Mortgage Info Category
September 7th, 2010
Jumbo Loans More Available!
A year ago, even the most creditworthy borrowers struggled to secure home loans of more than $729,750—the cutoff for conventional conforming loans backed by Fannie Mae and Freddie Mac. But since this spring, the interest-rate spread between conforming and jumbo loans has narrowed and the number of lenders offering the loans has jumped.
As of late July, lenders were offering jumbo loans at a typical rate of about 5.5 percent, down from almost 7 percent a year earlier and not too different from what’s available for conforming loans, according to data available on Bankrate.com. NAR Chief Economist Lawrence Yun said in a late-July press conference that sales of existing homes priced at $750,000 and above jumped 30 percent from mid-2009. “Credit was extremely tight a year ago, but now it is beginning to loosen up,” he said. Read the rest of this entry »
June 22nd, 2009
Mortgage Market Update
Positive inflation numbers helped mortgage rates move lower early last week, but stronger than expected economic data turned them higher later in the week, leaving mortgage rates nearly unchanged from the previous week. The announcement of larger than expected Treasury auctions next week ($104 billion) also was negative for mortgage rates. Read the rest of this entry »
February 23rd, 2009
National Real Estate News Update
Fears about the economy led to a stock market decline and pushed mortgage rates a little lower during the week. Even with Tuesday’s passage of the new $787 billion stimulus plan, economic growth forecasts from Wall Street economists and from the Fed were revised lower.
Wednesday, President Obama announced the $275 billion Homeowner Stability Initiative, which contained broad outlines of three major elements intended to help prevent foreclosures and falling home values. Read the rest of this entry »
February 18th, 2009
Obama’s Foreclosure Plan
President Obama to set aside $75 billion to slow foreclosures! Goal to bring mortgage payments down to 31% of income!
The Obama administration has rolled out a plan to help 9 million troubled homeowners modify their mortgages at a cost of $75 billion to taxpayers. There are two parts of the plan to help:
#1 To help refinance 5 million home owners in trouble with loans owned or guaranteed by Fannie Mae or Freddie Mac.
#2 To make loan modifications with government subsidies to lenders to reduce monthly interest payments.
Some highlights…. Read the rest of this entry »
February 17th, 2009
Stimulus Falls Short For Real Estate
Late last week the House and the Senate agreed on a compromise $789 billion fiscal stimulus plan, which is expected to pass within days. The Obama administration estimates that the plan will create 3.5 million jobs. Both the House and the Senate had passed versions which were larger than the final compromise plan, and the reduction in scope helped mortgage markets. A smaller plan means that the government will have to issue less debt. Unfortunately, one of the spending cuts in the final plan was a provision for a $15,000 homebuyer tax credit, which came with an estimated price tag of $35 billion. This was a measure which experts say could have quickly energized the real estate markets. Instead, the government will leave in place an existing $7,500 tax credit, applicable to only first time homebuyers. The good news and primary change to the tax credit is that it will no longer need to be repaid. The estimated cost of this $7,500 tax break is less than $3 billion.
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February 16th, 2009
5 Ways To Control Your Homeowners Insurance Costs
Some great tips from the Richmond Farmers Insurance Team to control your Homeowners Insurance Costs. In our tougheconomic environment this is good advice. Sometimes we over-look evaluating things like this which can save us hundreds of dollars. It all adds up!
- Shop around. Remember, cheaper insurance rarely means better insurance. Ask your friends, realtor, or mortgage broker who they recommend. Seek out a trusted professional to explain vital coverage differences. You can also check the National Association of Insurance Commissioners (www.naic.org). They will have information to help you choose a reputable insurer in your state.
- Raise your deductible. Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible is the lower your premiums are. A typical Home Owner deductible is $500. If you can afford to raise it to $1,000 you can save as much as 25% in your premiums. Read the rest of this entry »
February 2nd, 2009
Cash Gives You An Edge When Buying Richmond Real Estate
In these difficult and challenging times cash can give you an edge in buying a home. Cash, equtes to more buying clout now in these tough financial times. In the past, people have sought out more liquid investments for their cash on hand and grab an easy to get low interest mortgage. Today with the equity markets depressed at the same time that mortgage lending has tightened the tables have turned. Those wielding ready cash in a recession are always ahead of the game. Having cash gives you a leg up in securing better terms for your mortgage and in negotiating with sellers. Sellers that know you are well qualified will spend much more time negotiating because you will be viewed as serious buyer. Read the rest of this entry »
December 9th, 2008
Fix Rate Mortgages Drop To 2003 Levels!
Richmond area mortgage lenders are reporting that rates moved even lower last week, helped by economic weakness and recent actions by the Fed and the Treasury. Conforming fixed-rate mortgage rates dropped to levels last seen in 2003. According to Freddie Mac, the weekly decline in rates was the largest since 1981, over its Wednesday to Wednesday measurement period. Read the rest of this entry »
November 6th, 2008
Home Buying Tip: The Importance of Mortgage Pre-Approval
Getting pre-approved for a mortgage is a great first step in the home buying process, but the amount you get approved for should not always be taken as your perfect spending amount. Often times, the amount you are pre-approved for is based off of monthly payments that might be outside the range that you are prepared to pay. Especially in our current economy it is prudent not to set your budget based on your maximum mortgage approval level. Read the rest of this entry »
November 3rd, 2008
First Time Homebuyer Mortgage Myths
As first-time home buyer’s grow curious about the home-buying process, they often turn to friends and family for advice about purchasing a home. While these sources can provide useful tips and information, they also may perpetuate some common home-buying myths.
While family and friends may have the best intentions when sharing their purchase experiences, it is important to make sure that first-time homebuyers have accurate information.
There are many resources first-time buyers can use for learning about the home-financing process, including attending local mortgage seminars or researching online. Well-known mortgage lenders often have educational resources and mortgage tools on their Web sites.
So what are some common home-buying myths? Read the rest of this entry »
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