mortgage rates: OK, it makes sense to refinance! Can you qualify for a refinance now?
- 01/19/09 04:31 AM
The second post that I made on my website about refinancing covers the changing in the real estate mortgage market that may make it impossible for you to refinance even if it does make sense for you to do it. Changes like the loss of equity through lower sales prices, or charges for cash out refinances, or charges for lower credit scores, are only part of what is new in mortgage financing. I hope this gives you some useful information about the changing real estate environment. Author: fchamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576 Yesterday I posted about "just because you can refinance … (11 comments)
mortgage rates: Is refinancing the right thing to do?
- 01/19/09 03:03 AM
Last week, I posted two separate articles on my website about refinancing. The first one is about whether or not it makes sense to refinance and takes the reader through the reasoning behind the refinance. A lower rate does not always make refinancing the right option. Just because you are getting a lower rate, doesn't mean you are saving money. Every loan and every situation is different. Please review the following to get a feel of what I mean: by Fred Chamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576. "Mortgage interest rates have dropped dramatically and are current at or near a … (6 comments)
mortgage rates: Short Sale - Want To Bet It Ever Makes It?
- 01/13/09 03:40 AM
I have a customer that I am working with on a short sale. The property is a definite starter home but more is owed against it than it more than the offer. The offer is the maximum the client is able to pay for the property and qualify for the loan at current interest rates. The property has had no offers to purchase, one of the reasons is that it is in a flood zone so there is extra cost for the flood insurance. So it isn't a case of someone trying to steal it just to get a good deal. It is a case of … (17 comments)
mortgage rates: Treasury drops $600 Billion into Mortgage Backed Securities, Mortgage Rates Fall
- 01/13/09 01:38 AM
RATES! WHAT ARE THE RATES? MORTGAGE RATES! THE FED IS INFUSING MONEY! WHAT ARE THE MORTGAGE RATES? DOES IT MAKE SENSE TO REFINANCE MY REAL ESTATE LOAN? HOW CAN I MAKE OUT ON THIS NEWS? Five times in the past year, Mortgage Backed Securities (MBS) have jumped up in price to this level. All of those jumps were short lived and four of them, were followed by dramatic losses in value. What does that mean? It means that we have seen this type of activity before and mortgage rates have dropped in relation to the spike in MBS pricing because it … (21 comments)
mortgage rates: How to Get Your 4.5% Mortgage!
- 12/05/08 05:05 PM
Eleanor know of what she speaks. If rates do drop to 4.5%, you will need to be in the place where you can take advantage of that rate drop. To do that, you really need to have an application in process. Call me today and let's get it going. I have disabled comments on this post. Please visit Eleanor's post if you wish to comment.
I can not tell you how many people have told me TODAY that they heard rates are going to 4.5%!!! From your mouth to God's Ears! As I write this, rates are close to 5.0%... … (0 comments)
mortgage rates: Bail out or rescue bill, whatever you want to call it passes House
- 10/03/08 07:16 AM
OK, let me get this straight. The House just passed the bill that is supposed to make everything all better. That makes, by my calculation, $1,125,000,000,000 in rescue money appropriated in less than a month, right? So, in response, the stock market was up. No, the stock market was down. No, the stock market was up. No, the stock market was down. No, the stock market was unchanged. But the real marker is the bond market. Treasury bonds were down, then they were up and then they were flat. However, mortgage bonds were down, then they were up, then they were … (5 comments)
mortgage rates: Liars and Flim Flam artists
- 07/29/08 05:11 AM
Is it just me or does anyone else get ticked off when you see a DiTech ad on TV. They are advertising an interest rate certainly better than I am offering on a daily basis. So, how do they do it? Luckily, I have a DVR and am able to pause, rewind, and read the REALLY fine print at the end of the advertisement. I am sure that everyone is totally surprised that the rate they are quoting is not a "par" rate, but instead is one that has 2 (two) (dos) (II) discount points. Of course they cover this with … (21 comments)
