Antonio Llamas's (allamas) Blog

Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home.

Tue, 09 Aug 2011 03:41:44 -0700

Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home. There are many things that you have to conceder when looking for a home, the right size, right neighborhood, color and affordability. Your monthly payment trumps all when selecting a home. Here is what consists of monthly mortgage payment: •1. Principle & Interest •2. Taxes on the property •3. Mortgage Insurance... If down payment is less that 20% of purchase price •4. Homeowners insurance Did you know if you choose to include your taxes and insurance lenders calculate your monthly payment they will take the annual taxes and homeowners insurance and in some case MI (mortgage insurance) and break it up into 12 payments per year. If you do NOT escrow the payment you would be responsible to pay your taxes quarterly and the homeowners insurance annually. When purchasing your home, here is what you can expect throughout the loan process once your sales contract has been accepted by the sellers. •1. Pre Approval •2. Hire real-estate attorney •3. Home Inspection ("out of pocket cost" $ 300- $500) Not required by lender •4. Complete Loan application •5. Appraisal on home ("out of pocket" cost $ 300-$500) •6. Under written by lender •7. Loan Commitment, loan Approval •8. Title Insurance •9. Survey on property •10. Homeowners Insurance ("out of pocket cost" 1 year up front, one week prior to closing) Getting pre approved is your first step to owning your home. CALL NOW... I am open for any questions. allamas@westtownsb.com

In a healthy economy, people buy roughly 6 million homes per year.

Sat, 06 Aug 2011 07:44:33 -0700

Sales of pervious occupied homes fell in June for a third straight month for a seasonally adjusted 4.77 million. The pace is lagging behind the 4.91 million homes sold last year – THE FEWEST SINCE 1997. New home sales also declined in June and are trailing last year sales, which were the worst on records dating back nearly ½ century. On the up side: The average rate on a 15-20-30 year fixed mortgage has fallen to its lowest level in decades.

.. Why Interest Rates on 15-year Mortgage and 20-year low are at an all time low .... Due to the worst week on Wall Street since the financial meltdown.

Sat, 06 Aug 2011 07:01:11 -0700

The average rate on a 15-year fixed mortgage has fallen to its lowest level in decades. The rate from the popular refinancing option dropped to 3.54 % this week from 3.66 % last week, Freddie Mac said Thursday. That’s the lowest result sing the mortgage buyer began tracking it since 1991. The average rate on the 30 year fixed loan fell to a year low from 4.39% from 4.55% the previous week. Mortgage rates treed to track the yield on the 10 year mortgage note. A weakening US economy had led many investors to shift money from stocks to bond, which are seen as safer bets. That has pushed treasury yeals to the lowest level this year. BOND yields fall as demand increases. Low mortgage rates and depressed loan prices had don’t to revive the moribund housing market. Sales of pervious occupied homes fell in June for a third straight month for a seasonally adjusted 4.77 million. The pace is lagging behind the 4.91 million homes sold last year – THE FEWEST SINCE 1997. In a healthy economy, people buy roughly 6 million homes per year. New home sales also declined in June and are trailing last year sales, which were the worst on records dating back nearly ½ century.

Mortgages dangle on debt doubts ........Debt Ceiling

Thu, 21 Jul 2011 14:25:02 -0700

Mortgage rates barely changed this week as investors grew increasingly anxious about the looming threat of a U.S. debt default. Find the best mortagerates email: allamas@westtownsb.com The benchmark 30-year fixed-rate mortgage fell 1 basis point this week, to 4.68 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.39 discount and origination points. One year ago, the mortgage index was 4.74 percent; four weeks ago, it was 4.66 percent. The benchmark 15-year fixed-rate mortgage remained unchanged, at 3.82 percent. The benchmark 5/1 adjustable-rate mortgage fell 4 basis points, to 3.36 percent. Debt ceiling Many investors remain in wait-and-see mode as Congress tries to hatch a budget deal to shrink the deficit and raise the $14.29 trillion debt ceiling. But with 11 days left before the Aug. 2 deadline set by Treasury, they are becoming more nervous about the situation, says Kevin Breeland, general manager of Residential Mortgage of South Carolina in Mount Pleasant, S.C.

