Bonds continue to test new highs keeping mortgage rates at record lows. I have locked plenty of people in, with no points, at 4.5% to 4.625% for weeks. This rate range has not fluctuated much over the short term, telling me we’re at the bottom of the scale. FED spokesman, Williams said that they see inflation staying moderate but will move quickly if they see a change. Again, that means we should take advantage of the low rates today as they can disappear quickly.
Waiting for the home prices to drop, a little more, is a dangerous game.
I’m betting there is a better chance of rates taking a jump then home prices falling any more. What do you think?
Buy a Home-----------Build a Home
Thursday, July 29, 2010
Monday, July 26, 2010
Mortgage Rates at the Bottom
We believe mortgage rates have hit a “floor of resistance” as they have been +/- 1/8% for several weeks. Comments from Fed nominee Susan Raskins suggest the FED should hold off selling MBS (mortgage back securities) until the start raising the FED Funds rate and the housing market stabilizes. If you recall, the FED purchased $1.25 Trillion on MBS and that sent rates down to today’s levels. If they start selling off these “bonds” the market will flood and rates will rise.
What does all this “mumbo jumbo” mean to you the Realtor or homeowner……rates are truly at the bottom with nowhere to go but up. Whether you are buying a home or trying to save a few “bucks” with a lower rate, now is the time. Call today to check out what rate we can get for you. Every situation is different, based on credit scores, loan type and size, escrows and many other factors.
We can do financing in North Carolina, South Carolina, Georgia, Virginia, W VA, DC, Maryland, Delaware and Pennsylvania.
What does all this “mumbo jumbo” mean to you the Realtor or homeowner……rates are truly at the bottom with nowhere to go but up. Whether you are buying a home or trying to save a few “bucks” with a lower rate, now is the time. Call today to check out what rate we can get for you. Every situation is different, based on credit scores, loan type and size, escrows and many other factors.
We can do financing in North Carolina, South Carolina, Georgia, Virginia, W VA, DC, Maryland, Delaware and Pennsylvania.
Saturday, July 24, 2010
NOW a HOMEPATH Lender
Mortgage bonds continue to swing up and down but over the last several weeks we have seen very little movement in fixed rates; maybe an 1/8 swing. Our monitoring service has warned us bonds are oversold and due for a correction. This week, I have locked in several high credit score customers at 4 ½% with no origination fee on 30 year fixed mortgages and in the 3s with 5 year ARMs. This is the best it’s EVER been, period.
Additionally we have been using the government program, “Making Homes Affordable”, to help people who owe more then the home is worth. We can currently do up to 105% of value, for a refi, not a purchase.
We just became authorized to do Fannie Mae HOMEPATH loans. These loans can be used in conjunction with many foreclosed homes owned by Fannie Mae. HOMEPATH works when the borrower is outside some of the normal finance program guidelines and can be used for primary, second homes and investment property purchases. There is no appraisal, so value becomes a non-issue. These loans have no MI but the rates are somewhat higher then standard financing. Of course, when there no other way to get the deal done, something is always better than nothing. Your Realtor can probably get Fannie Mae to pay some closing costs and “ease the pain” a little. Go to my MORTGAGE NEWS site for more information or call me at (910) 352 6562. Vince Bacchi, Senior loan officer Union Mortgage Group.
Additionally we have been using the government program, “Making Homes Affordable”, to help people who owe more then the home is worth. We can currently do up to 105% of value, for a refi, not a purchase.
We just became authorized to do Fannie Mae HOMEPATH loans. These loans can be used in conjunction with many foreclosed homes owned by Fannie Mae. HOMEPATH works when the borrower is outside some of the normal finance program guidelines and can be used for primary, second homes and investment property purchases. There is no appraisal, so value becomes a non-issue. These loans have no MI but the rates are somewhat higher then standard financing. Of course, when there no other way to get the deal done, something is always better than nothing. Your Realtor can probably get Fannie Mae to pay some closing costs and “ease the pain” a little. Go to my MORTGAGE NEWS site for more information or call me at (910) 352 6562. Vince Bacchi, Senior loan officer Union Mortgage Group.
Friday, July 16, 2010
Oh No! Barney's Back in the News
Almost anytime you see stocks take a dive, you can count on fixed rate mortgages moving lower, as seen today. But at the levels we’re at, today rates are just bouncing of a floor and there is almost no where to go but up.
The following information was reported to us by one of our marketing monitoring services:
“The Financial Regulation Bill passed the Senate by a 60/39 vote and is on its way to the President for signing. This 2000 + page bill does little to address the core reasons for the financial collapse. Fannie Mae and Freddie Mac are completely left out of this bill and the credit rating agencies, which played a major roll in the collapse, are never mentioned.
