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rates: Jim's Soapbox (November 08) - 11/25/08 12:43 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - November 08)
 
GOOD NEWS - A handful of my prayers were answered today as rates plummeted into the mid 5's.  It is the largest single day reduction in rates I have seen in the last 20 years.  The refinance mini-boom I was predicting in September may have arrived this morning with the Feds public commitment to infuse another $800 billion into residential lending organizations.
The goal of my newsletter is to provide educational material mixed with Jim's unsolicited yet fascinating opinion on the Arizona housing market and real estate ownership in general.  If … (0 comments)

rates: Jim's Soapbox (October 08) - 10/27/08 06:14 PM
Jim's Soapbox
(Arizona Real Estate Newsletter - October 08)
 
THE GOOD NEWS - New home sales rose 2.7% Nationwide in September - according to the Associated Press.  This came as a surprise to many who thought it was going to drop again after an awful August where new home sales dropped 12%.  This bounce-back of volume did not really shock me but the reason I mention this to you is that the West was the driving force in September sales.  Here is the breakdown of that National average by region.
West                     +22.7%
South                    +0.7%
Midwest              - … (0 comments)

rates: Don't give lender's your Credit Card - a true story - 05/28/08 08:21 PM
In any industry you are going to experience good and bad representatives within that industry.  Be it an accountant, a mechanic, or a bartender - there are great ones and there are very poor ones.  The lending industry is no different.  I need to share a true story I heard from a perspective client an hour ago.
I got a just call from a woman named Tanya who lives in Georgia.  She found my name & number on Google from an old Active Rain blog I posted in Nov 07.  (Active Rain Really Works)  Anyway, she wanted my opinion on her recent phone call with Quicken Loans. 
Apparently, she … (6 comments)

rates: HELOC update - 03/04/08 04:00 PM
I posted an article in January suggesting that you take a cash advance on your Home Equity Line of Credit before they lower your limit.  (This is only suggested if you have been planning on using the money in the near future and would miss it).  In case you are still doubting this will happen, I can assure you it is.  I have seen USAA, CHASE, Countrywide, and National City all lower available HELOC limits to people I know - so it is definitely happening.
If you think that the bank holding your Equity Line will pass you over because you have … (4 comments)

rates: 30 year rates & the Prime rate - 03/04/08 03:26 PM
 In case you missed it, there was big news that that the Feds dropped the Prime rate (2 times) in late January.  This was portrayed in the news as a powerful force to lower all mortgage rates.  The truth is that the rates had improved greatly in the three weeks before the drop in Prime in anticipation of it.  After the event of the Prime rate reduction, rates quickly rose back to where they were in December (6.25%).  If you find this a bit confusing, you are not alone.  The connection between the Prime rate and 30 year mortgage rates is … (0 comments)

rates: Return of the ARM - 03/04/08 02:33 PM
Return of the ARMs
Here is a silver lining to the lending industry; Adjustable Rate Mortgages are very attractive again.  For the better part of the last three years, the difference in Interest Rates between 30 year fixed and 5 year ARMs was usually only a .125% lower on the ARM (basically not much).  The idea of the ARM is to give you a significantly better rate than the 30 year fixed during the fixed period.
Well, in the last 6 weeks we have seen a significant discount for ARMs again.  Today the rate on a 7 yr ARM was 5.75%.  That is … (5 comments)

rates: What did today's rate cut mean?? - 01/22/08 01:12 PM
Today's prime rate cut of .75% means that mortgage rates are going to continue to drop even lower,.. Right?  Not Necessarily!!! 
As much as I hope that rates continue to drop for homeowners, this rate cut does not mean that the 30 year rates will go down immediately.  Rates have actually dropped significantly over the last 3 weeks on the assumption that the Feds were going to drop the Prime rate at least .50% (and some speculated that it might be as high as 1%).  Had the Feds only dropped the rate .25% today, rates would actually have gone up today … (1 comments)

rates: The Next Refinance Boom is Here - 01/18/08 04:33 PM
There is so much more to lending then the rate - but I feel this is important so people can see how far rates have dropped in the last 3 weeks!
THE GOOD NEWS ABOUT RATES!!
Despite all of the recent well reported real estate related woes, I have great news for everybody.  RATES ARE DOWN!  And truth be told, rates are actually way down.  Rates are currently better than anything we have seen in the last 3 years, and by the time you read this, they could be at an all time low for the last 10+ years!
The reason they are … (0 comments)

rates: What is a rate Lock? - 12/27/07 07:48 PM
What does it mean when a lender "Locks your Loan". 
A common misconception people have of the locking process goes something like this,... The lender/broker asks you if you want to lock in the rate at 6% for 30 days.  You agree, and then the broker calls the bank and tells them to set aside X dollars at 6% for the next 30 days.  And now that you are locked, you do not have any options to "change" you loan scenario.  Be aware my friends, this is not true.
To lock a loan is basically an agreement to a specific "point in … (0 comments)

 
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Jim Cunningham

Phoenix, AZ

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Nova Home Loans - BK#0902429

Address: 5450 E High Street , Suite #260, Scottsdale, AZ, 85260

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Cell Phone: (602) 434-8261

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