Economists are predicting that interest rates will remain relatively unchanged over the next 30 days.
Mortgage rates seem to be moving based on the debt ceiling situation in Washington, D.C. Regardless of the decision to increase the debt ceiling or to cut the deficit, interest rates will remain volatile.
The expectation is that the volatility will continue until a resolution is reached. Overall, interest rates should stay in their current range, despite the day-to-day ups and downs.
Monday, July 25, 2011
Lower Interest Rates Reason Enough to Refinance Your Home Loan
When interest rates are low, plenty of homeowners rush to refinance before evaluating the true consequences of their actions. Sometimes a mortgage refinance can be the wrong move.
People often make poor decisions because of what is called "interest rate envy" around the water cooler. Do not jump at refinancing just so you can say you got a lower rate.
The first step when deciding to refinance is to establish a clear objective: 1) lower your overall payment regardless of the length of the loan, 2) shorten the term of the loan in order to pay it off sooner, 3) compare the length of time you plan to stay in your home to see if refinancing with the costs will actual result in a net benefit to you.
Borrowers must have good credit, an acceptable debt load for their income and enough equity in their home, among other requirements, to be approved for a loan.
People often make poor decisions because of what is called "interest rate envy" around the water cooler. Do not jump at refinancing just so you can say you got a lower rate.
The first step when deciding to refinance is to establish a clear objective: 1) lower your overall payment regardless of the length of the loan, 2) shorten the term of the loan in order to pay it off sooner, 3) compare the length of time you plan to stay in your home to see if refinancing with the costs will actual result in a net benefit to you.
Borrowers must have good credit, an acceptable debt load for their income and enough equity in their home, among other requirements, to be approved for a loan.
Tuesday, March 1, 2011
Interest Rates as of 03/01/2011
Conventional, 30-yr Fixed: 4.875%/APR 5.043%
FHA or Federal VA, 30-yr Fixed: 4.75%/APR 5.586%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit and property qualifications, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
FHA or Federal VA, 30-yr Fixed: 4.75%/APR 5.586%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit and property qualifications, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
What Obstacle is Keeping You From Homeownership?
According to the latest survey by Fannie Mae, poor credit is the number one stumbling block keeping potential borrowers from owning a home. Recent economic hardships have caused millions of Americans to fall behind on their bills. Since lenders are now insisting on higher credit scores than in years before, what can you do to be aware of and/or improve your credit?
First, know if your credit history is ACCURATE by checking out your credit report from the three credit bureaus (Equifax, Experian and TransUnion). You can get a FREE copy (once every 12 months) of your credit reports at www.annualcreditreport.com. There is no reduction to your credit scores since you are pulling your own credit report. Paying to get your credit score is not necessary. Your credit scores will usually be different at the time the lender obtains a credit report for you. Your credit history is scored differently depending on the type of credit you are applying for.
Next, before you do anything to update your credit report or pay off any debts, contact us for an appointment to prequalify you for a home loan. This is a free service to you with no obligation to obtain a home loan at that time. We can go over your specifics and provide you with information on how to best position yourself for a home loan approval.
You may be surprised to find out that you are ready to buy a home now!
First, know if your credit history is ACCURATE by checking out your credit report from the three credit bureaus (Equifax, Experian and TransUnion). You can get a FREE copy (once every 12 months) of your credit reports at www.annualcreditreport.com. There is no reduction to your credit scores since you are pulling your own credit report. Paying to get your credit score is not necessary. Your credit scores will usually be different at the time the lender obtains a credit report for you. Your credit history is scored differently depending on the type of credit you are applying for.
Next, before you do anything to update your credit report or pay off any debts, contact us for an appointment to prequalify you for a home loan. This is a free service to you with no obligation to obtain a home loan at that time. We can go over your specifics and provide you with information on how to best position yourself for a home loan approval.
You may be surprised to find out that you are ready to buy a home now!
Monday, February 21, 2011
FHA Mortage Premium Changing 04-18-11
If you haven't heard, FHA announced on 02-14-11 that is is raising its annual mortgage insurance premium. This "Monthly Mortgage Insurance" change is for primary (owner-occupied), 1 - 4 unit residential properties. "Monthly Mortgage Insurance" or, MMI, is included in your TOTAL house payment.
The Mortgage Insurance Rate for a 30-year fixed rate loan is currently (until 04-17-11) 0.90%for loans greater than 95% of the sales price and will be (as of 04-18-11) 1.15%. Loans at 95% of sales price or less will change from .85% to 1.10%.
This means for every $100,000 that is borrowed, an additional $22.50 per month will be paid. That's an additonal $270 per year.
Do you want to know more? Please contact your loan officer at Equity Loans, LLC or visit us at www.equityloansoregon.com to contact us.
The Mortgage Insurance Rate for a 30-year fixed rate loan is currently (until 04-17-11) 0.90%for loans greater than 95% of the sales price and will be (as of 04-18-11) 1.15%. Loans at 95% of sales price or less will change from .85% to 1.10%.
This means for every $100,000 that is borrowed, an additional $22.50 per month will be paid. That's an additonal $270 per year.
Do you want to know more? Please contact your loan officer at Equity Loans, LLC or visit us at www.equityloansoregon.com to contact us.
Thursday, February 17, 2011
Interest Rates as of 02/17/2011
Conventional, 30-yr Fixed: 5.125%/APR 5.219%
FHA or Federal VA, 30-yr Fixed: 4.875%/APR 5.522%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit qualifying, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
FHA or Federal VA, 30-yr Fixed: 4.875%/APR 5.522%
USDA, 30-yr Fixed: 5.00%/APR 5.318%
Interest rates quoted are for informational purposes only. Interest rates and loan programs can change without notice. All borrowers are subject to credit qualifying, and therefore, your interest rate may differ.
Please contact your Loan Officer or visit us at www.equityloansoregon.com for further information.
Experian Including Rent Data in Credit File
For the first time, mortgage lenders and other creditors will have access to a consumer's rental payment history, thanks to Experian. Experian acquired RentBureau last year and is now able to take the data from that bureau and put it into consumers' credit files.
RentBureau has created technolgy that interfaces with property management software and allows this data to be extracted.
Currently, one-third of the American population are renters, a number that is growing. Many of these people are not being scored fully because of their thin credit files.
RentBureau has created technolgy that interfaces with property management software and allows this data to be extracted.
Currently, one-third of the American population are renters, a number that is growing. Many of these people are not being scored fully because of their thin credit files.
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