This bill has less to do with fixing the country’s financial woes and more to do with pushing the political agendas of its authors Chris Dodd and Barney Frank.
Alan Greenspan was recently quoted in a CNBC interview regarding the Financial Regulation Bill….. was that this was the first time the Fed was not asked to write this regulation, and that it was basically written by junior staffers that have no clue about the complexities of these financial entities that they are trying to regulate…Greenspan said there are unintended consequences in every page of this bill. He said that any banker dealing with Washington is very familiar with what is known as the 25 Cubed Rule….basically that the government is run by 25 year old staffers that are making $25,000 a year and work 25 hours a day…..and a majority of them have never even financed a car…let alone a home, yet we are handing our regulatory oversight to these 25 year old staffers.”
Doesn’t this make your head hurt!
On another note, I am hearing endless stories of lenders telling buyers and Real Estate brokers, “no problem”…they can do anything, even the impossible. Now more then ever, you need to work with experienced loan officers. A low ball rate does not certify experience. There are many desperate loan officers out there that will say anything and quote a give away rate just to get the deal. With this group of people, you could spend a month and have the deal “blow up” after 30 days.
I ask a lot of questions and investigate possible pitfalls. Sometimes borrowers leave out bits of information that could cause problems later on but we do our best to prevent failure. Of course, the final decision is up to the underwriter.
Call or e mail with questions.
The following information was reported to us by one of our marketing monitoring services:
“The Financial Regulation Bill passed the Senate by a 60/39 vote and is on its way to the President for signing. This 2000 + page bill does little to address the core reasons for the financial collapse. Fannie Mae and Freddie Mac are completely left out of this bill and the credit rating agencies, which played a major roll in the collapse, are never mentioned.
This bill has less to do with fixing the country’s financial woes and more to do with pushing the political agendas of its authors Chris Dodd and Barney Frank.
Alan Greenspan was recently quoted in a CNBC interview regarding the Financial Regulation Bill….. was that this was the first time the Fed was not asked to write this regulation, and that it was basically written by junior staffers that have no clue about the complexities of these financial entities that they are trying to regulate…Greenspan said there are unintended consequences in every page of this bill. He said that any banker dealing with Washington is very familiar with what is known as the 25 Cubed Rule….basically that the government is run by 25 year old staffers that are making $25,000 a year and work 25 hours a day…..and a majority of them have never even financed a car…let alone a home, yet we are handing our regulatory oversight to these 25 year old staffers.”
Doesn’t this make your head hurt!
On another note, I am hearing endless stories of lenders telling buyers and Real Estate brokers, “no problem”…they can do anything, even the impossible. Now more then ever, you need to work with experienced loan officers. A low ball rate does not certify experience. There are many desperate loan officers out there that will say anything and quote a give away rate just to get the deal. With this group of people, you could spend a month and have the deal “blow up” after 30 days.
I ask a lot of questions and investigate possible pitfalls. Sometimes borrowers leave out bits of information that could cause problems later on but we do our best to prevent failure. Of course, the final decision is up to the underwriter.
Call or e mail with questions.
Wednesday, July 14, 2010
25% of All Consumers are at 599 Credit score or Lower
As the DOW headed back from the minor correction we saw rates worsen. The DOW leveled off over the last few days and rates improved. The pure truth is rates have never ever been this low.
For first time home buyers, we are still doing USDA loans; 100%, primary residence only, no MI and no mobile homes. Maximum income locally, in Brunswick County, NC, where all areas qualify is $73,600 for a family of 2. Please e mail me for information and availability in other locations.
Take advantage of the low rate even if you are a little upside down mortgage VS value. For example, you owe $210,000 with the home's value only now at $200,000, we may be able to get today's lower rates with no MI. We have done a ton of loans through the government Making Homes Affordable Program.
One bit of disturbing news reported this week is that 25% of all consumers in the US now have credit scores 599 or less. That is about 43+Million consumers that will not be able to purchase a home, car or almost anything else, on credit. We all know that a large portion of the 25%, are people that always paid their bills but have been caught up in this economic downturn. My bet is that creditors (banks) will figure out a way to lend these 43 Million consumers money. That’s way too big a piece of the population to be completely outside of “credit” access. Banks are greedy…they make money lending money. You heard it here first… in 6 months to a year we will see changes.
For first time home buyers, we are still doing USDA loans; 100%, primary residence only, no MI and no mobile homes. Maximum income locally, in Brunswick County, NC, where all areas qualify is $73,600 for a family of 2. Please e mail me for information and availability in other locations.
Take advantage of the low rate even if you are a little upside down mortgage VS value. For example, you owe $210,000 with the home's value only now at $200,000, we may be able to get today's lower rates with no MI. We have done a ton of loans through the government Making Homes Affordable Program.
