Real estate blog entries tagged with mortgage rates by Adam Brett, The Adam and Eric Group, Fullerton's Finest (The Adam and Eric Group)

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mortgage rates: Fannie / Freddie "Streamlines" Are Here - 02/14/12 04:25 AM

Fannie / Freddie
"Streamlines" Are Here

No appraisal...No Limit on LTV....Marginal Credit "OK".
Good Morning Agents!

You heard it. This loan program will give you an opportunity to contact your farm, data base or inner circle of friends.

The new HARP "2. 0 program will start being funded March 17th 2012. Borrowers can begin applying immediately! Before the rush of applications begins bogging down lender's capacity.

Many homeowners will still not qualify because of debt to income ratios, multiple mortgage lates or simply or (terrible) credit.

Those homeowners are prime possibilities for future short sales.

… (3 comments)

mortgage rates: Record-Breaking Low Mortgage Rates for the Holidays: Helpful Tips For Loans - 01/04/12 10:46 AM

The Advantages of FHA Loans: ·         Down payments as low as 3.5% - The down payment does not have to come from you “Gift” funds are OK using FHA financing
·         Loan amounts up to $729,750
·         100% gift funds allowed – Family members can “gift” you the money to close. Funds to close DO NOT have to come from your bank account.
·         Up to 6% seller concessions for closing costs
·         NO reserves required – “Conventional” loans require 6 months mortgage payments seasoned in the bank BUT FHA does NOT require you to have any reserves what so ever.
·         NO open or active tradelines … (1 comments)

mortgage rates: Refinancing Your Home Loan Will Save You Money - Refinancing Update 2012 - 01/04/12 09:37 AM

Start The New Year Off Right! Ask if refinancing your home loan will save you money.

Refinancing may be a great option if:

- You want to take cash out to pay off holiday bills, taxes or other debt

- Your loan rate is more than 5%

- You have a balloon or an adjustable-rate loan and want the stability of a fixed-rate loan

- You want a shorter-term loan so you can pay off your home at a faster rate

- Need to lower monthly payments to stretch household budget
… (0 comments)

mortgage rates: FOR PROFESSIONALS: Closing Costs Up 8.8 Percent This Year - 07/21/11 07:07 AM

Mortgage closing costs have risen consistently since the housing market meltdown began several years ago. The latest survey by Bankrate Inc. shows that the trend continues this year, with the average closing costs on a $200,000 home loan growing to $4,070, up 8.8 percent from 2010.
Bankrate says that the increase is due to tightened lending rules as a result of the housing crisis. Fannie Mae and Freddie Mac, the now government-controlled mortgage finance companies and who buy up a majority of the nation’s home loans, require higher fees these days. Those costs apparently are getting passed on to … (1 comments)

mortgage rates: MORTGAGE BLOG UPDATE: First Time Home Buyers are in the “Driver’s Seat!” - 06/09/11 09:49 AM

First Time Home Buyers are in the “Driver’s Seat!”
Wow! Don’t look now but there is a market heating up right before our eyes! Have you seen the “values” out there? Have you done the “math?”
FIRST TIME HOMEBUYERS (renters not saddled with debt from untimely home purchases) can BUY PROPERTY AND LOWER THEIR PAYMENT AT THE SAME TIME!
Do the math! Median joint income in the OC is about $84,000 – That’s $7,000 per month. 35% of $7,000 is $2,450 – (rough FHA qualifying leaving room for a little revolving and installment debt) – which puts you around the … (2 comments)

mortgage rates: Fixed mortgage rates fall to 2011 lows - 05/26/11 06:06 AM

NEW YORK (AP) -- Fixed mortgage rates hit the lowest point of the year for the third straight week.
Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.60 percent from 4.61 percent. That's the lowest point since mid-December. The average rate on the 15-year fixed mortgage, a popular refinance option, slipped to 3.78 percent from 3.80 percent. That marked the lowest level since late November.
Rates have fallen for six weeks in a row. They tend to track the yield on the 10-year Treasury note, which crept lower this week on worries over Europe's ongoing debt … (1 comments)

mortgage rates: Common Mistakes Made With Money and How to Avoid Them - 05/18/11 05:32 AM

