Washington/The Associated Press (excerpts from article) - ...President Obama will promote a series of executive branch steps aimed at jumpstarting the economy this week, beginning with new rules to make it easier for homeowners to refinance their mortgages. The White House said changes to the two-year-old Home Affordable Refinance Program will help homeowners with little or no equity in their houses refinance by cutting the cost of doing so and removing caps to give deeply underwater borrowers access to the program.
The federal refinancing program only covers mortgages created before June 2009 and owned or backed by government-controlled mortgage buyers Fannie Mae and Freddie Mac. Borrowers also must be current on their payments.
Tuesday, October 25, 2011
Friday, August 12, 2011
Interest Rates as of 08/12/2011
Conventional, 30-yr Fixed Rate: 4.375%/APR 4.58%
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.406%
USDA, 30-yr Fixed Rate: 4.375%/APR 5.563%
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 at Equity Loans or visit us at www.equityloansoregon.com for further information.
FHA or Federal VA, 30-yr Fixed Rate: 4.375%/APR 5.406%
USDA, 30-yr Fixed Rate: 4.375%/APR 5.563%
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 at Equity Loans or visit us at www.equityloansoregon.com for further information.
FHA Lower Mortgage Loans Effective October 1, 2011
FHA sets the maximum loan amount allowed to be able to obtain FHA financing. These loan limits vary by counties. For example, the current maximum loan limit in Polk and Marion Counties is $295,000.
Effective 10-01-11, the maximum loan limits will change and the expectation is that they will decrease. How does this effect you as a home buyer?
FHA loans require a small down payment of 3.5% of the sales price. Many home buyers prefer this loan program since there is less money out of their pocket than if they financed with a Conventional loan, which has a minimum down payment of 5% of the sales price.
Currently, if you are buying a home of $305,700 or less, you will be able to obtain the maximum loan amount of $295,000 (in Polk and Marion Counties) with your 3.5% down payment.
FOR EXAMPLE PURPOSES ONLY, if FHA lowers their maximum loan limit to $275,000 in Polk and Marion Counties, your maximum sales price (in order to keep your down payment at 3.5% of the sales price) is now $285,000.
This will eliminate the FHA loan program for buyers who want to put a minimum of 3.5% down and are buying a home for more than $285,000.
If you are thinking about buying in the sales price range of $300,000 +/- and you want a maximum FHA loan, you will want to get a home purchase under contract and start your loan process as soon as possible.
Effective 10-01-11, the maximum loan limits will change and the expectation is that they will decrease. How does this effect you as a home buyer?
FHA loans require a small down payment of 3.5% of the sales price. Many home buyers prefer this loan program since there is less money out of their pocket than if they financed with a Conventional loan, which has a minimum down payment of 5% of the sales price.
Currently, if you are buying a home of $305,700 or less, you will be able to obtain the maximum loan amount of $295,000 (in Polk and Marion Counties) with your 3.5% down payment.
FOR EXAMPLE PURPOSES ONLY, if FHA lowers their maximum loan limit to $275,000 in Polk and Marion Counties, your maximum sales price (in order to keep your down payment at 3.5% of the sales price) is now $285,000.
This will eliminate the FHA loan program for buyers who want to put a minimum of 3.5% down and are buying a home for more than $285,000.
If you are thinking about buying in the sales price range of $300,000 +/- and you want a maximum FHA loan, you will want to get a home purchase under contract and start your loan process as soon as possible.
Monday, July 25, 2011
Interest Rates as of 07-25-11
Conventional, 30-yr Fixed: 4.625%/APR 4.788%
FHA and Federal VA, 30-yr Fixed: 4.75%/APR 5.981%
USDA, 30-yr Fixed: 4.75%/APR 5.299%
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, you interest rate may differ. Please contact a Loan Officer at www.equityloansoregon.com for further information.
FHA and Federal VA, 30-yr Fixed: 4.75%/APR 5.981%
USDA, 30-yr Fixed: 4.75%/APR 5.299%
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, you interest rate may differ. Please contact a Loan Officer at www.equityloansoregon.com for further information.
Interest Rates Going Up or Down?
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.
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.
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.
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