Mortgage Rates May Be On The Rise

Wed, 20 Jul 2011 12:58:25 -0700

For now I think once congress makes a decision on whether or not they raise the debt ceiling will determine the rates in weeks to come. Although I am optimistic, with such a volatile market we all want the interest rates to stay low... "Keeps us all employed." Mortgage rates may be on the rise in Florida, whether it's short-term or long-term, home owners should be aware of this news. Here is the latest news about the increases (all increases occur within a weeks time): 30 year fixed-rates: increased from 4.51 to 4.60 percent 15 year fixed-rate: increased from 3.69 to 3.75 percent 5 year adjustable-rate: increased from 3.22 to 3.30 1 year ARM: increased from 2.97 to 3.01 percent ------------------------------------------------------------------------- Stephanie Leon Avanti Way RealtyLic. Realtor "Others show Houses... I show RESULTS... Contact me at:Ph: 786-664-7710Fax: 305-229-1299Email: StephanieLeon@avantiway.com

"First time home buyers” Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home.

Mon, 18 Jul 2011 19:22:32 -0700

Private Mortgage Insurance (PMI) for Conventional Loans is Getting Back in the Game..3% -5% Down to Purchase Homes

Mon, 27 Jun 2011 19:57:22 -0700

With FHA over-loading the purchase market only adds stress to the program. FHA had 3 major adjustments in the last 36 months to help sustain the government program. In some instances monthly Mortgage Insurance (MI) has more than doubled. That doesn't help the buyer qualify and it also lessons their monthly cash flow to put back into the economy to move this country in the road to recovery. WHAT DOES THIS MEAN **No FHA spot approvals on condominium **Expands rates to a minimum 620 FICO Credit rating ** Alternative to FHA Radian (Insurance company) is implementing changes to our guidelines and rates that will be applicable for all MI applications received on or after July 11, 2011. More details on these changes are outlined below. Guideline Changes Following are only highlights of changes to our guidelines. We encourage you to review our complete updated underwriting guidelines, which are now available on our website. http://www.radian.biz One Underwrite Radian is pleased to introduce our new One Underwrite program, which further aligns MI eligibility with Fannie Mae Desktop Underwriter (DU) and Freddie Mac Loan Prospector (LP) approval recommendations and eliminates the concept of a double underwrite for MI eligibility. With this program customers can qualify loans for Radian MI with an Approve/Eligible or Accept/Eligible AUS recommendation from DU or LP, plus the following five underwriting overlays: • A minimum FICO score of 620. • A minimum 3% contribution from the borrower's own funds. • Investment properties are not eligible. • 3 - 4 units are not eligible. • Attached condominiums and cooperatives in Clark County, Nevada and Miami-Dade and Broward County, Florida are not eligible. In addition, One Underwrite will: • Be available for Fannie Mae Homestyle Renovation loans, allowing activation of the commitment prior to completion. • Eliminate Radian's condominium project overlays and subordinate financing restrictions. • Allow for reduced appraisal documentation. Please note that One Underwrite will not be available for HARP loans (DU Refi Plus and LP Open Access). ___________________________________________________________________________________________________ My goal is to work together as a team and make the loan process easier, let's work together; we have the ability to lend in 45 States. FHA Streamline / 203K Loans Conventional VA Reverse Mortgage USDA 100% -Rural area Licensed States (Conforming, Jumbo, VA #: 7000520000): AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MO, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY FHA Licensed states: AL, AR, CO, CT, DC, DE, FL, GA, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, MS, NC, NE, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, VA, VT WI, WV, WY FOR MORE DETAILS PLEASE CALL, ANTONIO LLAMASFINANCIAL HOME LOAN SPECIALIST 973-460-4687 allamas@westtownsb.com

Mortgage Home-Get Pre Approved

Tue, 14 Jun 2011 18:24:30 -0700

As an 11 year veteran in the mortgage industry my goal is to help first time borrowers mediate through the process as quickly and painlessly as possible by educating clients on what to expect step by step in the loan process. I educate clients on how credit scores work to achieve the best possible interest rate for their mortgage. I have serviced clients in; New York, New Jersey area includes, Bergen County, Essex County, Hudson County, Morris County, Passaic County, Sussex county, Manhattan, Bronx, Queens, Staten Island and Long Island, Orange County. West Town Saving Bank is a direct lender and State Charted Bank, which has its advantages. We process and underwrite home loans in-house which means on time closings. As a direct lender, our rates are always superior to help you or your clients achieve their goals. My goal is to work together as a team and make the loan process easier, let's work together; we have the ability to lend in 45 States. FHA Streamline / 203K Loans Conventional VA Reverse Mortgage USDA 100% -Rural area Licensed States (Conforming, Jumbo, VA #: 7000520000): AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MO, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY FHA Licensed states: AL, AR, CO, CT, DC, DE, FL, GA, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, MS, NC, NE, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, VA, VT WI, WV, WY