives
|
;)
;)
