mortgage rates: The Canary In The Coal Mine For Interest Rates
- 12/18/15 08:52 PM
After holding the federal funds rate near zero for seven years, the Fed announced on Wednesday a widely expected rate hike of 25 basis points. According to the Fed statement, there has been "substantial improvement" in the labor market, and the economy is on a path of "sustainable improvement." Regarding future policy, Fed officials expect that economic conditions will warrant only "gradual" increases in rates. The statement also noted that the Fed does not expect to reduce its holdings of MBS and Treasuries any time soon. This is the canary in the coalmine; the Federal Reserve has been purchasing mortgage backed securities (MBS) for the better … (2 comments)
mortgage rates: Low Rates + Stable/Increasing Home Prices = Time To Buy
- 03/27/15 10:47 PM
These two pictures say it all; Home prices are stable and increasing and interest rates remain at historical lows making this a great time to consider your first home purchase. The third photo is where you go to finance it!
mortgage rates: Do This Before Selling Your Home
- 02/12/15 05:37 PM
Zip through this getting-ready-to-sell-your-house checklist first If you're thinking of selling your house, now is the time to get serious about the prep work. You don't need to feel anxious about it, though. Here's a getting-ready-to-sell checklist that'll take you through the most critical tasks. Depersonalize the space. Start by taking the "home" out of your house: family pictures, kids' art, collectibles, toiletries and tell-tale signs of pets (toys, food, etc.) all need to go. You want someone to imagine themselves living there - without thinking about you. Purge and declutter. Tackle one room at a time, breaking it into zones. … (2 comments)
mortgage rates: Mortgage Deflate-Gate
- 01/23/15 06:34 PM
Take it from a huge Patriots fan and mortgage banker, deflated footballs aren't good, but deflation in mortgage rates is great! One of the biggest surprises coming into the new year is the substantial decline in mortgage rates. We've been hovering in the 3.75% range for a few weeks now. I think it's fair to say that this caught even the most seasoned Wall Street professionals by surprise. The big question is; how long will it last? Of course we don't know for certain, however understanding the primary influences on the market, we can make an education guess. Interest rates are … (1 comments)
mortgage rates: Entry Level Buyer's Purchasing Power Increased by Over 10%
- 01/17/15 09:18 PM
Coming into 2015 interest rates have declined by over .5%! Also, The Federal Housing Administration announced that beginning on January 26 the monthly mortgage insurance (MIP) is being reduced from 1.35% of the loan amount annually, to .85%. These two factors have increased purchasing power by approximately 10% making NOW the time to purchase a home rather than waiting for the proverbial "spring market". Take the following comparison of a prospective buyer's purchasing power last fall compared to today (assuming a 3.5% down payment FHA mortgage - with a $250,000 purchase price and $241,250 mortgage plus $4,220 upfront MIP)
Fourth quarter 2014 (rates at 4.00% … (3 comments)
mortgage rates: If All Real Estate Is Local, Shouldn't You Buy Local?
- 11/26/14 06:12 PM
Real estate professionals will tell you that all real estate is local. This means, every market is different, even from one neighborhood to the next. That being the case, it only serves you to buy local when retaining a Realtor or mortgage professional. You will not only receive a higher level of service, you're also supporting your local community. There’s no question that the Internet has simplified our lives. It's a great tool to learn about purchasing and financing a home, however; when you're ready to take action, it's time to seek a local Realtor, mortgage banker, and attorney to assist you in finding … (1 comments)
mortgage rates: Don't Pay Closing Costs
- 11/18/14 07:07 PM
Saving enough money to purchase a home is the most common obstacle for first-time home buyers. To combat this, I often suggest structuring the purchase agreement and financing with two strategies that reduce the out of pocket expense, and lower the monthly housing expense. With the exception of a USDA, VA, or state funded agency loan, 3.5% is the the minimum down payment needed to purchase a home. In addition, the buyer will need $4,000 - $7,000 in closing costs. I often suggest negotiating with the seller to have them pay the closing costs. While this increases the purchase price, and in turn … (0 comments)
mortgage rates: You Don't Have To Be A Farmer To Take Advantage Of USDA
- 10/31/14 09:02 PM
The USDA Department of Agriculture offers the best mortgage program for first time home buyers! USDA mortgages allows up to 100% financing for owner occupied 1 family properties and condominiums. There are two kinds of USDA Home Loans: USDA Guaranteed Rural Housing Loan USDA Guaranteed Home Mortgage Loans are the most common type of USDA Loan and allow for higher income limits and 100% financing for home purchases. USDA Guaranteed Loan applicant’s income cannot exceed 115% of the median household income for the area. All USDA Guaranteed Loans are 30 year fixed rate mortgage home loans. USDA Direct Rural Housing Loans USDA Direct Housing Loans are … (4 comments)
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