ann arbor: Mortgage Insurance Bad or Good?
- 03/04/08 07:31 AM
I have been a mortgage lender since 1995 and have heard every negative comment, story, rant, and opinion about Private Mortgage Insurance (PMI). I never really understood why people had such strong negative opinions about PMI. I would, from time to time, try and explain that without PMI most people wouldn't have been able to buy there first home. Mortgage insurance, in my humble opinion, is great. That's right I said great. Without PMI I would never have had the ability to buy my first home, which would also have stopped me from buying my second home. Yea, sure I didn't … (4 comments)
ann arbor: Mortgage News You Can Use October 4th, 2007
- 10/04/07 07:53 AM
The hubbub over the sub-prime mortgage meltdown has abated a bit. A month ago 151 major U.S. lending operations had imploded since late 2006. In the last month the number has increased to 161 operations. We have seen the Federal Reserve cut the Federal Funds Rate by .5% causing short-term rates to dip a bit and long-term mortgage to rise a bit. The stock market has seen a new high in the last two weeks. Jumbo rates had jumped up and have now moderated back down. The Federal government is still debating on how to intervene to stave off a high … (0 comments)
ann arbor: Reverse Mortgages: Financing the Golden Years
- 09/11/07 04:10 AM
Seek a Qualified Mortgage Consultant to Ensure the Best Results Ann Arbor, MI - Until recently, seniors 62 years of age and older have not had the best choices when it came to getting cash from their homes. Traditional home loans only offered the option of either selling one's house or borrowing against its equity.
With reverse mortgages coming on the scene, seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments - and they do not need an existing income … (0 comments)
Update: 100% financing is still available. The availability is dependent upon credit score, reserves after closing, and income levels. Appraisal are being scrutinized very carefully as we are in an area with declining values. Rural Development Loans-We participate in the program and it's a great product once you get outside of Ann Arbor and Ypsilanti. In fact, the rest of Washtenaw County, all of Lenawee and Livingston Counties are eligible for Rural Housing loans. These are 100% loans with no mortgage insurance. Please contact us for more information. Private Mortgage Insurance-The use of pmi is rapidly expanding as combination loans … (0 comments)
ann arbor: Reverse Mortgages
- 08/15/07 08:04 AM
There is a lot of talk about reverse mortgages. What is true and what is false about this program. In this Blog I will try to clear up some common myths and help you, the reader, to have a solid understanding. A reverse mortgage is a FHA insured, government regulated home loan. Only seniors 62 years old and older qualify. Reverse loans differ from regular home finance in the following ways; There is no credit requirementsThere is no income neededThere is no asset requirementsYou never make a monthly payment for the life of the loan The loan is based on two factors; Your ageThe … (6 comments)
ann arbor: An idea to sell to first time home buyers
- 06/06/07 03:16 AM
A few weeks ago a realtor friend of mine asked me if I had any ideas how she could make her listings more attractive to potential buyers. Most of her listings were under two hundred thousand so she was looking for first time home buyers. I put together a flyer marketing the home with a zero down program (special community home buyer program with low PMI and rates in the six's). My Realtor friend would talk to her sellers and get them to agree to pay 3% to 4% of the sales price to cover all the costs and tax prorations … (4 comments)
ann arbor: Mortgage News You Can Use 5/31/07
- 06/06/07 03:12 AM
May 31, 2007 Rate Watch- Mortgage rates rose again this week on strong economic growth outside of the housing market. The average rate on 30-year fixed-rate loans climbed to 6.41% for the week ending May 31, up from 6.37% the previous week. Last year at this time, 30-year mortgage rates averaged 6.67%. The rate on 15-year loans averaged 6.12%, up from 6.06% the previous week. -- Why are rates increasing at the present time? This past week rates moved to their highest levels of the year. A few possible explanations for rates moving up include: · The markets are now anticipating that the economy will rebound in … (0 comments)
The Subprime Dilemma-These loans have been around for years-so why all the drama now?
