Whether you’re buying a home or simply refinancing, it´s all about finding a lender you can trust who´ll put you into a loan program that´s right for you.
So many borrowers focus exclusively on low rates and low loan costs as their loan search criteria. That often turns out fine, but sometimes borrowers find later that there were conditions to the loan offer or hidden fees and costs.
You may do best by selecting a good local lender who will protect your interests, even if his rate or closing costs are a bit higher than the lowest quotes you get.
You can get great rates and terms from any number of lenders, but finding a loan professional you can trust may be worth much more to you in the long run.
The following posts review some common mortgage finance issues and solutions.
Contact us if you have questions or need a referral to a good local loan professional!
From the category archives:
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[post_content] => The FHA recently began implementing previously proposed changes to its guidelines governing government-insured mortgage financing for condominiums. Among these new FHA mandates is a requirement that condo associations carry large capital reserves. Many finance experts are predicting that most mortgage lenders will incorporate similar requirements into their own underwriting guidelines, making the new prerequisites almost universal among the majority of non-portfolio lenders in the United States.
Older condo communities across the country may find it difficult to comply with these new capital reserve requirements.
Many condo associations and unit owners appear unaware of the new capital reserve requirements and what failing to comply with them may entail for owners at non-compliant communities. Condo unit owners in non-compliant communities may encounter severe trouble refinancing or selling their units.
FHA insures low-down-payment loans
Among many other functions and services, the FHA offers mortgage insurance for condominium mortgage loans. These insured loans are important to the marketability of many condo communities because they allow buyers to obtain financing with very low down payments.
Condominium communities must be approved by the FHA
The FHA has to “approve” a condominium community before it will insure mortgage loans in that development.
If your condo community is not on the current approved list, the FHA will not insure mortgage loans there until it becomes an approved condo community.
Approvals last for a set time then have to be renewed. The FHA has granted extra time for condo associations to prove compliance with the new guidelines, but the clock is ticking.
So even if your condo community was approved under the old set of rules, it is likely facing the need to confirm its approved status in light of the new guidelines.
If not approved, condos face problems refinancing or selling
If you own a condo unit in a condo community that is not compliant with the new FHA requirements, you may soon have a hard time finding a lender willing to refinance your current mortgage loan unless you have substantial equity.
And when you attempt to sell your condo unit in a non-FHA-compliant condo community, many mortgage lenders may not want to finance the sale of your unit if your buyer lacks at least a 20% down payment. You may be limited to selling your unit only to buyers with substantial down payments. This will greatly lessen your ability to sell your home.
10% of income to capital reserves
A full description of all the changes to the FHA condo guidelines is beyond the scope of this post. But they all must be complied with to maintain your condo's approval. The link below leads to good background on the new FHA condo approval guidelines and how to prove compliance; it's a very detailed review designed for mortgage lenders but does cover all aspects of the approval process:
FHA Condo Approval Guidelines
One of the most problematic of the new requirements is the new requirement that every condominium association must allocate at least 10% of its income to a capital reserve account and have adequate funds budgeted for casualty insurance deductibles.
Many older condominium associations will find themselves struggling to comply with these new budgetary mandates.
Time-consuming amendments to the governing condo association documents may be needed. Condo fees may have to be raised and/or special assessments may be needed to fund the FHA’s capital reserve requirement.
Is your condo community currently approved?
You can use the next link to check whether your condo community is currently on the approved list:
Approved Condo Communities
If you are unsure of the legal name of your condo community, just enter your state and zip code to see the list of all condo communities the FHA has approved in that zip code.
If your condo community meets the new FHA requirements
If your condo community is compliant with the new guidelines but has not yet formally proved this to the FHA, getting onto the new FHA approved list is just a matter of your association’s gathering the supporting facts and applying to the FHA. This is called “HRAP” approval. Beware that approval by the FHA may take months, given recent reports of backlogs.
As an alternative, some mortgage lenders have the authority to handle the approval process themselves as part of their making a purchase money loan for a unit at a condo community. This is called “DELRAP” approval.
If you condo community does not meet the new FHA requirements
The rub comes when a condo community does not comply with the new FHA requirements.