One bit of disturbing news reported this week is that 25% of all consumers in the US now have credit scores 599 or less. That is about 43+Million consumers that will not be able to purchase a home, car or almost anything else, on credit. We all know that a large portion of the 25%, are people that always paid their bills but have been caught up in this economic downturn. My bet is that creditors (banks) will figure out a way to lend these 43 Million consumers money. That’s way too big a piece of the population to be completely outside of “credit” access. Banks are greedy…they make money lending money. You heard it here first… in 6 months to a year we will see changes.
Saturday, July 10, 2010
BUY NOW or WAIT! The Question Answered
After a couple of tough days, mortgage bond are back in positive territory. Rates continue to be super attractive.
I know a lot of you are struggling with customers that cannot make up their minds or are waiting for prices to drop, a little more.
Let me provide you with a comparison you can use:
$999 P&I is the payment on a $200,000 loan at today’s 30 year fixed rate of 4.375%.
$999 P&I is the payment at 6% for a loan of $166,553.
That’s a difference of $33,447. You could say that if they missed today’s great rates, the house price would have to drop by $33,447, when (and it will happen) rates jump to the 6% range.
Here’s the big question? Is it worth waiting for the price of the home to come down a few thousand dollars and miss today’s extremely low rates? No. The answer is BUY NOW!
With today’s rates the consumer is catching the luckiest break ever. Every expert predicted rates being in the upper 5s or low 6s by now.
Do not wait another day. Buy or Refinance NOW. Call me at (910) 352 6562
I know a lot of you are struggling with customers that cannot make up their minds or are waiting for prices to drop, a little more.
Let me provide you with a comparison you can use:
$999 P&I is the payment on a $200,000 loan at today’s 30 year fixed rate of 4.375%.
$999 P&I is the payment at 6% for a loan of $166,553.
That’s a difference of $33,447. You could say that if they missed today’s great rates, the house price would have to drop by $33,447, when (and it will happen) rates jump to the 6% range.
Here’s the big question? Is it worth waiting for the price of the home to come down a few thousand dollars and miss today’s extremely low rates? No. The answer is BUY NOW!
With today’s rates the consumer is catching the luckiest break ever. Every expert predicted rates being in the upper 5s or low 6s by now.
Do not wait another day. Buy or Refinance NOW. Call me at (910) 352 6562
Wednesday, July 7, 2010
SEIZE THE MOMENT
Seize the Moment
“Mortgage rates have never been lower, ever!” You have seen this statement in the media over the last several weeks and it’s close to being correct. Unlike the period of low rates we experienced in 2009, today’s rates are almost totally market driven and unsupported by the FEDs. Thus we can expect extreme volatility. News on the world scene can send the market quickly in one direction or the other.
Many people have held off, hoping to “squeeze” another 1/8% or ¼% off the offered rate but we are right at the bottom. Rates could quickly loose ground and rise by 1% in a day. Truly, the market is that fragile. The Fed Chairman makes the wrong comment or some country in Europe gets a “junk” rating on their bonds….and the market goes haywire. It will not take much to push rates back into the 6s.
So here’s your opportunity of a lifetime:
1.Refinance now and take advantage of record low rates. A small rate change on a larger loan can generate a worthwhile savings.
2.We can do financing in North Carolina, South Carolina, Georgia, Virginia, W VA, DC, Delaware, Maryland and Pennsylvania.
3.Primary and Second home residences and investment homes are all eligible.
4.If you have an FHA loan, we can do a “Streamline Refinance” with no appraisal and no lender fees and very little money out of pocket.
5.If you owe a little more on your home then you think its worth, we still may be able to help you take advantage of today’s low rates. We support the government “HARP” program which allows people to refinance if they owe up to 105% of the value of their home, with No MI.
Your credit score, loan amount, property type, occupancy, collection of escrows and other factors will ultimately determine your interest rate.
Give me a call today and see if refinancing is right for you.
“Mortgage rates have never been lower, ever!” You have seen this statement in the media over the last several weeks and it’s close to being correct. Unlike the period of low rates we experienced in 2009, today’s rates are almost totally market driven and unsupported by the FEDs. Thus we can expect extreme volatility. News on the world scene can send the market quickly in one direction or the other.
Many people have held off, hoping to “squeeze” another 1/8% or ¼% off the offered rate but we are right at the bottom. Rates could quickly loose ground and rise by 1% in a day. Truly, the market is that fragile. The Fed Chairman makes the wrong comment or some country in Europe gets a “junk” rating on their bonds….and the market goes haywire. It will not take much to push rates back into the 6s.
So here’s your opportunity of a lifetime:
1.Refinance now and take advantage of record low rates. A small rate change on a larger loan can generate a worthwhile savings.
