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mortgage: Great Rates + Declining Values = No Refi for You. Maybe Not. - 03/10/09 11:38 AM
This great info was shared with us by Tera Gilbert of Wells Fargo Mortgage.
Great Rates + Declining Values = No Refi for You. Maybe Not.While interest rates have been at levels not seen in generations, not everyone has been able to benefit. As home values have come down across the country millions of homeowners have been unable to refinance.
When applying for a home loan, one key component in underwriting is the amount of equity or down payment in the transaction. As home values have declined, even in some cases where someone put a sizable down payment into the purchase … (0 comments)
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mortgage: The Reality of a 4.5% Interest Rate - 12/17/08 02:49 PM
Courtesy of Cameron Breed, SWBC Mortgage
While the mortgage market continues to generate a lot of chatter in boththe media and in Washington, interest rates are currently near or atall-time lows. If you or anyone you know are looking to take advantage ofthese low rates, let me explain why now is the time to act.
Lately there has been talk about the 4.5% 30-year fixed rate mortgage. Willit become a reality though? Right now, no one really knows. Homeowners whocould benefit from a lower interest rate need to know that even if 4.5%becomes a reality from Washington's actions, it would only … (0 comments)
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mortgage: Mortgage Update! - 09/16/08 12:33 PM
With the government taking over Fannie Mae and Freddie Mac, rates are finally nicely under 6% for many homeowners and it's been some time since we've seen that. No one can fully predict how long it will last either and many companies offer a free float-down option so there's no excuse for homeowners not to lock in now and protect what's happening in the industry to their benefit.
Also, most homeowners who haven't owned a home in 3 years will qualify for a tax credit of $7,500 so remember even if a seller won't go down to as low of an offer as you had hoped, … (0 comments)
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mortgage: Fed Cuts Rates by Half a Point - 10/02/07 03:20 PM
What does it mean when the "Fed" cut the federal fund rate or the bond market fluctuated and thus interest rates went up or down? It's all pretty confusing, but here's the story in a nut shell.
Interest rates went up this past week from 6.125% for a 30 year fixed rate to 6.5%. But, rates are still much lower than they were 4 months ago at 6.75%. Experts estimate that rates should continue to hold steady until the next Fed meeting October 31st as the bond market continues to fluctuate and the Fed might cut the federal fund rate to assist … (2 comments)
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