Some unit owners may balk at the increased payments that may be needed to bulk up their association’s capital reserve fund. Many owners could face financial hardship coming up with the funds needed. This could become a real problem at many under-capitalized condominium communities in coming months.
What to do
Condo associations and their unit owners would be wise to take the initiative to find out where they stand in light of the new FHA approval guidelines. Don't wait until problems with attempted refinancings or unit sales crop up.
If you are thinking of buying a condo, by all means check immediately to see if the condo community has already proven compliance with the new FHA guidelines.
If the condo community you want to buy in still has yet to become approved under the new guidelines, ask about the sufficiency of the capital reserves before you commit to the purchase of any unit.
Copyright ©2011 02038.com
[post_title] => New FHA guidelines may hurt condo sales and refinancings
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[post_content] => Mortgage rates are supposed to rise in 2011, according to the general consensus of the finance industry at the start of the year. But here we are more than a quarter of the way through the year and interest rates remain essentially unchanged.
Does anyone really know where rates are headed?
We’ve seen recent predictions of higher mortgage rates turn out dead wrong.
Last year at this time the news media advised us to ‘lock in mortgage loan rates now’ amidst warnings that there was serious ‘trouble ahead’ for housing and the economy when rates rose later on in 2010.
But rates did not go up in 2010; they actually fell instead for most of the second half of the year. And rates do not appear poised for a run-up any time soon in this year either.
So why the discrepancy between interest rate forecasts and reality?
The case for higher rates seems to make sense
The rationale behind the predictions of higher rates makes a lot of sense on paper. Rates have been historically low for a very long time now. The U.S. has borrowed trillions of dollars over the last two years. With announcements today that the economy is doing better and job openings are becoming more plentiful, there should be upward pressure on interest rates.
Yet on the same day that the above upbeat economic data was released, bond yields actually fell. The bond market focused instead on President’s Obama’s announcement of his plan to reduce future Federal borrowing.
There may be forces at work keeping interest rates low that have not yet been recognized by financial experts.
Forecasts just guesses?
That may be part of the reason why so many predictions over the last few years about the future direction of interest rates have proved inaccurate. While the mortgage experts quoted in the news are sincere and mean well with their interest rate projections, we’ve seen again and again that no one really knows for sure what the future holds for rates.
With interest rates having been so low for so long now, they will likely rise at some point in the future. But estimating when and by how much rates will rise remains pure guesswork.
The bottom line for anyone making purchase or investment decisions: don’t base your behavior on the day’s headlines.
Act prudently to take advantages of what opportunities are available to you now. Do what makes financial sense for your future and don’t worry about what you can’t control.
Recent predictions about rates in 2011
Here are some of the better articles I found on where interest rates may be headed in 2011:
http://mortgage-x.com/general/rate_trend.asp
http://fha-interest-rate.com/2011/03/fha-mortgage-rate-predictions-irrelevant/
http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index8-162143-1.aspx
http://www.dailymortgagereport.com/2010/12/housing-mortgage-predictions-2011/
Copyright ©2011 02038.com
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[post_content] => If you’re thinking of buying a home or refinancing your current mortgage, you may have a once in a lifetime opportunity! 30 year fixed rate mortgages have reached shockingly new lows. Mortgage rates are so low now that they may justify your taking on mortgage debt in a strategic move to lock in today’s minuscule rates for years to come.
Short term view of mortgage rates misleading
The recent decline in mortgage rates does not look so dramatic when viewed over the short term:
Rate drop compelling when put in context
But take a longer term view of mortgage rates and you’ll immediate see why today’s rates deserve careful consideration on a strategic level:
From 2003 through 2008, mortgage rates stayed in a narrow range of approximately 5.7% - 6.25%
Towards the end of 2008, mortgage rates began their historic decline as the economy flirted with a catastrophic new depression.
30 year fixed rate mortgages broke decisively below 6% in November 2008 and stood at 5.05% in January 2009. Over a 17% drop in mortgage rates in just two months!
New round of declines
It wasn’t until recently that mortgage rates moved markedly lower. It is this new round of mortgage rate declines that creates the real opportunity available to you today.
According to Freddie Mac, the average rate for a 30 year fixed rate mortgage loan stood at 5.1% in April, 2010. When the two Federal home buyer tax credits expired at the end of April, demand for homes hid the skids and mortgage rates turned lower as well.
