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.
Friday, April 30, 2010
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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