Common Mistakes Made With Money and How to Avoid Them
Everybody makes mistakes with their money. The important thing is to keep them to a minimum. And one of the best ways to accomplish that is to learn from the mistakes of others. Here is our list of the top mistakes people make with their money, and what you can do to avoid these mistakes in the first place.
1. Buying items you don't need...and paying extra for them in interest. Every time you have an urge to do a little "impulse buying" and you use your credit card but you don't … (0 comments)

mortgage rates: MORTGAGE BLOG UPDATE: All About Getting Loans - Mortgages - Downpayments - 05/12/11 05:51 AM

MORTGAGE BLOG UPDATE: All About Getting Loans - Mortgages - Downpayments Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property.
These are usually still required of people who have owned a home for five or more years and have built up enough in equity to cover most if not all of the down payment requirement on another home.
What about first-time home buyers or those with little to no equity? In today's market, it is prohibitive even for the most frugal of first-time home buyers to come up with a traditional … (1 comments)

mortgage rates: MORTGAGE UPDATE: Lower Rates Buoy Mortgage Applications - 05/05/11 05:55 AM

Lower Rates Buoy Mortgage Applications
Thanks to lower interest rates, mortgage applications increased 4% on a seasonally adjusted basis for the week ending April 29, according to new figures released by the Mortgage Bankers Association.
The slight uptick in business comes with the spring home buying season in full swing with buyers hunting for bargains while lenders continue to keep a tight reign on underwriting standards. The trade group said refinancing’s accounted for 62.7% of new business compared to 61.6% the week before. (MBA tracks activity through its proprietary application index.)
Overall, rates on 30-year FRMs dropped for the third … (0 comments)

mortgage rates: MORTGAGE BLOG UPDATE: Mortgage Rates - Sideways to Slightly Higher - 04/21/11 06:54 AM

Home loan borrowing costs rose slightly today, Best-Execution mortgage rates were unchanged. It seems like loan pricing may be in a holding pattern until next week when the market goes against a high-risk event: a Federal Reserve meeting. We'd expect this event to better dictate the direction of mortgage rates in the short-term.
CURRENT MARKET: The "Best Execution" conventional 30-year fixed mortgage rate is 4.875%. If you are looking to move down to 4.75%, this offer carries higher closing costs but could be worth it to applicants who plan on keeping their new mortgage outstanding for longer than the next 10 … (0 comments)

mortgage rates: Why is so hard to get a mortgage these days? - 04/19/11 07:38 AM

Why is so hard to get a mortgage these days?

Q. Why is it so hard to get a mortgage loan these days? You would think that the government would be making it easier if we are to get back to a normal housing market.

A. The government saved Fannie Mae and Freddie Mac and dramatically expanded the role of FHA. This saved us from slipping into a disaster. However, as with everything the government touches, it comes with a price.

The price is that every lender is terrified of making some small error and having … (2 comments)

mortgage rates: MORTGAGE BLOG UPDATE: The Advantages for all FHA loans - 04/14/11 05:11 AM

FHA loans are the best home loan for first time home buyers. Here are the advantages for all FHA loans:

·         Down payments as low as 3.5%
·         Loan amounts to $729,750 LA & Orange County – Riverside County MAX $500,000
·         Non-Occupant Co-Borrowers ALLOWED
·         Up to 6% Seller Contributions
·         100% Gift Funds Allowed
·         NO Minimum Reserves Needed
·         Citizenship is NOT Required
·         Not Limited to First Time Home Buyers
·         Cash Out Refinances up to 85% LTV
·         Rate Term Refinances up to 97.75% LTV
·         Fixed Rates & Adjustable Rate Mortgages
·         Interest Rates … (1 comments)

mortgage rates: MORTGAGE BLOG UPDATE: The Advantages for all FHA loans - 04/14/11 05:09 AM

mortgage rates: MORTGAGE BLOG UPDATE: Home Buyers - Adjustable Rate Mortgage May Give You a Leg Up - 04/13/11 05:58 AM