The average rate for a 30 year mortgage hit 4.35% last September and now stands today at only 4.19%, another 17% drop in mortgage rates since last April!
First time home buyers
If you are looking at buying your first home, the recent collapse in mortgage rates makes buying a home this fall seem especially compelling. Strategically, now appears to be a golden opportunity for you to buy a home at a ridiculously low mortgage rate.
The mistake to avoid is to assume that mortgage rates will remain low for months to come. They may well do that, but rates do tend to move quickly with new economic data.
There are signs the national economy is getting better. A mortgage rate spike in coming months is not out of the question.
So look at the strategic opportunity to buy a home this fall and get a 30 year mortgage at a previously unheard of low rate.
Home owners with equity
If you currently own a home with appreciable equity, you might want to consider borrowing more on the home.
I know this may sound risky. This is certainly not a move that anyone should take without careful consideration.
But on a very elemental level it makes sense to at least look at increasing your mortgage debt at a time of historically low mortgage interest rates. This seems especially valid if you would use the newly borrowed funds to pay off credit card balances, car loans or other high-rate debts you owe.
Obviously, a financial and tax adviser would be able to help you decide whether this is right for you, but pulling some of equity out of your property at today’s historically low mortgage rates seems attractive if your employment status is stable.
Copyright ©2010 02038.com
[post_title] => Compelling reason to borrow money now?
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[post_content] => Mortgage rates in the US hit historic lows this week as fears of new economic weakness and stubbornly high unemployment drove rates down again. 30-year fixed-rate mortgages averaged a staggeringly low 4.49 percent according to the newest data released Thursday by Freddie Mac.
Lowest mortgage rates in over 50 years
Financial commentators said Friday that you’d have to go back to the 1950s to find comparably low mortgage rates.
Home buying opportunity
Home buyers might want to lock in these absurdly low rates and buy a home during the current round of economic uncertainty.
Buyers generally have more negotiating leverage at times like these when there are increasing worries about the economy.
Glut of high-end home inventory
As a real estate broker, I have been showing homes in the $700,000 - $1,200,000 price range to a relo buyer during the past few weeks.
There’s a glut of inventory in that price range in MA, at least in the middle I-495 region of Massachusetts.
So if you are fortunate enough to be a prospective home buyer in that elevated price range in the Route 495 region of suburban MA, the time to act would appear to be now!
Outlook for mortgage rates
It’s a given that no one can consistently predict the future with any accuracy.
Regarding where interest rates may be headed, the following is a quote from a report released by Freddie Mac on August 11:
"Looking ahead, fixed-rate mortgage rates may edge down further, though we think it unlikely that they would fall far from where they are today. But it is also unlikely that they will rise quickly . . ."
Please contact me to explore some of the home buying opportunities currently available in Massachusetts.
Copyright ©2010 02038.com
[post_title] => Mortgage rates at historic lows - again
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[post_content] => Take a second to Google “Loan Quality Initiative.” I did and found over 365,000 results on this currently hot topic in the real estate profession.
Pay attention to this reform from Fannie Mae
Fannie Mae recently implemented a reform that may cause trouble for home closings across the US.
With so much information and commentary on this topic, I’ll be brief here and provide you with links at the bottom of this post to take you to sites with authoritative content on this if you want to learn more.
And you should want to learn more about Fannie Mae’s Loan Quality Initiative if you’re thinking of buying or selling a home in 2010. (It may be safe to assume - or hope - that the problems being caused by this new Fannie Mae initiative will be resolved in coming months, so by 2011 this controversy will be over.)
New uncertainties after the loan commitment letter
Fannie Mae is now requiring lenders to re-check the financial qualifications of mortgage loan applicants after the mortgage loan commitment is issued and just before the loan closing.
In essence, Fannie Mae is seeking to improve mortgage loan quality and reduce the chances for mortgage defaults.
This new requirement to re-check borrowers’ qualifications just prior to the closing took effect June 1, 2010 and the complaints were almost instantaneous.
Big change from past practice
Mortgage loans are now suddenly falling through due to this Fannie Mae reform even after the mortgage loan commitment is issued.