2.We can do financing in North Carolina, South Carolina, Georgia, Virginia, W VA, DC, Delaware, Maryland and Pennsylvania.
3.Primary and Second home residences and investment homes are all eligible.
4.If you have an FHA loan, we can do a “Streamline Refinance” with no appraisal and no lender fees and very little money out of pocket.
5.If you owe a little more on your home then you think its worth, we still may be able to help you take advantage of today’s low rates. We support the government “HARP” program which allows people to refinance if they owe up to 105% of the value of their home, with No MI.
Your credit score, loan amount, property type, occupancy, collection of escrows and other factors will ultimately determine your interest rate.
Give me a call today and see if refinancing is right for you.
FHA STREAMLINE REFINANCE
Mortgage bonds are trading near oversold levels. Fix and Adjustable rates are outstanding. Generally, we see some correction, a “bounce”, off a ceiling. The same thing occurs in the other direction, a “floor”. In the meantime, enjoy these great rates, which are at the lowest levels in about 40 years.
Understand that mortgage rates are unsupported at these levels and could change quickly and drastically at any moment. Unlike in early 2009, when the FED was buying MBS (mortgage backed securities), the market is totally reacting to influences in the world economy and here at home. Presently, we see more movement in 1 day then we used to see in several months. The market is extremely volatile and many borrowers are holding back to see if they can save another 1/8% could wake up and find rates have jumped a whole 1%.
Many people could save lots of money by refinancing. As little as ½% reduction in rate on a $300,000 loan would be worth considering. Payback would be very quick.
Also, we can assist with financing (and refinancing) in South Carolina, Virginia, Maryland, Delaware, DC, W VA, Georgia, Pennsylvania as well as North Carolina.
If a borrower has an FHA loan, we can do a “streamline re-finance”. No appraisal is required and there are no “lender” fees. For very little money out of pocket and in many cases, they will skip the next month’s payment and receive a check back in the mail for current escrow account.
Call today for information. See if you can save money. Don't wait call Vince at (910) 352 6562
Understand that mortgage rates are unsupported at these levels and could change quickly and drastically at any moment. Unlike in early 2009, when the FED was buying MBS (mortgage backed securities), the market is totally reacting to influences in the world economy and here at home. Presently, we see more movement in 1 day then we used to see in several months. The market is extremely volatile and many borrowers are holding back to see if they can save another 1/8% could wake up and find rates have jumped a whole 1%.
Many people could save lots of money by refinancing. As little as ½% reduction in rate on a $300,000 loan would be worth considering. Payback would be very quick.
Also, we can assist with financing (and refinancing) in South Carolina, Virginia, Maryland, Delaware, DC, W VA, Georgia, Pennsylvania as well as North Carolina.
If a borrower has an FHA loan, we can do a “streamline re-finance”. No appraisal is required and there are no “lender” fees. For very little money out of pocket and in many cases, they will skip the next month’s payment and receive a check back in the mail for current escrow account.
Call today for information. See if you can save money. Don't wait call Vince at (910) 352 6562
Friday, July 2, 2010
News on Mortgage Rates
Mortgage bonds are “flirting” with the highest prices in 40-50 years, pushing fixed mortgage rates down.
Things to remember:
1.Primary and Second Home rates are the same. We can do up to 90% second home financing.
2.Investment home rates with 25% down will only be slightly higher then Primary or Second home rates (with good credit of course). We can do up to 80% investment.
3.USDA loans are available to 100%, primary homes only with income restrictions.
4.FHA loans are available to 96 ½%, primary homes only.
5.Jumbo loans are available to $3 million. The larger the loan the larger the down payment required.
If you know someone whose home value has dropped and they do not think they can refinance and take advantage of today’s record low rates, have them call me. We have access to the governments’, “Making Homes Affordable” loan refinance program and have been able to help people up to a LTV of 105%. For example, if their home is now only worth $200,000 and the own $210,000 on a mortgage, we may be able to help.
Things to remember:
1.Primary and Second Home rates are the same. We can do up to 90% second home financing.
2.Investment home rates with 25% down will only be slightly higher then Primary or Second home rates (with good credit of course). We can do up to 80% investment.
3.USDA loans are available to 100%, primary homes only with income restrictions.
4.FHA loans are available to 96 ½%, primary homes only.
5.Jumbo loans are available to $3 million. The larger the loan the larger the down payment required.
If you know someone whose home value has dropped and they do not think they can refinance and take advantage of today’s record low rates, have them call me. We have access to the governments’, “Making Homes Affordable” loan refinance program and have been able to help people up to a LTV of 105%. For example, if their home is now only worth $200,000 and the own $210,000 on a mortgage, we may be able to help.
Subscribe to:
Posts (Atom)