interest rates: Bad World Economy Good For Mortgage Rates - 05/26/10 08:41 AM
Greece is going bankrupt! Spain. Portugal, Ireland and several other countries are on verge of defaulting! The growth in the world's economies is either at a stand still or moving into negative territory!
Over the past month we have all heard the above statements from the experts in print and also the financial news networks. Take a look at our own stock market which has dropped from it's intra-day high on 4/26 of 11,308 to an intra-day low of 9756 on 5/26. That's a move of 1552 points in a one month period. Why? Because we are all now part of … (0 comments)

interest rates: Realize You Must Seize The Day - 02/10/09 08:30 AM
 
“Seize the day, and put the least possible trust in tomorrow.”
 Horace quotes (Ancient Roman Poet. 65 BC)
The above words were never more true in today's mortgage climate. As I mentioned in my previous blog, "Refinance and Purchase Why Not Wait?", I explained why it was not wise to wait to lock in a rate at this time. But there are many of you who are still on the fence, debating with yourself whether this is the time to lock your interest rate. 
If you are in the market to refinance, I am sure over the past weeks you … (0 comments)

interest rates: Mortgage Interest Rates Fall, For Now - 09/11/08 10:11 AM
Over the past year, there have been numerous failures in the banking and lending industries. Even the government tried with it's own feeble attempts to help borrowers with several failed programs such as Hope Now, FHASelect and the up and coming Recovery Act of 2008,  But who would have thought that the government taking over Fannie Mae and Freddie Mac would actually be the first thing to help borrowers to begin to refinance and purchase a new home.
Since the takeover of Fannie and Freddie, interest rates have dropped near;y 3/4% in some instances. Today you can find, depending on your credit score, debt-to-income ratio and LTV, a 30 year … (0 comments)

interest rates: Who Sets Interest Rates? - 06/02/08 06:56 AM
Over the past few months I have had both current clients and potential clients calling and asking why haven't the interest rates dropped more. "The Fed Funds Rate is really low." "How long will it take for mortgage rates to go down also?" "I'm going to wait a little longer, I know they will drop because of the Fed Funds Rate."
Unfortunately, many borrowers and even some loan officers get confused when is comes down to who actually sets the mortgage interest rates. First of all, the Fed Funds Rate has actually nothing to do with where mortgage interest rates are. … (0 comments)

interest rates: When To Lock or Float Your Interest Rate - 03/28/08 07:37 AM
Over the past few months, I have had the same recurring question from borrowers in regards to what does locking a loan mean and floating a loan. Both principles are pretty straight forward and easy to explain.
LOCK A LOAN 
When your loan officer suggests that you lock your loan, what he/she is actually telling you is to lock in the current interest rate you have been offered. There are many reasons why they may suggest this, but typically it is because there is a possibility that rate may change by the end of the day, or in fact in todays market, the loan … (0 comments)

interest rates: Changes In FHA Coming Now Is The Time To Refinance - 12/21/07 05:45 AM
The Senate has recently passed Senate Bill S 2338 which changer dramatically the structure of the standard FHA programs. In recent years FHA programs have not been used to any extent here in California due to the median home prices being much higher than the $362,790 loan limit established for most of the state along with the North Bay area. With the passing of the above bill, loan limits will be raised to the Fannie Mae and Freddie Mac conforming loan limits of $417,000. Along with those lines, the bill will also reduce the required 3% downpayment from the borrower down to … (2 comments)

interest rates: Coming Changes in FHA Now Is the Time To Refinance - 12/19/07 03:53 AM
The Senate has recently passed Senate Bill S 2338 which changer dramatically the structure of the standard FHA programs. In recent years FHA programs have not been used to any extent here in California due to the median home prices being much higher than the $362,790 loan limit established for most of the state along with the North Bay area. With the passing of the above bill, loan limits will be raised to the Fannie Mae and Freddie Mac conforming loan limits of $417,000. Along with those lines, the bill will also reduce the required 3% downpayment from the borrower down to … (0 comments)