This is a sea change from past practice – the mortgage loan commitment in the past was a near-ironclad guarantee that the purchase money mortgage loan would close on time.
Trouble for home sellers
Home sellers now apparently can’t assume that the issuance by the lender of the buyer’s loan commitment means their home sales will actually go to closing as scheduled.
There may now be delays in closings, throwing off moving plans.
Even worse, home sales may be entirely lost at the last minute, imperiling a seller’s ability to buy his next home or start his new job as scheduled.
Buyers need to protect earnest money deposits
Home buyers face extra risks in addition to closing delays and deal fall-throughs.
After all, buyers typically place substantial funds into an earnest money escrow account to back up their home purchase obligations.
These funds may be at risk if the loan can’t close as promised in the lender’s loan commitment paperwork.
Buyers may not want to let their mortgage contingency clauses expire without having some additional language written into the real estate contract (Purchase and Sale Agreement in MA).
Such language would protect earnest money deposits in the event the pre-closing loan qualification re-check finds problems that delay or derail the mortgage loan.
Sites with more information
Please click the links below to learn more about the Loan Quality Initiative:
Massachusetts Real Estate Law Blog
SmartMoney.com
BankRate.com
Copyright ©2010 02038.com
[post_title] => Why new Loan Quality Initiative may be trouble for home buyers and sellers
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[post_content] => Mortgage interest rates dropped to near 50 year lows this past week as institutional investors shifted assets from stocks to US Treasuries in the face of worries about continued European financial instability.
If you are looking to buy a home or refinance your existing home loan, this is an excellent time to take advantage of some very favorable rates.
Super-low rates
Last week, the average rate for 30-year fixed mortgages as tracked by Freddie Mac was an astoundingly low 4.79 percent.
This is just a hair higher than the modern era’s all-time low of 4.71 percent reported by Freddie Mac early last December.
Rate decline confounds experts
At the start of 2010, many financial experts were making widely-reported forecasts calling for significant increases in mortgage rate throughout the coming year.
However mortgage rates proceeded to stump the experts by abruptly peaking in early April 2010.
They then fell steadily over the last eight weeks, heading back down to near record lows.
"Whether they move lower or stay where they are, these are great rates," said Frank Nothaft, chief economist for Freddie Mac in a press release accompanying last week’s rate figures. "These are probably the lowest rates in 50 years or pretty close to it."
So if you're thinking of buying or selling a home, there's great news for you in today's very low rates!
Copyright ©2010 02038.com
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[post_content] => Back at the start of the year, there was widespread alarm in the media that mortgage interest rates were poised to rise steeply in early 2010. Despite the dire predictions from many financial experts, rates today remain near record lows.
Don’t rely on the experts for your near-term plans
That goes to show that it’s risky to base your near-term decision-making solely on the forecasts of experts.
There are a lot of smart people working in the world of finance and investing. But as we’ve seen so recently with the world-wide financial crises, they’re only human and people make mistakes.
No one knows for sure what interest rates will do
Here’s just one example of the foreboding interest rate prognostications being made by respected money experts early this year:
And here’s what rates actually have done so far in 2010:
Volatility in a very narrow range
In reality you could say that the alarmist financial prognosticators got it somewhat right: 30 year fixed mortgage rates in the US as tracked by Freddie Mac did rise from roughly 4.9% in February 2010 to about 5.2% in early April.
But a 30 basis point rise is not exactly a steep, devastating jump.
Mortgage rates near record lows
And after that, 30 year mortgage rates fell right back to roughly 4.9%.
So in mid-May we have interest rate status quo so far this year: mortgage rates have jumped around a bit in 2010, but only in a narrow range.
Today, mortgage rates remain at near-record lows . . . right where they were at the start of the year.
No one knows the future
For your long-term investment and financial plans, it's smart to rely on expert advice.
There are wonderful books and plenty of reliable resources on money and investing that will serve you well in the long run.
Just don't listen to the pundits on the morning news and on blog posts who make frightening predictions about the near-term direction of interest rates and the markets. They may mean well, but they're often proved wrong by what really ends up happening!
Copyright ©2010 02038.com
[post_title] => Experts wrong as mortgage rates stay low
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[post_content] => Mortgage rates bounced around in a narrow range during the last four weeks as interest rates in general remained low.
