home mortgages: A New Look at interest Rates
- 12/09/22 03:59 PM
I saw some revealing information from Fairway Mortgage on a video today. Our 30 year conventional rates are now floating around the 6.5% range. The only times in recent history(Since the '70s) that they have been lower was during the crash of 2008 (Brought on by crazy lending practices and an over supply of inventory) and during the pandemic. So 6.5% doesn't look too bad, historically. It's just that we were spoiled by the rates in the 2's and 3's. Unfortunately, We won't be seeing those rates again for awhile. Now, it isn't likely, but say that you lock in to … (3 comments)
home mortgages: What does the future hold for the housing industry
- 09/18/22 03:43 PM
We have been through quite the turmoil lately, with skyrocketing prices and higher interest rates and of course bidding wars. Buyers were spoiled by super low interest rates. By historic standards, our current rates are still cheap. What the experts are saying is that right now is a great time to buy! Reason being that , while still low, inventories are slightly up. It seems that the predictions are that housing prices will continue to rise, just not at the frantic pace that they were rising. Rents continue to rise rapidly, so this is a very bad time for renters unless … (3 comments)
home mortgages: Something to think about for buyers
- 01/22/22 12:40 PM
I want to talk about a conversation that is going on with potential buyers: " I think that I'll wait until the prices come down". First of all, the likelihood of home prices coming down in this environment is pretty slim. However unlikely, let's look at a scenario: Let's say that you're looking at a $250,000 home. Let's say that the price drops by 10% making it $225,000. The only thing that I know of that would slow the market would be a significant rise in interest rates, so our scenario where there is a 10% drop in price, however, there … (2 comments)
home mortgages: mortgage underwriting
- 02/07/19 02:43 PM
This blog is a follow up to the one that I did yesterday. A question has come up and, since it comes up on a regular basis, I thought it wise to discuss it in my blog. Many buyers, especially first time home buyers get really upset when they receive calls and/or emails from their mortgage co., asking for more documents during underwriting. This is normal and you should not be alarmed. It has nothing to do with your ability to get a loan. They just need more information, as they are following government guidelines, which can be tight. Yes, you've filled … (2 comments)
home mortgages: Closing on your next home
- 02/06/19 12:32 PM
Ok, so you have performed all of the preliminary steps on the closing process. You have made your mortgage application and received an approval, based on certain conditions. You've hired a good Realtor and you've found your next home. You've been through the home inspection process and the appraisal process. You've gotten a clear termite report and you're ready to close. I need to preface what I'm about to tell you by saying that All States have different Real Estate laws and they do vary. I'm speaking of what applies in the state of Mississipi. Now first, let me bounce back … (0 comments)
home mortgages: Home listings. Something for everyone
- 05/29/16 09:37 AM
I have been blessed to have several sharp new agents coming to work with me. Where do they their leads to start off? From my listings . Our prices for our current listings start at $123,900 and go to a million and everything in between . Now, I know, in many areas, there is no such thing as listings for $123,900, unless the home is crumbling apart. In central Ms., our housing values are extremely reasonable, compared to most other parts of the country. The point is, these new agents will be able to satisfy most people's needs and budget, regardless … (0 comments)
home mortgages: Mortgage loans
- 07/27/15 11:20 AM
It has come to my attention, after talking with many potential buyers, that the general public doesn't know how to shop for a mortgage loan. Most people will ask "what interest rate are you offering" and that is their only question. I don't know about you,but I am constantly getting junk mail offering ridiculously low rates. Now the fine print says that you must pay huge origination fees and several thousand in points, but you get a lower rate. If you calculate, you'll find that you would have to live in your home and keep this mortgage 10-15 years to recoup the … (0 comments)
home mortgages: Home Buyer/ Seller Myths #11
- 05/29/15 09:34 AM
Home buyer/seller myth #11. "I don't have anything to worry about, I already qualified for a mortgage ". Read the papers, folks. It says that you qualify assuming several things. One of them is, no changes in finances. Don't ever make any major purchases while you are under contract, before it closes. The most extreme example of this was several years ago, Kirkland Development was building a home for this young couple. They qualified for the purchase, but just barely. I instr...ucted them not to make any major purchases until it closed. The first red flag came up when he told … (0 comments)
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I saw some revealing information from Fairway Mortgage on a video today. Our 30 year conventional rates are now floating around the 6.5% range. The only times in recent history(Since the '70s) that they have been lower was during the crash of 2008 (Brought on by crazy lending practices and an over supply of inventory) and during the pandemic. So 6.5% doesn't look too bad, historically. It's just that we were spoiled by the rates in the 2's and 3's. Unfortunately, We won't be seeing those rates again for awhile. Now, it isn't likely, but say that you lock in to … (3 comments)
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