On September 8th, USDA (US Department of Agriculture) began to fund the backlog of approximately $1.6 billion in commitments made when funds were not available. After these commitments have been processed, Rural Development will begin processing new loans. Enough money will be available for all requests during the remainder of the fiscal year (October 2010 to October 2011).
Effective October 1st, the up-front, financed funding fee will be 3.5% of the loan amount. This funding fee is added to the 100% loan. The principal and interest payment is determined based on the total amount of the 100% loan plus the funding fee.
All other terms of the USDA Rural Guaranteed Housing Program remain the same: 100% financing for "rural" homes as determined by USDA. All closing costs can be negotiated to be paid for by the seller. Site built and NEW manufactured home set-ups are allowed for financing.
USDA is very firm on the total debt load that the homebuyer can carry. The total of the proposed monthly house payment, plus other monthly minimum consumer (credit cards, auto and student loans, etc.) debts, should not exceed 41% of the homebuyer's gross monthly income.
Please visit us at http://www.equityloansoregon.com/ for further information.
Tuesday, September 14, 2010
Interest Rates as of 09/14/2010
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.399%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for further loan information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for further loan information.
Thursday, September 2, 2010
Interest Rates as of 09/02/2010
Conventionsl, 30-yr Fixed Rate: 4.25%/APR 4.399
FHA or Federal VA, 30 yr Fixed Rate:4.375/APR 5.091
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30 yr Fixed Rate:4.375/APR 5.091
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Monday, August 30, 2010
Tips on Fixing Your Credit Score
Among the factors that can cause a low credit score are increases in consumer debts (auto loans, credit cards, etc.). A higher debt-to-credit limit available is considered a higher risk and can result in a drop of about 20 points.
A few late payments on a credit card or other loan can lower your score by as much as 100 points if you have a fair score or 80 points for someone with a good score.
The good news is that the older the negative item, the less impact it will have on your credit score. A collection that is shown on your credit report as paid and closed five years ago will hurt much less than a collection that is five months old - even if it is paid and closed.
There is no quick fix to improve your credit history and score if you have had any late payments, collections, etc. The "credit repair" companies that advertise "wiping out" your "bad" credit history are not able to do anything different then what you can do on your own to correct any erroneous information. Only time will increase your credit score once your derogatory debts have been brought current and show accurately on your credit report.
Tips for Good Credit: 1) Review your credit report at least once a year to ensure your credit information is being reported accurately, 2) Change your behavior, meaning pay your bills on time even if it is only the minimum payment. Bills paid on time is the single most important factor in determining your credit score, 3) Pay down or pay off debts with high balances on credit cards and other revolving accounts (such as a home equity line of credit). If your debt balance is not less than 35% of your available credit, your credit score can be decreased substantially.
A long history of good payments on a car loan, a mortgage, or a credit card increases your credit score. Keep older credit card accounts open, even if they are not being used because the algorithm rewards a long, positive credit history. If there are some credit card accounts that will not be used, close the newest ones first, and leave enough credit accounts open to keep your credit used to available credit at the 35% or less ratio.
Limit the new credit applications being made, because too many new accounts can lower your score. The exception is shopping for a mortgage or a car loan, as multiple inquiries for the same purpose in a reasonable period of time are considered a single inquiry.
In addition: 1) if you do not have one, open a checking and a savings account and use them wisely, 2) do not co-sign for another person on a credit card or loan, and 3) if you can not pay your bills, contact the creditors or see a legitimate credit counselor.
A few late payments on a credit card or other loan can lower your score by as much as 100 points if you have a fair score or 80 points for someone with a good score.
The good news is that the older the negative item, the less impact it will have on your credit score. A collection that is shown on your credit report as paid and closed five years ago will hurt much less than a collection that is five months old - even if it is paid and closed.
There is no quick fix to improve your credit history and score if you have had any late payments, collections, etc. The "credit repair" companies that advertise "wiping out" your "bad" credit history are not able to do anything different then what you can do on your own to correct any erroneous information. Only time will increase your credit score once your derogatory debts have been brought current and show accurately on your credit report.
Tips for Good Credit: 1) Review your credit report at least once a year to ensure your credit information is being reported accurately, 2) Change your behavior, meaning pay your bills on time even if it is only the minimum payment. Bills paid on time is the single most important factor in determining your credit score, 3) Pay down or pay off debts with high balances on credit cards and other revolving accounts (such as a home equity line of credit). If your debt balance is not less than 35% of your available credit, your credit score can be decreased substantially.
A long history of good payments on a car loan, a mortgage, or a credit card increases your credit score. Keep older credit card accounts open, even if they are not being used because the algorithm rewards a long, positive credit history. If there are some credit card accounts that will not be used, close the newest ones first, and leave enough credit accounts open to keep your credit used to available credit at the 35% or less ratio.
Limit the new credit applications being made, because too many new accounts can lower your score. The exception is shopping for a mortgage or a car loan, as multiple inquiries for the same purpose in a reasonable period of time are considered a single inquiry.
In addition: 1) if you do not have one, open a checking and a savings account and use them wisely, 2) do not co-sign for another person on a credit card or loan, and 3) if you can not pay your bills, contact the creditors or see a legitimate credit counselor.
Interest Rates as of 08/30/2010
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.399%
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 5.39%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 5.39%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Thursday, August 26, 2010
Interest Rates as of 08/26/2010
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.399%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.091%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Wednesday, August 25, 2010
Rural Guaranteed Loan Program Update
Funding Notice From the National Office in Washington, DC - Congress recently passed legislation which has provided USDA (United States Department of Agriculture) with the authority to resume operating the Single Family Housing Guaranteed Loan Program (SFHGLP) at no cost to taxpayers. This loan is available through approved USDA lenders.
The new legislation increases the up-front fee from 2% to 3.5% of the principal loan balance. The legislation also gives USDA authority to charge a new annual fee up to 0.5% of the outstanding principal balance.
The 3.5% up-front fee is sufficient at the current subsidy rate and the annual fee may be introduced in later years to keep the USDA Program at zero cost to the taxpayers.
The new legislation increases the up-front fee from 2% to 3.5% of the principal loan balance. The legislation also gives USDA authority to charge a new annual fee up to 0.5% of the outstanding principal balance.
The 3.5% up-front fee is sufficient at the current subsidy rate and the annual fee may be introduced in later years to keep the USDA Program at zero cost to the taxpayers.