Financial troubles in Greece and Spain take upward pressure off rates
Investor worries about financial instability in Greece, Spain and other European countries helped fuel demand for the perceived safety of US Treasury debt instruments, easing any upwards pressure on short term rates.
30 year fixed rate loans hover around 5 percent
30 year fixed-rate mortgages as tracked by Freddie Mac began the month at an average of 5.01 percent and were essentially unchanged at 5.05 percent as February neared its end.
The average 30 year fixed rate loans reached a four month high of 5.14 percent last December, then trended lower.
BusinessWeek article
BusinessWeek had a good article today on the state of worldwide credit markets as of the end of February.
Copyright ©2010 02038.com
[post_title] => 30 year mortgage rates at 5 percent
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[post_content] => Freddie Mac announced late last week that the average rate for 30 year fixed rate mortgage loans fell to 4.99%, marking the third week in a row that rates declined in the US. As tracked by Freddie Mac, 30 year fixed mortgage rates have fluctuated in a very narrow range since last September, hovering around 5%.
After bottoming at 4.87% back in early October, the average rate for 30 year fixed rate loans hit a high of 5.14% at year’s end. Since then the average has backed down to just below 5%.
Mortgage rates to rise?
The conventional wisdom as of mid-January 2010 seems to be that US interest rates will rise later in the year. The expectation is that the US government will scale back measures designed to keep rates low.
In the prime example of the projected scale-back, the US Federal Reserve will soon be phasing out its emergency program of buying mortgage backed securities. In March 2009, the Fed committed itself to spending nearly $1.25 trillion buying these securities in order to keep mortgage rates low.
This extraordinary market intervention by the Fed is slated to end soon. That is one of the main reasons prompting forecasts of an upward bias in interest rates in 2010.
Contradictory view that interest rates may stay low
But there is no clear consensus that rates are in fact destined to rise.
In fact, some experts point to a likelihood of continued economic weakness and low inflation as the reason rates may stay low in 2010.
Does anyone really know?
A few pronositicators are professing a refreshingly honest lack of any clear idea where rates may be headed in the coming year.
Nassim Nicholas Taleb in his book “The Black Swan” writes about the major role randomness plays in life.
The author cautions against giving much credence to forecasts by experts.
So we'll have to be content with the proverbial "wait and see" stance regarding what mortgage interest rates will do as the economy progresses further into 2010.
Copyright ©2010 02038.com
[post_title] => Mortgage rate outlook for 2010
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[post_content] => Low mortgage rates are causing a spurt in mortgage applications this December. 30 year fixed rate loans averaged 4.81% this week, continuing a year-long run of historically low mortgage interest rates.
Freddie Mac reported on Thursday that the average interest rate for 30 year fixed rate mortgages remained below 5% for the sixth straight week.
Federal Reserve keeps mortgage rates low
One of the reasons behind such consistently low mortgage rates in 2009 is the Fed’s massive purchases of mortgage backed securities this year. Back in March 2009, the Federal Reserve announced that it would buy up to $1.25 trillion in mortgage-backed securities in 2009.
The stated goal behind this market intervention was to support the US housing market by keeping mortgage rates low and increasing the supply of funds available to mortgage lenders.
Mortgage applications rise
Borrowers are acting this December to take advantage of the low rates.
The Mortgage Bankers Association (MBA) maintains a number of mortgage application indexes which measure a variety of mortgage loan application volume. In a press release dated December 9, 2009, the MBA said its Market Composite Index, a measure of mortgage loan application volume, increased 8.5 percent on a seasonally adjusted basis from one week earlier.
Purchase money mortgage loan applications rose 4 percent last week, while refinance applications shot up 11 percent from the prior week, according to the MBA.
Local housing market active
Low mortgage rates are keeping the local real estate market humming this December.
Speaking informally just from my personal experiences as a real estate broker this month, there are quite a lot of buyers actively looking and buying homes in Franklin and surrounding towns despite the Holiday season.
Attendance at open houses has been strong. New listings are selling briskly if the price is attractive.
Quite a nice change from the situation last year at this time when experts were announcing the advent of the next Great Depression!
