-->
Jan
22
Posted by federal way undressed
I had to pass on this information I read from Issaquahundressed.com. I think it will give some of us a little education and maybe some hope for whatever your situation is.
“Recently I received a comment implying one had to put 20% down to obtain a mortgage now. That is incorrect. O down programs are still availabe and FHA 3% down is important.
Mark Clawson who is licensed with our company in Washington and has run from the rain to Nevada writes on Las Vegas Undressed about a Fannie-Mae 100% program.
Here he describes detail to MyCommunityMortgage.
There are a lot of common sense programs if you can prove your income and have decent credit.”
Thank you Larry.
-->
Jul
06
Posted by Debbie Leavitt
Where are Mortgage Rates Going?
We have all heard it on the news. There have been some major changes in the mortgage industry with the Sub Prime market falling out a few months ago. Interest rates have hedged up for the last several weeks with a slight decrease recently. The national average rate on a 30 year fixed mortgage is 6.3% and 6.0% on a 15 year term. These are still very good rates! What to do? Is this a good time to buy? Or Refinance. Even with the fluctuation in the market it is still a great time to buy. The bottom line is there more homes to choose from which puts buyers at an advantage. When choosing your mortgage and what works best for you, be sure to choose a mortgage professional that has YOUR best interest in mind that can help you navigate through the variety of loan products out there. Choose a professional that is more referral and relationship based rather than being transactional based. In other words make sure they do a great job for you that you would feel comfortable referring your friends and family to them. I met with two brothers recently both with excellent credit. The asked me what is the best program for them. That’s a great question! A good mortgage professional will interview you to determine what your goals are and make product recommendations that fit your scenario. I have met with many prospects who have relied on their mortgage professional to give them great advice, only to find that they did not thoroughly explain how their mortgage works and did not listen to what their clients were needing them to do for them. One common scenario is Adjustable Rate Mortgages that was not thoroughly explained to them, having a 2 year ARM mortgage with a 3 year prepayment penalty. Yikes!! If you are in an adjustable rate mortgage look over your NOTE and any Riders. The industry as a whole is correcting itself back to a normal market. Now is the time to buy!!
Rates below provided by Bankrate.com
NationNational Mortgage Rates
National Mortgage Rates
Overnight Averages
Rates may include points
30 yr fixed mtg 6.30%
15 yr fixed mtg 6.00%
5/1 jumbo ARM 6.13%
This article is provided to you by Ben Comilang.