Tuesday, August 17, 2010
FHA May Reduce Seller-Paid Closing Costs from 6% to 3%
The FHA's rationale for the proposed rule change is that the current maximum level of seller concessions - 6% - exposes the agency to excessive risk. It also creates an incentive to inflate the appraised value of the property to cover the amount of the concession.
The proposed rule is being analyzed by the Federal Reserve before a final decision will be made. The FHA says the new rule would align FHA loans with industry practices and reduce loan defaults by borrowers who don't have a sufficient investment in their home purchase.
Buyers who do not have enough cash - after putting the required 3.5% down payment - to pay their close costs without a larger concession than the proposed 3% - should discuss their situation with a knowledgeable loan officer.
The proposed rule is being analyzed by the Federal Reserve before a final decision will be made. The FHA says the new rule would align FHA loans with industry practices and reduce loan defaults by borrowers who don't have a sufficient investment in their home purchase.
Buyers who do not have enough cash - after putting the required 3.5% down payment - to pay their close costs without a larger concession than the proposed 3% - should discuss their situation with a knowledgeable loan officer.
Interest Rates as of 08/17/10
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 4.812%
Interest rates shown above are with a 1% Loan Origination Fee. All loan programs and interest rates are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 4.812%
Interest rates shown above are with a 1% Loan Origination Fee. All loan programs and interest rates are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Friday, August 13, 2010
FHA To Change Mortgage Insurance Premiums
The Federal Housing Administration (FHA) will be implementing its new mortgage insurance premium structure on October 4, 2010.
Congress recently passed a bill that allows FHA to increase the annual premium to 0.85% for loans up to and including 95% of the sales price or value. The annual premium for loans greater than 95% of the sales price or value will be 0.90%. The previous statutory limit was 0.55% with less than a 5% down payment and 0.50% with a 5% or more down payment.
Under this new bill, FHA will lower its financed, up-front mortgage insurance from 2.25% to 1.00%. This change will help FHA to build up its cash reserves, which are currently lower than needed.
Congress recently passed a bill that allows FHA to increase the annual premium to 0.85% for loans up to and including 95% of the sales price or value. The annual premium for loans greater than 95% of the sales price or value will be 0.90%. The previous statutory limit was 0.55% with less than a 5% down payment and 0.50% with a 5% or more down payment.
Under this new bill, FHA will lower its financed, up-front mortgage insurance from 2.25% to 1.00%. This change will help FHA to build up its cash reserves, which are currently lower than needed.
Thursday, August 12, 2010
Interest Rates as of 08/12/2010
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 4.812%
Interest Rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 4.812%
Interest Rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Wednesday, August 4, 2010
Mortgage Interest Rates as of 08/04/10
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 4.812%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansllcoregon.com to contact us for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 4.25%/APR 4.812%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansllcoregon.com to contact us for additional information.
Friday, July 30, 2010
Mortgage Interest Rates of 07/30/10
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA 30-yr Fixed Rate: 4.25%/APR 4.72%
Interest rates shown are with a 1% Loan Origination Fee. Interest Rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA 30-yr Fixed Rate: 4.25%/APR 4.72%
Interest rates shown are with a 1% Loan Origination Fee. Interest Rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Wednesday, July 28, 2010
Mortgage Interest Rates as of 07/28/2010
Conventional, 30-yr Fixed Rate: 4.375%/APR 4.418%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Tuesday, July 27, 2010
Interest Rates as of 07/27/10
Conventional, 30-yr Fixed Rate: 4.375%/APR4.418%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. All loan programs and interest rates are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. All loan programs and interest rates are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
What are 7 Crucial Facts About FHA Loans?
1. Less-Than-Perfect Credit is OK: Each borrower's creditworthiness is considered in context. Some leeway is allowed, even for borrowers who've filed for bankruptcy.
2. Minimum Down Payment is 3.5%: Borrowers can use their own savings to make the down payment or acceptable funds are a gift from a close family member or borrowing against an asset of yours such as a 401(k) or a vehicle owned free & clear.
3. FHA allows sellers, builders, and lenders to pay some or possibly all of your closing costs and prepaid expenses.
4. Because FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from FHA).
5. Two mortgage insurance premiums are required on all FHA loans. The upfront premium is 2.25% of the loan amount on single-family residences and the annual premium is 0.55% of the loan amount in the monthly payment.
6. FHA 203(k) Rehabilition Loan: FHA has two products - the regular 203(k) is like a construction loan and would be in the situation where you had major work to be done that would require permits. The 203(k) Streamline will allow for up to $35,000 in rehabilitation and no major construction or permits can be involved.
7. FHA does not have any income or geographical limits. The loan is intended for borrowers of modest means who otherwise could not qualify to purchase a home. It is not limited to first-time homebuyers. If a borrower will be retaining a home with an FHA loan, they are typically not able to get an FHA loan on another purchase.
2. Minimum Down Payment is 3.5%: Borrowers can use their own savings to make the down payment or acceptable funds are a gift from a close family member or borrowing against an asset of yours such as a 401(k) or a vehicle owned free & clear.
3. FHA allows sellers, builders, and lenders to pay some or possibly all of your closing costs and prepaid expenses.
4. Because FHA is not a lender, but rather an insurance fund, borrowers need to get their loan through an FHA-approved lender (as opposed to directly from FHA).
5. Two mortgage insurance premiums are required on all FHA loans. The upfront premium is 2.25% of the loan amount on single-family residences and the annual premium is 0.55% of the loan amount in the monthly payment.
6. FHA 203(k) Rehabilition Loan: FHA has two products - the regular 203(k) is like a construction loan and would be in the situation where you had major work to be done that would require permits. The 203(k) Streamline will allow for up to $35,000 in rehabilitation and no major construction or permits can be involved.
7. FHA does not have any income or geographical limits. The loan is intended for borrowers of modest means who otherwise could not qualify to purchase a home. It is not limited to first-time homebuyers. If a borrower will be retaining a home with an FHA loan, they are typically not able to get an FHA loan on another purchase.
Tuesday, July 20, 2010
Interest Rates as of 07/20/10
Conventional, 30-yr Fixed: 4.375%/APR 4.418%
FHA or Federal VA, 30-yr Fixed: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site at www.equityloansoregon.com to contact us for further information.
What Are Your Costs in Getting a Home Loan?
Closing Costs: Closing costs are usually 2.00% - 2.50% of your loan amount. These are the one-time costs to obtain your mortgage. These costs are usually in the range of several thousand dollars or more.