Copyright ©2009 02038.com
[post_title] => Interest rates near all-time lows, mortgage applications up
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[post_content] => The FHA recently began implementing previously proposed changes to its guidelines governing government-insured mortgage financing for condominiums. Among these new FHA mandates is a requirement that condo associations carry large capital reserves. Many finance experts are predicting that most mortgage lenders will incorporate similar requirements into their own underwriting guidelines, making the new prerequisites almost universal among the majority of non-portfolio lenders in the United States.
Older condo communities across the country may find it difficult to comply with these new capital reserve requirements.
Many condo associations and unit owners appear unaware of the new capital reserve requirements and what failing to comply with them may entail for owners at non-compliant communities. Condo unit owners in non-compliant communities may encounter severe trouble refinancing or selling their units.
FHA insures low-down-payment loans
Among many other functions and services, the FHA offers mortgage insurance for condominium mortgage loans. These insured loans are important to the marketability of many condo communities because they allow buyers to obtain financing with very low down payments.
Condominium communities must be approved by the FHA
The FHA has to “approve” a condominium community before it will insure mortgage loans in that development.
If your condo community is not on the current approved list, the FHA will not insure mortgage loans there until it becomes an approved condo community.
Approvals last for a set time then have to be renewed. The FHA has granted extra time for condo associations to prove compliance with the new guidelines, but the clock is ticking.
So even if your condo community was approved under the old set of rules, it is likely facing the need to confirm its approved status in light of the new guidelines.
If not approved, condos face problems refinancing or selling
If you own a condo unit in a condo community that is not compliant with the new FHA requirements, you may soon have a hard time finding a lender willing to refinance your current mortgage loan unless you have substantial equity.
And when you attempt to sell your condo unit in a non-FHA-compliant condo community, many mortgage lenders may not want to finance the sale of your unit if your buyer lacks at least a 20% down payment. You may be limited to selling your unit only to buyers with substantial down payments. This will greatly lessen your ability to sell your home.
10% of income to capital reserves
A full description of all the changes to the FHA condo guidelines is beyond the scope of this post. But they all must be complied with to maintain your condo's approval. The link below leads to good background on the new FHA condo approval guidelines and how to prove compliance; it's a very detailed review designed for mortgage lenders but does cover all aspects of the approval process:
FHA Condo Approval Guidelines
One of the most problematic of the new requirements is the new requirement that every condominium association must allocate at least 10% of its income to a capital reserve account and have adequate funds budgeted for casualty insurance deductibles.
Many older condominium associations will find themselves struggling to comply with these new budgetary mandates.
Time-consuming amendments to the governing condo association documents may be needed. Condo fees may have to be raised and/or special assessments may be needed to fund the FHA’s capital reserve requirement.
Is your condo community currently approved?
You can use the next link to check whether your condo community is currently on the approved list:
Approved Condo Communities
If you are unsure of the legal name of your condo community, just enter your state and zip code to see the list of all condo communities the FHA has approved in that zip code.
If your condo community meets the new FHA requirements
If your condo community is compliant with the new guidelines but has not yet formally proved this to the FHA, getting onto the new FHA approved list is just a matter of your association’s gathering the supporting facts and applying to the FHA. This is called “HRAP” approval. Beware that approval by the FHA may take months, given recent reports of backlogs.
As an alternative, some mortgage lenders have the authority to handle the approval process themselves as part of their making a purchase money loan for a unit at a condo community. This is called “DELRAP” approval.
If you condo community does not meet the new FHA requirements
The rub comes when a condo community does not comply with the new FHA requirements.
Some unit owners may balk at the increased payments that may be needed to bulk up their association’s capital reserve fund. Many owners could face financial hardship coming up with the funds needed. This could become a real problem at many under-capitalized condominium communities in coming months.
What to do
Condo associations and their unit owners would be wise to take the initiative to find out where they stand in light of the new FHA approval guidelines. Don't wait until problems with attempted refinancings or unit sales crop up.
If you are thinking of buying a condo, by all means check immediately to see if the condo community has already proven compliance with the new FHA guidelines.
If the condo community you want to buy in still has yet to become approved under the new guidelines, ask about the sufficiency of the capital reserves before you commit to the purchase of any unit.
