Archive for January, 2008
How the Fed Rate Cut Affects Mortgages
Will the Fed Rate Cut Change Mortgage rates?
Diana Olick from CNBC wrote an interesting article about this. Here’s the highlights:
- The 30 Year Fixed mortgage rate is NOT tied to short-term treasuries.
- Today’s cut will affect short term ARMS, but not by much.
- This rate cut will not stop the foreclosures that are about to happen.
Diana made a couple statements in addition to these facts, one I agree with and one that is just false. Read the rest of this entry »
Jumbo Mortgage Refinance… DO IT NOW!
If you have a jumbo mortgage loan, now may be the best time to refinance.
Here is an example:
Current Mortgage
$900,000 @ 6.5% with P&I Payment of $5688 a month.New Mortgage
$900,000 @ 5.5% with I/O Payment of $4125 a month.That is a difference of $1,563 a month - almost $20,000 a year!
The average mortgage loan has a life of 4.5 years. With this example, in just 4.5 years, the savings could easily surpass $80,000!
Is Your Home For Sale by Owner?
Attention Home Owners Looking to Sell by Owner:
The Carolina Mortgage Connection has created a system just for you! With the launch of FreeByOwnerSites.com, we are offering help in marketing your home for sale. While we totally believe in working with the right real estate agent to help you market and sell your home, there are still a number of home owners that want to attempt selling by owner. To help in those efforts without all the added expenses, we have put together a FREE for sale by owner marketing system.
PMI IAN
PMI In a Nutshell (IAN)
Ok. So the headline was designed to get your attention. After all, PMI (private mortgage insurance) isn’t the sexiest of topics. But it is a critical part of the mortgage process today. For most people, private mortgage insurance is the only way they will be able to buy a home or refinance their existing mortgage! So with something so critical to this process, maybe we should discuss it a bit, don’t you think?
Mortgage Applications Should be Secure
As a mortgage professional in Charlotte, I go out of my way to take care of my clients. When it comes to their security and their privacy, I leave nothing to chance. So when I recently visited a local Realtor’s website and looked around their website, I was shocked at what I found.
Read the rest of this entry »
100% Financing has new Requirements
According to a Countrywide bulletin this morning, the private mortgage insurance companies have raised the bar for 100% mortgage loans in Charlotte and the entire country. Now to qualify for a conforming conventional mortgage loan, you will need to have Read the rest of this entry »
Underwriting Changes at Chase
Chase, one of the leader wholesale lenders, has announced some big changes and modifications to their product line up. Read the rest of this entry »
The Chicken and the Pig
A chicken and a pig were walking down the road. Soon they were both very hungry. In discussing what they should eat, the chicken came up with a solution. “Let’s eat eggs and bacon. We have all we need right here!” The pig was not so excited with this suggestion. “For you, it’s a simple donation,” said the pig. “For me, it means total commitment!”
So what has that to do with mortages or real estate? Read the rest of this entry »
Shopping Spree could Stop your Home Purchase
Wow. You are almost there! You have been pre-approved for a mortgage and located just the right house. Your offer to purchase was accepted after some further negotiations over the house’s price.
You submitted your offer to purchase to your mortgage lender and all the income documents he requested. The home inspection went well and the home appraisal came in over what you offered!
The lender has submitted your loan to underwriting and you are simply waiting for final approval so you can close on your home… your dream is almost real!
Only a few more things to do before closing… Read the rest of this entry »
Can you say KARMA? [kahr-muh]
‘Hello? Is YOUR listing agent there?!’ Not returning phone calls is one of my BIGGEST pet-peeves! Scott Daniels’ Active Rain post on yet, another slack agent, prompted me to share this recent ’happening.’ Read the rest of this entry »