interest rates: The window is OPEN - rates are the lowest they have been ALL YEAR!
- 05/19/14 04:43 AM
Interest rates. They are used for credit cards, checking accounts, loans of every imaginable kind, and of course - for mortgages. When interest rates rise, they make buying a home more expensive. When interest rates drop, the cost of buying a home also drops. What has happened in the past week is something that is very client friendly - interest rates have dropped. Interest rates can drop on any given day, and so this creates a buying opportunity, but the window is often a short one. What can it mean for you? Well, the impact on a payment due to a … (0 comments)
interest rates: The Government Shutdown - how it affects YOU and Mortgages!
- 10/04/13 05:50 AM
You knew it was coming. The media began the buildup last week, and then hit a peak this Wednesday when it became official - the government is financially shutdown! Drama everywhere, and the political parties are not exactly working together as of yet. Plenty of lines in the sand and so on....... So, how does it impact our industry? For mortgages, it impacts us on 2 fronts - lenders REQUIRE that we verify tax returns, using form 4506T that is processed by the IRS. Several lenders require this form BEFORE they will approve your loan. That would be a problem when … (2 comments)
interest rates: Fed Speak leads to lower mortgage rates - what does it mean to me?
- 09/25/13 06:30 AM
What a difference a week makes. There is turmoil in the financial markets (is this a surprise?) and of course internationally with Syria, North Korea and other places. The most recent reactions are the stock market and Mortgage Backed Securities, that have shown considerable movement this week.
So, what is happening? First, the FED came out last week to indicate that Larry Summers was no longer a candidate to be the new Fed Chairman, and given that he was a “hawk”, the market was anticipating higher rates if he got the job. Instead, the job is still open to interviewees, … (5 comments)
interest rates: Who will be the next Fed Chairman and what does it mean for all of us?
- 09/16/13 08:24 AM
Such a grand question to start off the week! However, this is a critical component to the real estate market. Nominate and accept a "hawk", or conservative Chairman and interest rates keep rising, thus stifling a mild economic recovery. Or, nominate and accept a "dove", and allow the government spending and Quanitative Easing to continue, thus keeping rates low for a longer period to allow the economy time to recover further?
Lights, Camera, Action! With Ben Bernanke nearing the end of his second term, there is pressure to produce a successor quickly. But, who has the qualifications and the foresight … (5 comments)
interest rates: Call to ARMs! And more creative ways to make home purchasing easier!
- 08/20/13 03:12 AM
Ok, so we have all seen interest rates on the rise, and when they jump so much in a short period, rates can impact both the refinance market and home purchase market. When interest rates climb, home affordability is reduced. When rates climb a large amount in a short time, they can have a significant impact on home purchasing. How do we address this, particularly when the real estate market has done a terrific job of recovering in most areas of the country? After all, interest rates are historically low - albeit no longer at all time lows so is this … (10 comments)
interest rates: The pre approval process - is my buyer really ready to buy?
- 08/08/13 12:43 AM
With the Real Estate market being so robust in many areas, homebuyers are naturally anxious to get into the market. This is particularly true for first time homebuyers, who do not understand all of the process. Lending standards have tightened considerably in the past 5 years, and realtors will feel more pressure to ensure that their buyers are truly ready. What are the steps to ensure the buyer is ready? This is a more complex answer than may be expected - the realtor has to know just what the client can afford, and whether they are pre approved and ready to sign … (5 comments)
interest rates: With interest rates rising rapidly, what do I do now?
- 07/26/13 03:03 AM
When interest rates change, they can change quickly. As a reference, see the interest rates tracked from May 3 to our current market. Rates on May 3rd were in the mid -low 3's, and are now in the low 4's. So, what happened? What does it mean to me? Have I missed an opportunity to improve my current loan? Is this a good time to purchase a home? Should I be looking at shorter terms like a 15 year fixed instead? We will address all of these questions and more. So, what in the world happened with interest rates? How did rates … (57 comments)
interest rates: How do you and your mortgage broker enhance your businesses together?
- 07/25/13 07:04 AM
Most realtors that I talk with for the first time are generally surprised when I spend most of the conversation about how to work TOGETHER. Meaning, what value can we create that builds each of us more power in marketing, database management and building synergy in the relationship. Often times mortgage professionals have a habit of promising ordinary offers, like quick loan approvals, etc. The real test for mortgage pros is what can we do that will directly benefit both the realtor and the client? What would bring the client back ,and what would make the client recommend both of us? It has … (0 comments)
interest rates: When is a 4.75% interest rate better than a 4.25%?
- 07/19/13 04:43 AM
This is one of the most overlooked questions when considering loan options, since the lower rate includes mortgage insurance and the higher rate does NOT. For clients who are putting low down payments of 10% or less, it is a reality to consider. Lenders now offer multiple solutions for mortgage insurance, one of which is lender paid (where the lender makes the monthly payment in return for the client taking a higher interest rate). Another choice is to do a combination of two loans, a first mortgage at 80% and a second to 10%, which allows the client to get the lowest … (3 comments)
interest rates: Just what impact have higher interest rates had so far?
- 07/16/13 04:43 AM
The answer is surprising, as currently the real estate market has been able to weather the dramatic jump in interest rates these past 60 days. As we see more time go by, will this trend continue? Just how much of the current strength is due to people panic buying due to the concern over continuously rising rates? The refinance market has dropped to near death and a trickle. What does the second quarter profit data that major banks are declaring mean and will it last? Since half of the quarter was at lower interest rates and many of the closed loans … (6 comments)
Interest rates. They are used for credit cards, checking accounts, loans of every imaginable kind, and of course - for mortgages.
;)
;)
