| |
mortgage: Back from Vacation to Find LOW Mortgage Rates - 08/27/10 02:22 PM
I'm back from a long vacation and catching up on what I missed. There's a lot to cover, so check back for more blog posts over the next few days, but I'll start today with the REALLY good news for home-buyers or homeowners looking to refinance: interest rates are at all time lows! I'm seeing 30 year fixed FHA loans quoted as low as 4.0% which means your monthly mortgage payment (principal and interest) for a $200,000 house would be only $921.41 with only $7,000 down! And that payment is locked in for 30 years!
If you're currently renting and having … (4 comments)
|
mortgage: Interesting Mortgage Option with SUPER Low Rate - 06/17/10 10:15 AM
I received an email today from INGDirect touting a new mortgage product that they're offering. It's not for everyone, but for the right buyer it could be a sweet deal. The basic terms are as follows:
5 year loan term, with option to extend for 5 more years at then current rates 30 year amortization Free Bi-weekly payments to help pay down principal more quickly 25% down-payment required No points Available for loans up to $750,000 Ridiculously low 3.524% APR interest rate! I see this loan program as being ideal for a very specific type of borrower who fits the following … (0 comments)
|
mortgage: Mortgage Rates at Their Lowest Point of 2010, Great Time to Buy! - 05/21/10 02:59 PM
According to this article mortgage rates are at their lowest point so far in 2010 with a national average rate of 4.84% for 30 year fixed loans and an amazing 4.24% average on 15 year loans. One local lender here in Philly is even offering 30 year fixed-rate FHA loans at 4.25% for buyers with qualifying income (under about $60,000 per year). With rates like these it's a great time to buy a house and lock in a low monthly payment for years to come.
… (0 comments)
|
mortgage: $1500 To Sellers in A Short Sale - Take it While you Can! - 03/08/10 04:30 PM
The Obama administration has sweetened the pot for home-sellers who owe more on their mortgage that the property can sell for (article here). With the new program, taking effect April 5th, a seller who completes a short sale will receive $1,500 in 'relocation assistance' to incentivize them to get the deal done quickly and move on. The government will also give cash incentives to banks and loan servicers to encourage them to work through the backlog of underwater properties currently on the market. Short sales benefit sellers because they are less harmful to their credit score than a foreclosure. They also … (5 comments)
|
mortgage: Here We Go Again...Interest Only Coming Back - 03/08/10 08:50 AM
I received some junk mail this weekend - big deal right? Well, one piece stood out as a potential sign of where the real estate market is headed - a mortgage refinance offer from Bank of America that included among it's options a mortgage with interest-only payments for the first ten years! I have noticed lenders coming back to the table with more and more aggressive loans over the past few months, but this is the first time I've seen a major national lender actively pushing interest-only residential loans in a while.
Interest-only (aka IO, zero-amortization, or non-amortizing loans) were one … (7 comments)
|
mortgage: Amazing Mortgage Rates - 01/26/10 06:34 PM
One of the awesome local mortgage lenders that I work with emailed me today with an update on a great mortgage program he has for first time buyers. For first time buyers with annual income under $60,000 he offers a 30-year, fixed-interest-rate FHA loan with a 4.25% interest rate and zero points! Just like any other FHA loan this requires only a 3.5% downpayment and allows up to 3% seller assist to help cover closing costs. This can really help to make some of today's bargains even more affordable, and if you qualify for this loan you should also qualify for … (2 comments)
|
mortgage: FHA Tightens Rules for Borrowers - 01/20/10 07:45 PM
According to this article the Federal Housing Administration is tightening the requirements for borrowers of FHA guaranteed mortgages. The changes will especially impact borrowers with lower credit scores as the minimum down-payment for those with less than a 580 credit score rises from 3.5% to 10%. Even borrowers with good credit will be hit by the increase in the mortgage insurance premium charged by FHA. This increase will add to both upfront closing costs and monthly costs over the life of the loan.
Even with these changes, intended to help the FHA avoid further financial distress, FHA loans are still a … (0 comments)
|
mortgage: Sign of the Times - Power Shift from Regional to Ultra-local Banking - 01/06/10 10:34 AM
One sign of our current financial times has been the shift of lending power (for real estate and other types of loans) from the too-big-to-fail national banks and financial companies to smaller regional lenders. In the Philadelphia area regional players such as Beneficial Bank and Susquehanna Bank have been actively picking up business left behind by the area's national players (Wachovia, Bank of America, PNC, etc.). The big national banks have been too busy struggling to maintain financial solvency, digest government-forced acquisitions, and deal with their public image to focus on increasing deposits and loans from local customers.
Now it seems … (4 comments)
|
mortgage: Mortgage Rate Hedging a Difficult Task - 10/05/09 08:08 AM
This article from Marketwatch.com discusses using interest-rate-tracking ETFs (Exchange Traded Funds) and options on those ETFs to hedge the risks of mortgage rates rising before home-buyers have locked them in. While this particular approach might not be the perfect solution, today's historically low interest rates do make mortgage rate hedging something that is in high demand from savvy potential buyers who are looking to buy soon, but not soon enough to lock in at today's super-low rates (4.75%!!!).
As this article highlights, a 1-point rise in mortgage rates right now could cost a buyer of a $200,000 home $1,300 per year … (0 comments)
|
mortgage: Mortgage Rates Below 5% Again! - 10/03/09 07:57 AM
Rates on 30-year fixed mortgages have dropped back below 5%! One local lender that I work with is quoting 4.74% for purchase loans this morning and they usually offer even better rates to first-time buyers. If you're thinking of buying this could be a perfect time - prices are still low but showing signs of bottoming out, there are loads of houses on the market, and interest rates are amazingly favorable. Happy house hunting!
… (2 comments)
|
|
|
|
|
|
James Yoakum, SFR
Philadelphia,
PA
More about me…
Brown McKinney Real Estate Company
Address: 1733 Spring Garden Street, Philadelphia, PA, 19130
Office Phone: (215) 825-2250 x 1002
Cell Phone: (267) 496-7739
Email Me
Observations from my work in the wide world of real estate with a frequent focus on the Philadelphia market.
 Links
Archives
|
;)
;)