Copyright ©2011 02038.com
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by Warren Reynolds on May 1, 2011
The FHA recently began implementing previously proposed changes to its guidelines governing government-insured mortgage financing for condominiums. Among these new FHA mandates is a requirement that condo associations carry large capital reserves. Many finance experts are predicting that most mortgage lenders will incorporate similar requirements into their own underwriting guidelines, making the new prerequisites almost [...]
Tagged as: Condos, Massachusetts Real Estate
{ 0 comments }
by Warren Reynolds on April 13, 2011
Mortgage rates are supposed to rise in 2011, according to the general consensus of the finance industry at the start of the year. But here we are more than a quarter of the way through the year and interest rates remain essentially unchanged. Does anyone really know where rates are headed? We’ve seen recent predictions [...]
Tagged as: mortgage rates
{ 1 comment }
by Warren Reynolds on October 19, 2010
If you’re thinking of buying a home or refinancing your current mortgage, you may have a once in a lifetime opportunity! 30 year fixed rate mortgages have reached shockingly new lows. Mortgage rates are so low now that they may justify your taking on mortgage debt in a strategic move to lock in today’s minuscule [...]
Tagged as: Home Buyer Tips, Mortgages and Financing
{ 3 comments }
by Warren Reynolds on August 13, 2010
Mortgage rates in the US hit historic lows this week as fears of new economic weakness and stubbornly high unemployment drove rates down again. 30-year fixed-rate mortgages averaged a staggeringly low 4.49 percent according to the newest data released Thursday by Freddie Mac. Lowest mortgage rates in over 50 years Financial commentators said Friday that [...]
Tagged as: Mortgages and Financing
{ 0 comments }
by Warren Reynolds on June 26, 2010
Take a second to Google “Loan Quality Initiative.” I did and found over 365,000 results on this currently hot topic in the real estate profession. Pay attention to this reform from Fannie Mae Fannie Mae recently implemented a reform that may cause trouble for home closings across the US. With so much information and commentary [...]
Tagged as: Home Buyers, Home Seller Advice, Mortgages and Financing
{ 0 comments }
by Warren Reynolds on June 13, 2010
Mortgage interest rates dropped to near 50 year lows this past week as institutional investors shifted assets from stocks to US Treasuries in the face of worries about continued European financial instability. If you are looking to buy a home or refinance your existing home loan, this is an excellent time to take advantage of [...]
Tagged as: Mortgages and Financing
{ 0 comments }
by Warren Reynolds on May 15, 2010
Back at the start of the year, there was widespread alarm in the media that mortgage interest rates were poised to rise steeply in early 2010. Despite the dire predictions from many financial experts, rates today remain near record lows. Don’t rely on the experts for your near-term plans That goes to show that it’s [...]
Tagged as: Interest Rates, Mortgages and Financing, Real Estate Investment
{ 0 comments }
by Warren Reynolds on February 26, 2010
Mortgage rates bounced around in a narrow range during the last four weeks as interest rates in general remained low. Financial troubles in Greece and Spain take upward pressure off rates Investor worries about financial instability in Greece, Spain and other European countries helped fuel demand for the perceived safety of US Treasury debt instruments, [...]
{ 0 comments }
by Warren Reynolds on January 25, 2010
Freddie Mac announced late last week that the average rate for 30 year fixed rate mortgage loans fell to 4.99%, marking the third week in a row that rates declined in the US. As tracked by Freddie Mac, 30 year fixed mortgage rates have fluctuated in a very narrow range since last September, hovering around 5%. [...]
Tagged as: Mortgages and Financing
{ 0 comments }
by Warren Reynolds on December 13, 2009
Low mortgage rates are causing a spurt in mortgage applications this December. 30 year fixed rate loans averaged 4.81% this week, continuing a year-long run of historically low mortgage interest rates. Freddie Mac reported on Thursday that the average interest rate for 30 year fixed rate mortgages remained below 5% for the sixth straight week. [...]
Tagged as: Mortgages and Financing
{ 0 comments }
Warren Reynolds, Esq, GRI, e-PRO
Tel: 508.613.2889 | Contact
Century 21 Commonwealth
9 Main Street
Franklin, MA 02038
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