Many subprime and other adjustable home loan rates have moved dramatically higher, due in part to the Federal Reserve Boards recent rate hike cycle. So as these rates are adjusting higher-and the payment right along with it-the homeowners are finding that they are unable to keep up with the dramatic increase in payment. In the past, homeowners in this situation would just throw the house on the market, realize enough of a profit to cover any prepayment penalties, and quite literally move on. A soft … (1 comments)
ann arbor: Mortgage News You Can Use
- 02/27/07 06:22 AM
February 27, 2007 Rate Watch - Mortgage rates fell in the past week. The 30-year fixed rate mortgage averaged 6.22%, down from 6.30% last week, according to Freddie Mac's Primary Mortgage Market Survey. Last year at this time, the 30-year averaged 6.26%. -- What happens overseas has an impact on our interest rates. Last Wednesday, Japan's central bank-the Bank of Japan, announced a 25 basis point rate hike (.25%) boosting their benchmark interest rate to 0.5% - the second increase in the last 7 months. The USA's Federal Reserve has its benchmark interest rate currently set at 5.25%. Their economy is second only … (0 comments)
ann arbor: Mortgage News You Can Use!!
- 01/24/07 06:10 AM
Rate Watch - For the week ending January 19th, 30-year fixed rates averaged 6.22%, edging up 0.03 percent from the previous week. The average for 15-year fixed mortgages rose slightly to 5.93%. A year ago 30-year fixed rates were at 6.04%. ---- Not much on the economic calendar until Friday's New Home Sales report is due. There is some concern that the home sales numbers may come in stronger than expected showing the housing sector continues to turn around and further indicate a stronger than expected economy. ---- Starting this year Equifax and Experian - two of the nation's leading credit bureaus - will charge … (0 comments)
Rate Watch - Mortgage rates rose on solid job news after holding steady the previous week. The 30-year fixed mortgage rate averaged 6.21% for the week ending Jan. 11, up from 6.18% the prior week, according to Freddie Mac. 15-year fixed mortgages also rose slightly to 5.96% from 5.71% the prior week. A year ago, the 30-year fixed-rate mortgage averaged 6.15%.
The economic calendar for this week is light with no high-impact releases until tomorrow's Retail Sales report.
Ann Arbor Buyer and Seller Tidbits - From the 2006 Profile of Home Buyers and Sellers prepared for Ann Arbor Area … (0 comments)
ann arbor: MORTGAGE NEWS YOU CAN USE
- 12/21/06 06:18 AM
Rate Watch - Freddie Mac reported on Dec. 14 that 30-year fixed-rate mortgages averaged 6.12%, up from 6.11% two weeks back. 15-year loan rates increased from 5.86% from 5.84%. With mortgage rates remaining near their lowest levels, exotic mortgage borrowers are now jumping into the safety of fixed-rate loans. ---- As expected, the Federal Reserve decided to keep short-term interest rates steady at 5.25% for the fourth consecutive time in a 9-1 decision. The lone dissenting member, the President of the Federal Reserve Bank of Richmond Jeffrey M. Lacker, voted for a rate hike. The Fed's statement following the last meeting in October, … (1 comments)
Rate Watch - For the week ended Dec. 8 the 30-year fixed rate rose to 6.02% from 5.98% last week. Fixed 15-year mortgage rates decreased from 5.75% to 5.66%. ---- Economic and Market Watch Report - (Based on information from the Ann Arbor Area Board of Realtors Multiple Listing Service for the period 7/1/2006 to 9/30/2006.) During the third quarter of this year the average price of a home in Washtenaw County dropped from $279,200 in the second quarter to $263,700 - a 5% drop. The number of homes on the market dropped by 25 in the same time frame and the number … (2 comments)
ann arbor: Zero Down Loans
- 12/11/06 05:38 AM
More and more of my clients in the Ann Arbor area are buying homes with no down payment loans. In the 1990's it was very rare for someone to buy a home in Washtenaw County without some sort of down payment (except for VA loans which always offered a no down payment loan). In 1996 we were able to offer our clients in Michigan a government sponsored loan for rural properties that would allow 100 % financing. We advertised the program and were able to help a lot of first time home buys buy homes with only a few hundred dollars … (5 comments)
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