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refinance: Homeowner Affordability And Stability Plan—Part 2—Stability - 02/22/09 12:53 PM
This week President Obama announced the Homeowner Affordability and Stability Plan. You can view a summary of this plan on the White House web site. Additional details are to be forthcoming on March 4th.
 
The three legs of this plan are:
Refinancing for up to 4 to 5 million responsible homeowners to make their mortgages more affordable A $75 billion homeowner initiative to reach up to 3 to 4 million at-risk homeowners Supporting low mortgage rates by strengthening confidence in Fannie and Freddie Mac  
Earlier I wrote a blog on the 1st leg, refinancing. Now I would like to … (4 comments)

refinance: What The Fed Is The Treasury Department Doing? - 01/19/09 09:32 AM
Since December 2008 the Federal Reserve and the Treasury Department have been purchasing Mortgage Backed Securities on the secondary market. This has served to push mortgage interest rates down to historically low levels.
 
Why have they been doing this? What I’m about to say is strictly my musing. This is based on sheer speculation. I have no proof. Just my opinion, if you will.
 
To put this in context we need to look back to the September-October 2008 timeframe. You remember, about the time we suffered a near financial collapse.
 
There is an accounting principle called “mark … (11 comments)

refinance: When Sitting On The Fence: You May Get Off, Fall Off Or The Fence May Break - 01/17/09 05:41 PM
 
Most of you are aware that we are in the midst of a refinance boom. The basic mortgage interest rate has been below 5% for about a month now. Interest rates will vary for each client depending on a variety of factors.
 
This week, the week of January 12-19, 2009, I characterize as the week of the fence sitter. I know this must be true, not only in Eastern North Carolina, but elsewhere. I’ve read a couple of posts this week along the same subject line.
 
Jason Sardi, from Allentown, PA was one that I read and another … (4 comments)

refinance: FHA Guideline Changes—Effective January 1, 2009—Are You Ready? - 01/01/09 05:12 PM
Home loan guidelines changed in rapid fire fashion in 2008. FHA is continuing this trend with the following guideline changes going into effect January 1, 2009.
 
Down Payment
The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with descriptive examples, click here.
 
 
Rate and Term Refinances
Quick explanation of “rate and term refinance” , new loan amount only includes existing mortgage balances being refinanced plus closing costs, prepaid expenses and any discount points.
Maximum loan to value is 97.75% of the appraised value of the property If an existing … (12 comments)

 

Jay Williams, Mortgage Loan Officer Getting You The Right Loan

Greenville, NC

More about me…

Greenville, NC

Address: 218 E. Arlington Blvd, Greenville, NC, 27858

Office Phone: (252) 493-4802

Cell Phone: (910) 527-1809

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