Conventional, 30-yr Fixed: 4.375%/APR 5.903%
FHA or Federal VA, 30-yr Fixed: 4.25%/APR 4.509%
USDA, 30-yr Fixed: 4.25%/APR 4.809%
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 us at 503-385-1791 or visit us at http://www.equityloansoregon.com/ for further information.
Monday, November 28, 2011
HomePath Loans to Buy Foreclosures
Is buying a foreclosed home a good deal? It can be, but you should be aware that the seller will not make any buyer-requested or lender-required repairs. That is most definitely a problem if you want to get a loan.
Fannie Mae has the HomePath Renovation mortgage for just this purpose. The house must be owned by Fannie Mae. Fannie Mae does not lend directly to buyers. They set the guidelines that lenders need to follow.
HomePath can be used whether the property needs minor or substantial repairs. The down payment is 3% of what the home is expected to be worth after the repairs.
One of the biggest advantages of a HomePath mortgage is that it doesn't require mortgage insurance, regardless of the down payment amount. The interest rate is typically 0.25% higher than the rate on a Conventional loan, but since no mortgage insurance is required, the payment is still lower.
By and large, HomePath is the best loan for a homebuyer to buy and fix up a foreclosure.
Fannie Mae has the HomePath Renovation mortgage for just this purpose. The house must be owned by Fannie Mae. Fannie Mae does not lend directly to buyers. They set the guidelines that lenders need to follow.
HomePath can be used whether the property needs minor or substantial repairs. The down payment is 3% of what the home is expected to be worth after the repairs.
One of the biggest advantages of a HomePath mortgage is that it doesn't require mortgage insurance, regardless of the down payment amount. The interest rate is typically 0.25% higher than the rate on a Conventional loan, but since no mortgage insurance is required, the payment is still lower.
By and large, HomePath is the best loan for a homebuyer to buy and fix up a foreclosure.
Friday, November 18, 2011
Interest Rates as of 11/18/2011
FHA or Federal VA, 30-yr. Fixed: 4.25%/APR 5.34%
USDA, 30-yr. Fixed: 4.25%/APR 4.712%
Conventional, 30-yr Fixed: 4.375%/APR 5.96%
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 us at 503-385-1791 or visit us at www.equityloansoregon.com for further information.
USDA, 30-yr. Fixed: 4.25%/APR 4.712%
Conventional, 30-yr Fixed: 4.375%/APR 5.96%
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 us at 503-385-1791 or visit us at www.equityloansoregon.com for further information.
Housing and Mortgage Prediction for 2012
The median expectation among more than 100 economists and real estate pros, surveyed by MacroMarkets, is that home values will inch ahead by 0.25%, compared to their 2011 median forecast decline of 2.8%. They also foresee annualized gains through 2015 of just 1.1%.
Low interest rates for mortgage are expected to remain cheap. Jay Brinkman, chief economist at the Mortgage Bankers Association, says that the 30-year fixed mortgage rate will stay below 5% throughout 2012.
THE ACTION PLAN: For those want to make a home purchase, 2012 could be a GREAT time to do so. With home prices cheap and borrowing rates low, this window of opportunity may be your best time to buy.
Low interest rates for mortgage are expected to remain cheap. Jay Brinkman, chief economist at the Mortgage Bankers Association, says that the 30-year fixed mortgage rate will stay below 5% throughout 2012.
THE ACTION PLAN: For those want to make a home purchase, 2012 could be a GREAT time to do so. With home prices cheap and borrowing rates low, this window of opportunity may be your best time to buy.
Thursday, October 27, 2011
Mortgage Interest Rate Trend for The Week of 10/27/11 - 11/02/11
Uncertainty remains in the markets, which should keep mortgage interest rates relatively unchanged from last week. Consumer confidence remains low, and with high unemployment, the economy remains sluggish.
Will the newly revamped Home Affordable Refinance Program (HARP) help homeowners and the housing market? Borrowers looking to refinance should make sure to get their applications in before the flood of loans start pouring into the banks and mortgage companies.
Will the newly revamped Home Affordable Refinance Program (HARP) help homeowners and the housing market? Borrowers looking to refinance should make sure to get their applications in before the flood of loans start pouring into the banks and mortgage companies.
Tuesday, October 25, 2011
Obama Tries to Ease Housing Woes
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.
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.
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.
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