mortgage rates: Interest Rates
- 07/18/08 04:53 AM
I have been telling everyone that would listen that "NOW" is the time to buy the house you want. Interest rates are great, prices have leveled off or dropped a bit (in the Eugene area), and even if the price on a $250,000 home dropped another $10,000, a rate change of 3/8 of a percent would make nearly the same payment anyway. Well, we have just seen mortgage bonds fall to their worst levels in 2008. We have also seen rates increase about 3/4 of a percent, instead of 3/8. So, has it done any good to wait? Being an Oregon … (5 comments)
mortgage rates: Mortgage Rates mixed from last week, down from last year
- 07/10/08 06:50 AM
According to one of my information programs fixed mortgage rates are down slightly this week over last week while adjustables are up slightly to no change. At the same time, both of them are down substantially from last year at this time. Continued pressure on the economy may continue to drop rates. It is my feeling the biggest wild card out there is energy. If oil starts up again and fuels (pun intended) inflation, we could see bond sales falter. If that happens, rates will go back up. If, however, oil prices stabilize and the economy sees a leveling, and … (1 comments)
mortgage rates: Licensed Oregon Mortgage Brokers
- 07/08/08 05:11 AM
In January of 2007, there were more than 13,000 licensed mortgage loan originators in Oregon. As of the Independence Day holiday, that number was down to 6,985 with less than half of them living in Oregon. It appears that the wheat is being separated from the chaff. I have been working in the mortgage industry before there was a license requirement. I supported the licensing requirement for mortgage originators, expecting it to make our industry more responsive and responsible. In some ways it has, but nothing the way a downturn in the market has. If you have lost your loan officer, I would … (9 comments)
mortgage rates: Oil, markets and pricing
- 07/01/08 05:38 AM
The big news in mortgage pricing is oil. Again today, oil topped $143 a barrel and this means that the price of almost everything goes up. When the prices go up, that means inflation. When you have inflation, that means that mortgage rates, that hate inflation, go up. What can be done about it? The best thing to help inflation would be to lower the price of oil. Oil is priced in dollars, so a weak dollar means higher priced oil. Oil has doubled in price since the Fed started lowering the discount rate and the dollar became weaker agains the … (0 comments)
mortgage rates: FOMOC June Meeting
- 06/27/08 05:43 AM
The Federal Reserve stopped lowering the discount rate at their June meeting and left the door open for raising the rate at their next meeting in August.The futures players are betting on a .25% increase at the next meeting. Kind of like Las Vegas, isn't it? However, the Fed did not use their policy statement following this meeting to prepare investors for a rate hike at the Aug. 5 meeting.Richard Fisher, the president of the Dallas Federal Reserve, was the only member voting against the non action. It was his preference that the target rate be increased now to combat inflation.Mortgage bonds were … (0 comments)
mortgage rates: Do Fed Rate Cuts equal Mortgage Rate Cuts?
- 06/27/08 05:25 AM
I am constantly getting calls from clients asking if their rate is going down because the Fed announced a rate cut. Well, the quick answer is no. Fed rates often have an opposite effect on Mortgage Bonds. A great explanation of how this works was done recently by Barry Habib for CNBC.Here is a link to his explanation:http://www.mortgagemarketguide.com/membersonly/docs/PDF/fedratecuts.pdfLet me know if you have any questions about the explanation and let's plan your course of action together. … (0 comments)
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The second post that I made on my website about refinancing covers the changing in the real estate mortgage market that may make it impossible for you to refinance even if it does make sense for you to do it. Changes like the loss of equity through lower sales prices, or charges for cash out refinances, or charges for lower credit scores, are only part of what is new in mortgage financing. I hope this gives you some useful information about the changing real estate environment. Author: fchamberlin, Senior Mortgage Consultant, Eugene/Springfield OR, 541-342-7576 Yesterday I posted about "just because you can refinance … (11 comments)
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