With interest rates still the lowest they've been in almost 40 years, you'd think home buyers would opt for a FIXED RATE mortgage when financing a home purchase. Interestingly, one in five new mortgages is an ARM, or ADJUSTABLE RATE MORTGAGES.
Why is this? Federal Reserve Chairman Alan Greenspan noted that home buyers who selected an ARM saved tens of thousands of dollars when interest rates FELL and their respective mortgage payments went down as well.
It is true that ARMs' are riskier in a rising-rate environment; however there are several cases where an ARM makes sense.
Because ARMs' typically … (1 comments)

mortgage rates: MORTGAGE BLOG UPDATE: Rates Tick Up! - 04/12/11 06:08 AM

In Freddie Mac’s results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage averaged 4.86 percent for the week ending March 31, 2011down from the previous week when it averaged 5.0 percent. Last year at this time. The 30-year fixed-rate mortgage averaged 5.08 percent. Fixed mortgage rates rose slightly for a second week in a row, but continue to remain quite low. Low rates have benefited from relatively benign inflation reports. Inflation as measured by the 12-month growth in the core price index for consumer spending.
Call me today for a FREE consultation on your current mortgage. I will run … (0 comments)

mortgage rates: MORTGAGE BLOG UPDATE: Rates at Historic Lows! Time is Running Out - 04/06/11 10:22 AM

Time is running out!
Rates are near historic lows, but it won’t last much longer.

Home loan rates are still near the lowest levels ever seen but these rates won’t last forever.
Fed members raise specter of higher interest rates
You can still take advantage of this rare opportunity and put more cash in your pocket today. Best yet, before you do a thing…you can learn exactly how to make a smart financing decision that you’ll feel good about.

30 Year Fixed Mortgage at 4.75% 4.956% APR

Regards, Matthew R. Chase "I'm the … (0 comments)

mortgage rates: MORTGAGE BLOG UPDATE: 3 Factors That Can Negatively Affect Your Mortgage Application - 03/29/11 08:37 AM

3 Factors That Can Negatively Affect Your Mortgage Application
There are many factors that can affect your mortgage application and possibly get you denied. Lenders want to see an applicant who is credit worthy and can show ability to repay. It is important to understand what factors will hurt you and to plan ahead to be sure you present the best financial picture to the lender at the time of the application.
1. Credit Credit is a huge factor is approving a mortgage. If you don't have a good credit score, you won't qualify for a conventional mortgage, leaving you with … (2 comments)

mortgage rates: MORTGAGE BLOG UPDATE: Adjustable rate mortgages are back! ARMs are a great bargain now! - 03/23/11 05:36 AM

Adjustable rate mortgages are back!
After accounting for nearly 70% of all mortgages issued during the boom, ARMs vanished during the bust, totaling just 3% of the market in 2009. Now they make up 5% of all mortgages issued, and Freddie Mac predicts 10% by December.
Behind the comeback is a simple fact: ARMs are a great bargain right now. The most common ARM loan currently has a rate of 3.5% compared to 5% for a 30-year fixed-rate mortgage.
"For anyone with a high likelihood of moving soon, the 5/1 is a great product," said Michael Fratantoni, vice president of … (0 comments)

mortgage rates: MORTGAGE BLOG UPDATE: Factors That Can Affect Your Mortgage Application. Do not get denied and learn now what can help you! - 03/14/11 07:47 AM

Factors That Can Affect Your Mortgage Application. Do not get denied and learn now what can help you!
There are many factors that can affect your mortgage application and possibly get you denied. Lenders want to see an applicant who is credit worthy and can show ability to repay. It is important to understand what factors will hurt you and to plan ahead to be sure you present the best financial picture to the lender at the time of the application.

1. Credit
Credit is a huge factor is approving a mortgage. If you don't have a good … (0 comments)

mortgage rates: Today Mortgage Blog: Mortgage applications at highest level in 3 months - 03/09/11 04:51 AM

Today Mortgage Blog: Mortgage applications at highest level in 3 months
Applications for home mortgages jumped to the highest level in three months last week, buoyed by improvements in the job market, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 15.5 percent in the week ended March 4.
It was the highest level since the week ended December 10 and was the biggest increase since June 11.
The MBA's seasonally adjusted index of refinancing applications climbed 17.2 percent, while the gauge … (0 comments)

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