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.
Friday, May 28, 2010
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.
Subscribe to:
Comments (Atom)