Posts Tagged rates
WHAT IS HAPPENING TO THE RATES??
Posted by linda in Mortgage Updates on June 5th, 2009
You are noticing rates going up and up. The reason for all of this is that we continue to have bad news added to our already bad news on the economy. There is some disagreement between the leading economists as to whether the economy is recovering or not. Stay tuned to the market to see what happens. I wish I had a crystal ball!!! But….what makes sense is that the Real Estate industry and market is very important to the recovery of our economy. If rates continue to increase, there will be less activity therefore the recovery will not take place as quickly as expected. We are hoping for the rates to go back down for a bit so borrowers can take advantage of programs that The President has put in place to refinance and purchase the properties that have gone to foreclosure. If the rates continue many people will not refinance or qualify for a purchase. I will keep you posted… Stay tuned. Please add your comments.
Posted by linda in Mortgage Updates on May 29th, 2009
Hello All,
I am sure you have been hearing a lot of comments on the news and reading a lot about MORE changes in the mortgage industry! What does this mean to you? It means a number of things.
1st- For those who have lost value in your property and owe more on your mortgages than the value of your home, you may have an opportunity to refinance your current loan. It is called“Refi Plus Program”. This program is as a result of the Obama Administrations plan to help homeowners. There are guidelines to these products and not everyone will qualify. Please contact me and I will advise you as to your qualification or options that you may have. Please know that there are a lot of people out there promising a lot of things. Please be skeptical. If the lender is worth anything they will answer all of your concerns and help you to understand with out asking for anything in return. Anyone asking for money up front is a scam! Be careful and be wise.
2nd- The loan limit for High Balance loans has risen to $725,500. Up from $625,500. This is a good thing and the rates have seemed to stay the same as with the lower value.
3rd_ There is a new guideline that we all have to live with and that is that all appraisals are now ordered through the bank or lender. What does this mean???? It means that I order the the appraisal from the bank we choose to work with, you pay for it upfront to the bank and we don’t know what the value will be until we get it from the bank. These appraisals are taking a bit longer to get done now so I am advising my clients that we get the appraisals ordered and in before we lock our rate so we don’t lose a rate because an appraisal took too long.
Last- Rates have been very unstable this week and we believe they will stay that way next week. My advice for the next week or so is to sit tight and lock the rate if you like it but don’t wait too long.
Thanks for reading my blog and I appreciate your comments or questions. Know that I am hear for you.
After all, I am the Lender with YOUR best interest in mind.
Linda