Prepaid Expenses: At the time you close your home loan, you will be paying the interest and property taxes owed on your mortgage and new home at that time. This includes a full year of your homeowner's insurance premium. Most loans require that your homeowner's insurance and property taxes be included in your monthly house payment. In order to have enough in your escrow/impound/reserve (all the same thing) account at the time each is due, the necesary months of each will be collected at the closing table.
Closing Costs and Prepaid Expenses can be written into your purchase contract so that you do not need to pay all or some of these costs. Your real estate broker will advise you if this is a good thing to ask for in your offer.
Mortgage Insurance: If your down payment was less than 20% (Conventional Loan) or you are obtaining an FHA mortgage, you will be required to have mortgage insurance. Mortgage insurance allows you to buy a home with little down payment and is protection for the lender against you defaulting on the loan. Mortgage insurance can be removed at some point. You would contact the lender who is servicing your loan for their requirements to remove the mortgage insurance. Federal law requires that mortgage insurance must be removed when the loan is 78% or less of the value of your home at the time the loan was started.
Prepaid Expenses: At the time you close your home loan, you will be paying the interest and property taxes owed on your mortgage and new home at that time. This includes a full year of your homeowner's insurance premium. Most loans require that your homeowner's insurance and property taxes be included in your monthly house payment. In order to have enough in your escrow/impound/reserve (all the same thing) account at the time each is due, the necesary months of each will be collected at the closing table.
Closing Costs and Prepaid Expenses can be written into your purchase contract so that you do not need to pay all or some of these costs. Your real estate broker will advise you if this is a good thing to ask for in your offer.
Mortgage Insurance: If your down payment was less than 20% (Conventional Loan) or you are obtaining an FHA mortgage, you will be required to have mortgage insurance. Mortgage insurance allows you to buy a home with little down payment and is protection for the lender against you defaulting on the loan. Mortgage insurance can be removed at some point. You would contact the lender who is servicing your loan for their requirements to remove the mortgage insurance. Federal law requires that mortgage insurance must be removed when the loan is 78% or less of the value of your home at the time the loan was started.
Thursday, July 15, 2010
Interest Rates as of 07/15/10
Conventional, 30-yr Fixed Rate: 4.25%/APR 4.49%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 4.815%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Will Home Loans Be Affected If the Federal Financial Reform Bill Becomes Law?
Yes! One of the biggest changes in the proposed bill that will affect mortgages is that "Liar Loans" are banned. These loans allowed buyers to "state" their income without any independent verification of the income. A segment of the buying public was served by these loans IF they were used under the right circumstances.
If the reform bill passes, lenders will have to document a borrower's income BEFORE originating a mortgage and verify a borrower's ability to repay the loan. The fear of a repeat of the mortgage industry "meltdown" will keep "stated" loans unavailable for many years to come.
If the reform bill passes, lenders will have to document a borrower's income BEFORE originating a mortgage and verify a borrower's ability to repay the loan. The fear of a repeat of the mortgage industry "meltdown" will keep "stated" loans unavailable for many years to come.
Wednesday, July 14, 2010
Interest Rates as of 07/14/10
Conventional, 30-yr Fixed Rate: 4.50%/APR 4.745%
FHA or Federal VA, 30-yr Fixed Rate: 4.50%/APR 4.953%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.50%/APR 4.953%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
How Do You Build Credit to Get a Home Loan?
1. Start by obtaining your free credit report from www.annualcreditreport.com. Review the report to see that all information is correct.
2. Open up a checking and/or savings account at your local credit union or bank. Show responsible usage of your bank accounts (i.e., no overdrafts).
3. Pay your current bills (i.e., utilities, rent, auto insurance) on time.
4. Apply for a credit card at the credit union or bank where you have your checking and/or savings account. You may be able to qualify for a secured credit card with a low limit. A secured credit card means you have given the credit union or bank the money to hold for the amount of credit extended to you.
5. Once you have shown responsible usage and payment on your credit card, apply for a mixture of other credit (i.e., small installment loan, gasoline credit card).
At least three open credit accounts with a 12-month good payment history on a mixture of credit types is what you need to start your qualifying for a home loan.
2. Open up a checking and/or savings account at your local credit union or bank. Show responsible usage of your bank accounts (i.e., no overdrafts).
3. Pay your current bills (i.e., utilities, rent, auto insurance) on time.
4. Apply for a credit card at the credit union or bank where you have your checking and/or savings account. You may be able to qualify for a secured credit card with a low limit. A secured credit card means you have given the credit union or bank the money to hold for the amount of credit extended to you.
5. Once you have shown responsible usage and payment on your credit card, apply for a mixture of other credit (i.e., small installment loan, gasoline credit card).
At least three open credit accounts with a 12-month good payment history on a mixture of credit types is what you need to start your qualifying for a home loan.
Tuesday, July 6, 2010
Interest Rates as of 07/06/10
Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Friday, July 2, 2010
Interest Rates as of 07/02/10
Conventional, 30-yr Fixed Rate: 4.50%/APR 4.745%
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Wednesday, June 30, 2010
Interest Rates as of 06/30/10
Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
House Backs Homebuyer Tax Credit Extension
Excerpt from article by Corbett B. Daly - The House of Representatives yesterday approved giving extra time to thousands of homebuyers trying to get a popular federal tax credit by the end of the month.
The House backed by a vote of 409-5 a measure to extend the closing deadline to September 30th for buyers who already met the April 30th deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30th to receive the $8,000 tax credit for first-time homebuyers.
The Senate must still approve the measure before President Obama can sign it into law.
The House backed by a vote of 409-5 a measure to extend the closing deadline to September 30th for buyers who already met the April 30th deadline to have a signed contract. The current deadline requires those buyers to close the transaction by June 30th to receive the $8,000 tax credit for first-time homebuyers.
The Senate must still approve the measure before President Obama can sign it into law.
Monday, June 28, 2010
Interest Rates as of 06/28/10
Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.271%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/APR 5.271%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Friday, June 25, 2010
Interest Rates as of 06/25/2010
Conventional, 30-yr Fixed Rate: 4.625%/APR 4.872%
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/5.271%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.625%/5.271%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us for further information.
Support for Extension of Homebuyer Tax Credit
The American Land Title Association is calling on its members to contact their elected officials in Washington, D.C. to support an extension of the June 30th closing deadline for the homebuyer tax credit. In markets with the highest volume of short sales, it is not uncommon for the closing to take up to 120 days. The two month window for closing is simply not long enough for current market conditions.
Monday, June 21, 2010
Interest Rates as of 06/21/10
Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com to contact us.
