Wake Forest NC - Just What Are Today's Interest Rates and What the Heck is PMI?

Reblogger Leesa Finley
Real Estate Broker/Owner with RED Properties NC #129285

While I am NOT a lender I have some great friends that are and they always give me accurate and timely information!  Nevin Williams is just one of those people!

Below are the latest mortgage rates from Nevin Williams as well as a little primer on PMI (Private Mortgage Insurance).  Remember, if you are going to start a search for Homes For Sale in Wake Forest NC it's best to speak with a lender first!  They can get you all squared away with a credit score check, credit report, a pre-qualification letter and help you to comfortably decide which loan program is best for you!

Life in Wake Forest NC just became a little more financially educated......

Original content by Nevin Williams Nevin NMLS #69651
Why Pay Private Mortgage Insurance (PMI)?

Private Mortgage Insurance (PMI) is required by most lenders when a borrower puts less than 20% down on a purchase loan. Paid for by the borrower, PMI not only protects the lender from foreclosure, it also enables many buyers to qualify for loans and purchase real estate when they couldn't have otherwise. On January 1st, 2007, legislation went into effect making PMI tax deductible for new borrowers whose personal adjusted gross income is $100,000 or less. This has created additional opportunities for many buyers to finance a more expensive home or, in some cases, to obtain a lower monthly payment, while reducing annual income taxes.

In most cases PMI can be cancelled once the accumulated equity has reached 20% of the home's value, except with FHA loans which require a 22% equity position. Traditionally many buyers would opt for a second home loan known as a piggyback loan to avoid PMI. Factor in the new PMI tax benefit, and a borrower's monthly payment may actually be lower with PMI versus a piggyback loan scenario.

Choosing PMI is not a one-size-fits-all decision. It is my job to weigh my borrowers' long-term goals and to provide comprehensive solutions that clearly explain all of the pros and cons of each mortgage option available. It's a job I take very seriously.

Mortgage Interest Rates*

Rates as of Thursday, 27th August, 2009:

  Conforming                   Rate             APR     Payment per $1000

  Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
30-Yr. fixed 4.875% 5.020% $5.29                     Call 0.000% $0.00
15-Yr. fixed 4.375% 4.623% $7.59 for 0.000% $0.00
7-Yr. fixed ARM 4.25% 4.264% $4.92 jumbo 0.000% $0.00
5-Yr. fixed ARM 3.875% 4.264% $4.70 rates 0.000% $0.00
10 Yr. fixed ARM 4.75% 4.768% $5.22 % 0.000% $0.00
5-Yr. Interest Only 4.125% 4.390% $3.44 % 0.000% $0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Rates subject to change. Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 185,000. Credit determination must be made prior to approving rate. Equal opportunity lender. FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101

 

 

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You can find information relating to mortgages including calculators, current rates, buying a home, refinancing, VA, FHA, USDA, Conventional and Jumbo loans  by clicking here

Licensed to broker loans with over 300 lenders including Bank of America, Wells Fargo, Citimortgage, Met Life, Fifth Third Bank, Flagstar, ING,Luther Burbank, Provident, Suntrust, US Bank and many more. 

Find a home with our network of professional real estate agents interviewed and selected for their extensive knowledge and expertise! 

Send us an e-mail with the city and state.  nevin@nevinloans.com

You may also call us (888) 206-5781 My extension is 1017

"First Priority Financial, Inc. is licensed by the CA DRE, license #00654852." 

 

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Topic:
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North Carolina Wake County Wake Forest
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Tags:
pmi
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leesa finley
circa properties
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life in wake forest nc

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Ambassador
1,155,177
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Great re-blog Leesa.

Nevin gets it.

Working with him is always an education....and a positive experience.

Aug 27, 2009 01:19 PM #1
Rainmaker
631,147
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good morning Ms. Leesa,

Nevin has put together a nice piece on PMI.  It is something well worth sharing with your buyers.

BTW, I hope all went well on the POSTED property yesterday and BUBBA didn't come out to greet you.

Aug 27, 2009 11:27 PM #2
Rainmaker
635,293
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Craig - I am so very glad that you introduced me to Nevin!

Don - Nevin does GREAT WORK!  Nope, no shotguns mbut a horse did walk right up to my car - scared the crap out of me!

Aug 28, 2009 11:56 PM #3
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