A Closer Look at Title Companies
From an Article by Theodore Urton, Fidelity National Title Company - In today's marketplace, title companies perform two basic services: they issue policies of title insurance on behalf of purchasers and lenders; they also provide escrow or settlement services on behalf of the principals.
Title is a record of who owns property, both past and present. The title company's role is to make certain that sellers really own their homes so that no one else (ex-spouse, long-lost child, etc.) can make a future claim invalidating the current purchaser's ownership of the property. Title companies ensure that you have marketable title to your home.
As an escrow agent, title companies serve as a neutral third party between the principals and parties of interest on the transaction.
To see the complete article, please go to www.StatesmanJournal.com/insidebiz
Title is a record of who owns property, both past and present. The title company's role is to make certain that sellers really own their homes so that no one else (ex-spouse, long-lost child, etc.) can make a future claim invalidating the current purchaser's ownership of the property. Title companies ensure that you have marketable title to your home.
As an escrow agent, title companies serve as a neutral third party between the principals and parties of interest on the transaction.
To see the complete article, please go to www.StatesmanJournal.com/insidebiz
Wednesday, June 16, 2010
Interest Rates as of 06/16/10
Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at our web site at www.equityloansoregon.com to contact us for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at our web site at www.equityloansoregon.com to contact us for further information.
Monday, June 14, 2010
Interest Rates as of 06/14/10
Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for our contact information.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for our contact information.
Friday, June 11, 2010
Interest Rates as of 06/11/10
Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
The above interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
The above interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.
What is Mortgage Insurance?
If your down payment on a home with a conventinal loan is less than 20% of the appraised value or sales price, you must obtain mortgage insurance.
Mortgage insurance is sometimes referred to as private mortgage insurance, or PMI, to distinguish it from FHA and VA insurance, run by government programs. The cost of mortgage insurance varies depending on the size of the down payment and the loan, but it typically amounts to about 1% of the loan with a 5% down payment.
With mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary. The coverage protects lenders against default by the borrower. If the borrower stops paying on the mortgage, the mortgage insurance company ensures that the lender will be paid in full.
Statistics have shown that there is a greater chance of default on a loan with a smaller than 20% down payment. Mortgage insurance is the vehicle that allows borrowers to buy a house with less than a 20% down payment.
Mortgage companies pick insurance providers for their customers, but the borrowers pay for the insurance - usually in monthly installments. Equity Loans, LLC offers Lender-Paid Mortgage Insurance (LPMI) where the borrower does not pay a monthly mortgage insurance payment. Please visit our website at www.equityloansoregon.com for our contact information if you are interested in finding out more about LPMI.
Mortgage insurance is sometimes referred to as private mortgage insurance, or PMI, to distinguish it from FHA and VA insurance, run by government programs. The cost of mortgage insurance varies depending on the size of the down payment and the loan, but it typically amounts to about 1% of the loan with a 5% down payment.
With mortgage insurance, the borrower pays the premiums, but the lender is the beneficiary. The coverage protects lenders against default by the borrower. If the borrower stops paying on the mortgage, the mortgage insurance company ensures that the lender will be paid in full.
Statistics have shown that there is a greater chance of default on a loan with a smaller than 20% down payment. Mortgage insurance is the vehicle that allows borrowers to buy a house with less than a 20% down payment.
Mortgage companies pick insurance providers for their customers, but the borrowers pay for the insurance - usually in monthly installments. Equity Loans, LLC offers Lender-Paid Mortgage Insurance (LPMI) where the borrower does not pay a monthly mortgage insurance payment. Please visit our website at www.equityloansoregon.com for our contact information if you are interested in finding out more about LPMI.
Wednesday, June 9, 2010
Interest Rates as of 06/09/10
Conventional, 30-yr Fixed Rate: 4.75%/APR 5.131%
FHA and Federal VA, 30-yr Fixed Rate: 4.875%/APR 5.687%
Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site: www.equityloansoregon.com to contact us for further information.
FHA and Federal VA, 30-yr Fixed Rate: 4.875%/APR 5.687%
Interest rates shown above are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site: www.equityloansoregon.com to contact us for further information.
Little Loan Shopping is Done
Shopping for a mortgage isn't done very comprehensively by consumers. Borrowers not fully understanding what their loan entails has been one of the driving factors of defaults in the past couple of years. The more information the consumer has UPFRONT, the higher likelihood they will pick the right product for them and the less likely they will go into default.
Consumers spend on the average just five hours researching their home loan. However, the consumer spends the same amount of time researching where they want to go on their latest vacation and 60% more time researching the next car they will buy.
How can you best find out what is the right lender and product for you? Ask people you trust who have recently obtained a home loan to tell you if their loan experience was good, and who their lender was for their financing. If you are purchasing, your real estate agent can be a good source of referrals.
Do your own resarch - the internet is one of the best places to start your education regarding home loans. Come prepared with your financial information when you meet with a loan officer. The loan officer will better be able to determine your eligibility for financing and this is your opportunity to ask questions.
Consumers spend on the average just five hours researching their home loan. However, the consumer spends the same amount of time researching where they want to go on their latest vacation and 60% more time researching the next car they will buy.
How can you best find out what is the right lender and product for you? Ask people you trust who have recently obtained a home loan to tell you if their loan experience was good, and who their lender was for their financing. If you are purchasing, your real estate agent can be a good source of referrals.
Do your own resarch - the internet is one of the best places to start your education regarding home loans. Come prepared with your financial information when you meet with a loan officer. The loan officer will better be able to determine your eligibility for financing and this is your opportunity to ask questions.
Monday, June 7, 2010
Interest Rates as of 06/07/10
Conventional, 30-yr Fixed Rate: 4.75%/APR 4.877%
FHA and Federal VA, 30-yr Fixed Rate: 4.875/APR 5.462%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.
FHA and Federal VA, 30-yr Fixed Rate: 4.875/APR 5.462%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.
Wednesday, June 2, 2010
Interest Rates as of 06/02/10
Conventional, 30-yr Fixed Rate: 4.875%/APR 5.131%
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891%
Interest rates quoted are with a 1% Loan Origination fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891%
Interest rates quoted are with a 1% Loan Origination fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.equityloansoregon.com for additional information.
After Foreclosure: How Long Until You Can Buy Again?
Walking away from a mortgage you can still afford to pay has consequences; everyone knows that. Your credit score is shot and it can be impossible to get credit. Some homeowners, no doubt, believe that the credit score hit is worth getting out from a deeply underwater (owe more than the house is worth) mortgage.
After default (foreclosure), they reason, they can raise their FICO scores by paying all their bills on time and eventually finance another home purchase. Don't count on it.
While homeowners who default due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, walkaways may face double that time.
After default (foreclosure), they reason, they can raise their FICO scores by paying all their bills on time and eventually finance another home purchase. Don't count on it.
While homeowners who default due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again, walkaways may face double that time.
Friday, May 28, 2010
Interest Rates as of 05/28/10
Conventional, 30-yr Fixed Rate: 4.875%/APR 5.131%
FHA and Federal VA, 30-yr Fixed Rate: 4.875%/APR 5.623%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for additional information.
FHA and Federal VA, 30-yr Fixed Rate: 4.875%/APR 5.623%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.equityloansoregon.com for additional information.
Mortgage Rates Back Near Record Low
Associated Press - Turmoil in the stock market and the European debt crisis are making life easier for American homebuyers and families looking to refinance. Mortgage rates are inching closer to a record low.
The window of opportunity may close soon. Home loan rates will rise if investors grow more confident and shift money out of the safety of government bonds, which influence mortgage rates.
Remember when looking to refinance your current mortgage(s), refinancing isn't right for everyone who qualifies. It typically costs several thousand dollars in fees. Experts suggest calculating how long it will take to recover those fees with the lower loan rate.
The window of opportunity may close soon. Home loan rates will rise if investors grow more confident and shift money out of the safety of government bonds, which influence mortgage rates.
Remember when looking to refinance your current mortgage(s), refinancing isn't right for everyone who qualifies. It typically costs several thousand dollars in fees. Experts suggest calculating how long it will take to recover those fees with the lower loan rate.
Monday, May 24, 2010
Interest Rates as of 05/24/10
Conventional, 30-yr Fixed Rate: 4.625%/APR 4.764%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site at www.equityloansllc.com for additional information and to find out how to contact us.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit our web site at www.equityloansllc.com for additional information and to find out how to contact us.
Credit Score Below 620
Why does a credit score below 620 often not qualify for an FHA loan? Traditionally a 620 credit score was the standard for qualifying for a conforming mortgage. However, today, most FHA lenders seem to have adopted this 620 score requirement into their FHA guidelines.
There is a common misconception about how the financing of an FHA loan actually works. Most people think that the government is actually lending them the money. Although the lender must be approved by the federal government to make FHA loans, the government is actually only insuring the loan. It is the lender that must provide the funds for the loan.
As such, most lenders are subject to the guidelines that are placed on them by the investor source providing the money. Investor guidelines are not likely to loosen up in the near future.
The solution - try to keep your credit payments on time and limit the amount of credit you are using. Please talk to us a Equity Loans, LLC. You can get our contact information by visiting our web site at www.equityloansoregon.com.
There is a common misconception about how the financing of an FHA loan actually works. Most people think that the government is actually lending them the money. Although the lender must be approved by the federal government to make FHA loans, the government is actually only insuring the loan. It is the lender that must provide the funds for the loan.
As such, most lenders are subject to the guidelines that are placed on them by the investor source providing the money. Investor guidelines are not likely to loosen up in the near future.
The solution - try to keep your credit payments on time and limit the amount of credit you are using. Please talk to us a Equity Loans, LLC. You can get our contact information by visiting our web site at www.equityloansoregon.com.
Wednesday, May 19, 2010
Interest Rates as of 05/19/2010
Conventional, 30-yr Fixed Rate: 4.75%/APR 4.866%
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice.
FHA or Federal VA, 30-yr Fixed Rate: 4.75%/APR 5.439%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice.
Friday, May 14, 2010
Interest Rates as of 05/14/2010
Conventional, 30-yr Fixed Rate: 4.875%/APR 5.131%
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891%
The interest rates quoted are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.premiermortgagepros.net for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891%
The interest rates quoted are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please visit us at www.premiermortgagepros.net for additional information.
Interest Rates Plunge to Low for the Year
The average weekly rate for a Conventional, 30-yr fixed rate mortgage has dropped to its lowest level of the year. This marks a steady decline for the past several weeks for the fixed rate mortgage.
The average 30-yr fixed rate according to the Primary Mortgage Market Survey for the week ending May 13th was 4.93%. (Remember, this is a NATIONAL AVERAGE, our market place may vary a little.) This is the lowest level since the week ending Dec. 10th, 2009 when the national average was at 4.81%.
Mortgage interest rates do not stay at the same place forever. Is this the window of opportunity for you to purchase or refinance? Please visit www.premiermortgagepros.net to contact us for a pre-qualification.
The average 30-yr fixed rate according to the Primary Mortgage Market Survey for the week ending May 13th was 4.93%. (Remember, this is a NATIONAL AVERAGE, our market place may vary a little.) This is the lowest level since the week ending Dec. 10th, 2009 when the national average was at 4.81%.
Mortgage interest rates do not stay at the same place forever. Is this the window of opportunity for you to purchase or refinance? Please visit www.premiermortgagepros.net to contact us for a pre-qualification.
Wednesday, May 12, 2010
A New Problem - Not Enough Homes
Can it be possible? Despite the housing bust and high foreclosure rates, in some areas there are not enough homes in the lower-priced category for single-family homes.
All over the Pacific Northwest, the supply of moderate and lower priced homes is tight. Not even the end of the homebuyer tax credit is expected to ease demand.
IN LOWER PRICE RANGES, PRICES WILL STAY FAIRLY STABLE BECAUSE OF THE LIMITED INVENTORY.
One of the reasons for the limited inventory is that there are many properties that could be for sale - but aren't. This so-called "shadow inventory" comes from two main sources: properties lenders have not yet repossessed or have not yet put back on the market; and homeowners who want to sell but who have refrained because of the lower prices. Some homeowners owe more than their house could sell for; or if that is not the case, feel that they should be getting a higher price for their home than what the current market has set.
Lenders are also holding back on foreclosing at all, either because they're having trouble handling the volume of repossessions or because they want to sell off some of the inventory they already have. Notices of default are filed by the lenders, but they're not taking the properties back.
All over the Pacific Northwest, the supply of moderate and lower priced homes is tight. Not even the end of the homebuyer tax credit is expected to ease demand.
IN LOWER PRICE RANGES, PRICES WILL STAY FAIRLY STABLE BECAUSE OF THE LIMITED INVENTORY.
One of the reasons for the limited inventory is that there are many properties that could be for sale - but aren't. This so-called "shadow inventory" comes from two main sources: properties lenders have not yet repossessed or have not yet put back on the market; and homeowners who want to sell but who have refrained because of the lower prices. Some homeowners owe more than their house could sell for; or if that is not the case, feel that they should be getting a higher price for their home than what the current market has set.
Lenders are also holding back on foreclosing at all, either because they're having trouble handling the volume of repossessions or because they want to sell off some of the inventory they already have. Notices of default are filed by the lenders, but they're not taking the properties back.
Interest Rates as of 05/12/2010
Conventional, 30-yr Fixed Rate: 4.875%/APR 5.131%
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891
Interest rates are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.891
Interest rates are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
Monday, May 10, 2010
Interest Rates as of 05-10-10
Conventional, 30-yr Fixed Rate: 4.875%/5.131%
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/5.891%
Interest rates quoted are with a 1% Loan Origination Fee. All interest rates and loan programs are subject to change without any notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/5.891%
Interest rates quoted are with a 1% Loan Origination Fee. All interest rates and loan programs are subject to change without any notice. Please contact us at www.premiermortgagepros.net for additional information.
Should I Make Any Credit Purchases While Getting a Home Loan?
When you apply for a home loan, a credit report is pulled to determine if your credit history meets the guidelines for the program chosen. Your credit history at that time only reflects what was done on your credit about two months ago. It does not give you your "today's" credit information.
Why is that important to know? If you have purchased an item, such as a car, just prior to your loan application or charged more money to a credit card, this could affect your ability to qualify for your loan. The credit report at application would not reflect the additional debt.
Beginning 06-01-10, all Conventional loans will require two credit reports: one at the time of application and one just before the loan closes. If you are not aware of this, your loan could be denied at the very end due to lower credit scores from the additional credit you have incurred or too much debt to qualify for the loan.
Maintaining the status quo and not taking on new debt is important when you are planning to buy a home and need a mortgage loan.
Why is that important to know? If you have purchased an item, such as a car, just prior to your loan application or charged more money to a credit card, this could affect your ability to qualify for your loan. The credit report at application would not reflect the additional debt.
Beginning 06-01-10, all Conventional loans will require two credit reports: one at the time of application and one just before the loan closes. If you are not aware of this, your loan could be denied at the very end due to lower credit scores from the additional credit you have incurred or too much debt to qualify for the loan.
Maintaining the status quo and not taking on new debt is important when you are planning to buy a home and need a mortgage loan.
Friday, May 7, 2010
Interest Rates as of 05/07/10
Conventional, 30-yr Fixed Rate: 4.875%/APR 5.012%
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.989%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 5.00%/APR 5.989%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
Thursday, May 6, 2010
Bank Concentration Spells Bad News for Consumers
Three banks underwrite 3 out of every 5 mortgages. Such bank concentration won't benefit consumers in the long run.
According to Mortgagestats.com, three banks accounted for 58.5% of the mortgage volume in the final quarter of 2009. The three are Wells Fargo, Bank of America and JPMorgan Chase.
This concentration of mortgage volume in only three banks has the markings of a cartel. A cartel is a group of companies which collectively attempt to affect market production and competition with the end result being greater control of the supply and price of certain goods or services.
This is an example of a market failure that eventually harms the consumer. Interest rate pricing and product availability are in the hands of a very few. This limits the competition which usually drives prices up and product availability and quality of services down.
It pays to support mortgage bankers and brokers; they have given us the ability to be more selective in our choice of mortgage products and services, thereby, retaining competition in a free market place.
According to Mortgagestats.com, three banks accounted for 58.5% of the mortgage volume in the final quarter of 2009. The three are Wells Fargo, Bank of America and JPMorgan Chase.
This concentration of mortgage volume in only three banks has the markings of a cartel. A cartel is a group of companies which collectively attempt to affect market production and competition with the end result being greater control of the supply and price of certain goods or services.
This is an example of a market failure that eventually harms the consumer. Interest rate pricing and product availability are in the hands of a very few. This limits the competition which usually drives prices up and product availability and quality of services down.
It pays to support mortgage bankers and brokers; they have given us the ability to be more selective in our choice of mortgage products and services, thereby, retaining competition in a free market place.
Wednesday, May 5, 2010
Interest Rates as of 05/05/10
Conventional, 30-yr Fixed Rate: 5.00%/APR 5.291%
FHA or Federal VA, 30-yr Fixed Rate: 5.125%/APR 6.012%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or Federal VA, 30-yr Fixed Rate: 5.125%/APR 6.012%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
Tuesday, May 4, 2010
How New Short Sale Rules Can Help You Buy
New rules governing short sales are designed to make the process faster and easier. The rules are part of the Treasury's Home Affordable Foreclosure Alternatives - HAFA - program and are aimed at speeding up lenders' decisions on short sales and making life easier for sellers and buyers.
Prior to HAFA, the time period for short sales varied greatly among lenders and it was a very uncertain process. A short sale can be done only with the seller's lender's permission. The lender would often take months to decide whether to accept the buyer's offer. Even when the delayed answer was a "yes", the buyer had often given up and had bought another house.
Under HAFA, if a buyer offers to purchase a "short sale" home, the lender sends the seller and the buyer a document called a "request for approval of short sale" or RASS and a thick pile of accompanying paperwork. Once the documents are completed and returned to the lender, the lender is required to give a yes or no response within 10 days of receiving the RASS. Time will tell if this makes "short sales" more easily sold.
Prior to HAFA, the time period for short sales varied greatly among lenders and it was a very uncertain process. A short sale can be done only with the seller's lender's permission. The lender would often take months to decide whether to accept the buyer's offer. Even when the delayed answer was a "yes", the buyer had often given up and had bought another house.
Under HAFA, if a buyer offers to purchase a "short sale" home, the lender sends the seller and the buyer a document called a "request for approval of short sale" or RASS and a thick pile of accompanying paperwork. Once the documents are completed and returned to the lender, the lender is required to give a yes or no response within 10 days of receiving the RASS. Time will tell if this makes "short sales" more easily sold.
Monday, May 3, 2010
Interest Rates as of 05/03/10
Conventional, 30-yr Fixed Rate: 5.125%/APR 5.334%
FHA or VA, 30-yr Fixed Rate: 5.25%/APR 6.104%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or VA, 30-yr Fixed Rate: 5.25%/APR 6.104%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
Friday, April 30, 2010
Interest Rates as of 04/30/10
Conventional, 30-yr Fixed Rate: 5.125%/APR 5.291%
FHA or VA, 30-yr Fixed Rate: 5.125%/APR 5.863%
The above interest rates are with a 1% Loan Origination fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or VA, 30-yr Fixed Rate: 5.125%/APR 5.863%
The above interest rates are with a 1% Loan Origination fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
Wednesday, April 28, 2010
Will Rural Housing Loans Be Available After April 30, 2010?
The House of Representatives passed legislation today to extend loan commitment authority under the Rural Housing Service program which helps families to purchase homes in rural areas. The present commitment is expected to expire Friday, April 30, 2010.
The National Association of Realtors is urging the Senate to act quickly to approve House bill H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010. The Act would provide additional commitment authority under Section 502 for the remainder of the fiscal year, which ends September 30, 2010.
The National Association of Realtors is urging the Senate to act quickly to approve House bill H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010. The Act would provide additional commitment authority under Section 502 for the remainder of the fiscal year, which ends September 30, 2010.
Interest Rates as of 04/28/10
Conventional, 30-yr Fixed Rate: 5.125%/APR 5.291%
FHA or VA, 30-yr Fixed Rate: 5.25%/APR 6.109%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or VA, 30-yr Fixed Rate: 5.25%/APR 6.109%
Interest rates shown are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
What is a HUD Home?
A HUD home is a one to four-unit residence acquired in a Federal Housing Administration (FHA) foreclosure. The US Department of Housing and Urban Development (HUD) reimburses the lender for its losses in foreclosure, takes the property and turns it over to a management company for sale. The management company secures the home against vandalism, has the property inspected and appraised, then puts it up for bidding.
HUD homes are sold "as-is" and no repairs are done before you close on your property. HUD's management company states that HUD does not guarantee the condition of any property, nor whether it meets local codes or zoning requirements. It is the responsibility of the purchaser to identify these violations. In other words, Buyer Beware.
A knowledgable real estate broker can help you to navigate this purchase process and coordinate the steps. Don't have one? Please visit us at www.premiermortgagepros.net and click on "contact us". We will be happy to assist you in your search.
HUD homes are sold "as-is" and no repairs are done before you close on your property. HUD's management company states that HUD does not guarantee the condition of any property, nor whether it meets local codes or zoning requirements. It is the responsibility of the purchaser to identify these violations. In other words, Buyer Beware.
A knowledgable real estate broker can help you to navigate this purchase process and coordinate the steps. Don't have one? Please visit us at www.premiermortgagepros.net and click on "contact us". We will be happy to assist you in your search.
Monday, April 26, 2010
Interest Rates as of 04/26/10
Conventional, 30-yr, Fixed Rate: 5.125%/APR 5.291%
FHA, 30-yr Fixed Rate: 5.125%/APR 5.863%
Interest rates quoted are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for more information.
FHA, 30-yr Fixed Rate: 5.125%/APR 5.863%
Interest rates quoted are with a 1% Loan Origination Fee. Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for more information.
Shopping for a Mortgage: What APR Can't Tell You
APR or annual percentage rate, represents the cost of your mortgage as a percentage of the loan amount. APR is supposed to make comparing and selecting the best mortgage rates easier, and mortgage lenders are required by law to disclose it.
APR calculations assume that you are going to keep your mortgage for the entire 30 years, so upfront fees are amortized over that entire period. Breaking down fees over a long period dilutes their effect on the APR. However, the average homeowner only keeps a property for about 7 years. If you only keep that first loan for 7 years, your actual APR is going to be higher. So, the loan with the lowest APR may not be the best deal at all. In general, if you aren't certain that you're going to keep the property or your mortgage for more than a few years, and you are choosing between two mortgage offers with similar APRs, it is usually best to select the one with the fewest upfront fees.
APR calculations assume that you are going to keep your mortgage for the entire 30 years, so upfront fees are amortized over that entire period. Breaking down fees over a long period dilutes their effect on the APR. However, the average homeowner only keeps a property for about 7 years. If you only keep that first loan for 7 years, your actual APR is going to be higher. So, the loan with the lowest APR may not be the best deal at all. In general, if you aren't certain that you're going to keep the property or your mortgage for more than a few years, and you are choosing between two mortgage offers with similar APRs, it is usually best to select the one with the fewest upfront fees.
Friday, April 23, 2010
Interest Rates as of 04/23/10
Conventional, 30-yr Fixed Rate: 5.125%/APR 5.225%
FHA or VA, 30-yr Fixed Rate: 5.25%/APR6.012%
Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
FHA or VA, 30-yr Fixed Rate: 5.25%/APR6.012%
Interest rates and loan programs are subject to change without notice. Please contact us at www.premiermortgagepros.net for additional information.
Last-Minute Homebuyer Tax Credit Tips
1. The buyer must enter into a binding contract to purchase the home on or before April 30,2010. Generally, this means that an agreement has been signed by both parties and a deposit has been made into escrow from the buyer.
2. The purchase must close (fund and record) on or before June 30, 2010.
3. Buyers should be pre-approved for a mortgage. Even then you should be prepared for a variety of lender-related delays.
4. Buyers should line up homeowners insurance as soon as the house is under contract.
5. Buyers should be aware that short sales, in which the seller needs a lender's approval to sell the home for less than the loan balance, are typically subject to lengthy delays.
6. The IRS has provided Form 5405 and instructions for taxpayers who want to claim the homebuyer tax credit.
2. The purchase must close (fund and record) on or before June 30, 2010.
3. Buyers should be pre-approved for a mortgage. Even then you should be prepared for a variety of lender-related delays.
4. Buyers should line up homeowners insurance as soon as the house is under contract.
5. Buyers should be aware that short sales, in which the seller needs a lender's approval to sell the home for less than the loan balance, are typically subject to lengthy delays.
6. The IRS has provided Form 5405 and instructions for taxpayers who want to claim the homebuyer tax credit.
Wednesday, April 21, 2010
Interest Rates as of 04/21/2010
Conventional, 30-yr Fixed Rate: 5.125%/APR 5.225%
FHA or VA, 30-yr Fixed Rate: 5.25%/6.012%
*Interest rates and loan programs are subject to change without notice. For further information please contact us at www.premiermortgagepros.net.
FHA or VA, 30-yr Fixed Rate: 5.25%/6.012%
*Interest rates and loan programs are subject to change without notice. For further information please contact us at www.premiermortgagepros.net.
Qualifying for a Conventional Mortgage
The days of zero-down payment loans and no-income-verification loans are long gone. Most lenders will require a credit score of 660. It is possible to get a conventional loan with a credit score as low as 620, the interest rate will be higher because of the added risk of the low credit score. Conventional mortgage loans usually require a minimum down payment of 5% with 10% required on condominium purchases. For those buyers who want a minimum down conventional loan with the best rate, you will want a 720 credit score or higher. For those who qualify, a conventional mortgage typically offers the lowest costs and best interest rates. With a credit score lower than 720, an FHA loan may be a better choice.
Monday, April 19, 2010
Mortgage Interest Rates as of 04/19/10
Conventional: 5.00%/APR 5.212%
FHA & VA: 5.125%/APR 5.965%
USDA (currently not available)
All interest rates are subject to change without notice. All loans subject to a credit and property approval.
FHA & VA: 5.125%/APR 5.965%
USDA (currently not available)
All interest rates are subject to change without notice. All loans subject to a credit and property approval.
5 Tips for First-Time Homebuyers
When thinking about buying a home, most first-time homebuyers do not know what to expect. By doing a little homework before you go to the lender and start looking at homes, here are some tips:
1) Check your credit report by going to www.annualcreditreport.com. If any of the account information is incorrect, this is the time to get it corrected.
2) Evaluate your assets and liabilities - how do you spend your money? Do you have piles of money left over every month or are you on a shoestring budget?
3) Organize documents - Every lender will ask for your last two years of Federal Individual Tax Returns with W-2's or 1099's, your most recent 30-day pay stub, your most recent two months of checking/savings accounts (all pages) and any investment/retirement accounts. If you had a bankruptcy, divorce, etc., you will need to provide those documents also.
4) Qualify yourself - you should know what you are comfortable with for a total monthly mortgage payment. Is it more than your current rent? How have you prepared for the increased payment? What are your other minimum monthly consumer debts? If added to your proposed house payment, how much is the total in comparision to your current gross monthly income? You should not exceed 45% of your gross monthly income for any loan program.
5) Figure out your down payment - scraping up that initial down payment takes some effort. Though FHA loans require a less substantial down payment than conventional loans, it can still be a huge chunk of money and you need to know whrere that money will be coming from.
Finally, speak to us here at Premier Mortgage Professionals. We will navigate you through the homebuyer process and answer all your questions.
1) Check your credit report by going to www.annualcreditreport.com. If any of the account information is incorrect, this is the time to get it corrected.
2) Evaluate your assets and liabilities - how do you spend your money? Do you have piles of money left over every month or are you on a shoestring budget?
3) Organize documents - Every lender will ask for your last two years of Federal Individual Tax Returns with W-2's or 1099's, your most recent 30-day pay stub, your most recent two months of checking/savings accounts (all pages) and any investment/retirement accounts. If you had a bankruptcy, divorce, etc., you will need to provide those documents also.
4) Qualify yourself - you should know what you are comfortable with for a total monthly mortgage payment. Is it more than your current rent? How have you prepared for the increased payment? What are your other minimum monthly consumer debts? If added to your proposed house payment, how much is the total in comparision to your current gross monthly income? You should not exceed 45% of your gross monthly income for any loan program.
5) Figure out your down payment - scraping up that initial down payment takes some effort. Though FHA loans require a less substantial down payment than conventional loans, it can still be a huge chunk of money and you need to know whrere that money will be coming from.
Finally, speak to us here at Premier Mortgage Professionals. We will navigate you through the homebuyer process and answer all your questions.
FNMA (Conventional Loans) Lowers Minimum Waiting Period
Fannie Mae has decided that certain distressed borrowers who agree to give up their homes as an alternative to foreclosure should get a second chance at homeownership sooner. For those homeowners who grant a deed-in-lieu of foreclosure, the minimum waiting period to be eligible for a new Fannie Mae mortgage will drop to two years from the four years now required for any buyer.
Friday, April 16, 2010
Interest Rates as of 04/16/2010
Conventional, 30-yr Fixed Rate: 5.125%/APR 5.332%
FHA or VA, 30-yr Fixed Rate: 5.25%/APR 5.973%
USDA (currently not available)
Interest Rates are Subject to Change and Do Not Imply Loan Approval
FHA or VA, 30-yr Fixed Rate: 5.25%/APR 5.973%
USDA (currently not available)
Interest Rates are Subject to Change and Do Not Imply Loan Approval
What's the latest on the Homebuyer Tax Credit Extension?
According to a recent Bloomberg article, certain lawmakers are saying that a second extension of the homebuyer tax credit is not on the table. While there's certainly substantial opposition out there against another extension, there's a large throng of supporters who are depending on it. The tax credit has been an incentive for homebuyers but it should not be the sole reason for buying a home. If you're a qualified borrower, don't let the pending expiration of the tax credit sway you from your decision to buy. Conditions still remain ideal to buy a home. There are plenty of existing homes on the market, interest rates are at near-record lows and home prices are very competitive. Whether or not your goal is to take advantage of the homebuyer tax credit before the April 30th deadline, you can still begin or continue your search for the home that you need right now!!!!
Tuesday, April 13, 2010
Welcome to the Premier Mortgage Blog
Welcome to our blog - combined with our web site and dedicated to helping you navigate through the loan process, and offering personalized service when you need it. We help you to answer the important questions such as : " Am I qualified to buy now?" - "Is now the right time to refinance?" "Which monthly payment is right for me?" - "What types of loans are available?" Enjoy browsing and contact our friendly office for more information.
Have you taken advantage of the Federal Homebuyer Tax Credit for a primary residence purchase? If this is the time for you to buy, your time to be eligible for the tax credit is running out. First Time Homebuyers are eligible for a tax credit of 10% of the sales price or $8,000, whichever is less. A First Time Homebuyer is defined as a person who has not owned a home in the last three years.
If you have owned a home for five of the last eight years, you may be eligible for a $6,500 Tax Credit. There are price limits and income limits to be eligible for both Tax Credits. Please check with your financial advisor or CPA to see what applies in your specific situation.
In order to meet the deadline for these Tax Credits, you must have a sales contract signed no later than April 30, 2010 and the purchase must close no later than June 30, 2010.
Have you taken advantage of the Federal Homebuyer Tax Credit for a primary residence purchase? If this is the time for you to buy, your time to be eligible for the tax credit is running out. First Time Homebuyers are eligible for a tax credit of 10% of the sales price or $8,000, whichever is less. A First Time Homebuyer is defined as a person who has not owned a home in the last three years.
If you have owned a home for five of the last eight years, you may be eligible for a $6,500 Tax Credit. There are price limits and income limits to be eligible for both Tax Credits. Please check with your financial advisor or CPA to see what applies in your specific situation.
In order to meet the deadline for these Tax Credits, you must have a sales contract signed no later than April 30, 2010 and the purchase must close no later than June 30, 2010.
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