January 25th, 2008 . by Mike Kelly
Rates as of 1/25/08
What a rollercoaster week! On Wednesday morning, I found a rate of 5.125% for a 30 year fixed loan! By lunch time it was in the mid 5’s and by then end of the day it was 6%. The markets are having quite a ride with all the uncertainty with the economy. And this rollercoaster ride with rates is a direct reflection of that. And now we have a stimulus package announced – one really great part of that is the increase for the conforming limits. It isn’t clear as to what they will be increased to, but it is quite possible that a $600,000 home, and maybe more, will meet the conforming limit, at least for a year. And with a 1% or more difference between Jumbo and conforming rates, we could sure use all the help we can get! The increase probably won’t be in effect until February/March.
Today’s rates quoted are a small sample of current rates – all quoted without points- call me about rates with point(s), different loan products and requirements! (707) 284-2718
Conforming fully amortized interest only
30 year fixed 5.625% 5.875% Read the rest of this entry »
Posted in Miscellaneous, Interest Rate Update | Please post a response »
January 22nd, 2008 . by Mike Kelly
Federal Reserve’s Rate Cut Good for Some Home-Loan Borrowers, Bad for Savers
January 22, 2008: 04:36 PM EST
NEW YORK (Associated Press) - The Federal Reserve’s three-quarter percentage point cut in a key interest rate Tuesday was designed to make consumer and corporate borrowing cheaper and thereby kick-start the economy, which many fear is spiraling into a recession.
Here are some basic questions and answers about the impact of the Fed’s action:
Q. Will adjustable-rate mortgages become more affordable?
A. The rate cut is good news for consumers with so-called ARMs scheduled to reset soon. ARMs, which typically adjust to market rates every 6 to 12 months after an introductory term, are often pegged to short-term rates such as 1-year Treasury bills or the London interbank offered rate, a global benchmark set in Britain. Those short-term rates track the Fed’s key interest rate and already have fallen over the past month in anticipation of a rate cut.
Q. Is this a good time to refinance a home loan?
A. Experts say it is, especially for borrowers with ARMs and good credit who don’t plan to move anytime soon. Even before Tuesday’s Fed action, rates on 30-year mortgages had fallen to the lowest level since the summer of 2005. There’s no guarantee, though, that mortgage rates will keep falling as the Fed cuts short-term rates. Read the rest of this entry »
Posted in Sonoma County Real Estate Interest Rates, Interest Rate Update | Please post a response »
January 22nd, 2008 . by Mike Kelly
Look how low this rates are . . . . . now is the time.
No aprs calculated , 80% ltv purchase ,700 ficos ,30 day locks on the rates , full or stated documents
Phone: 707-521-4406
Pete Phillippe Cell 707-481-2737 Read the rest of this entry »
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January 22nd, 2008 . by Mike Kelly
Look how low this rates are . . . . . now is the time.
No aprs calculated , 80% ltv purchase ,700 ficos ,30 day locks on the rates , full or stated documents
Phone: 707-521-4406
Pete Phillippe Cell 707-481-2737 Read the rest of this entry »
Posted in Interest Rate Update | Please post a response »
January 20th, 2008 . by Mike Kelly
Information on non-conventional loans
The “HOPE Hotline” (1-888-995-HOPE or www.995HOPE.org), which provides free mortgage counseling 24 hours a day, seven days a week.
A website with helpful information for prospective homebuyers, as well as homeowners who are experiencing difficulty in keeping payments current: www.yourhome.ca.gov and the Spanish language version: www.sucasa.ca.gov.
Posted in Miscellaneous, Community Alerts! | Please post a response »
January 19th, 2008 . by Mike Kelly
Last year 1200 California homebuyers took advantage of the CalVet Loan offered by the California Department of Veterans Affairs and with a correcting value marketplace and interest rates starting at 5.45% they are once again gaining popularity for Vets.
http://www.cdva.ca.gov/calvetloans/ Read the rest of this entry »
Posted in Sonoma County Real Estate Interest Rates, Statewide Issues | Please post a response »
January 18th, 2008 . by Mike Kelly
Rates as of 1/18/08 Today’s rates quoted are a small sample of current rates – all quoted without points- call me about rates with point(s), different loan products and requirements! (707) 284-2718
Conforming fully amortized interest only
30 year fixed 5.625% 5.875%
More rates plus Jumbo and Adjustables on the rest of the post!
Read the rest of this entry »
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January 18th, 2008 . by JoetheSportsGuy
That praying you might be hearing from FOX Headquarters is that if anything happens this Sunday…New England can’t lose. With all the records on the field New England is shattering this season…one of the records off the field is TV Ratings. Read the rest of this entry »
Posted in Miscellaneous, Pro-FootBall | Please post a response »
January 17th, 2008 . by Mike Kelly
Homeowners, first off, you are NOT ALONE! Don’t feel guilt over this predicament. If you are now in defaults with a first AND a second note on the subject property or just a first–do not delay–call your lender NOW! Better yet, call your Realtor who sold you the property and then call the mortgage broker/lender who originated the loan for you; misery loves company!
Read the rest of this entry »
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January 17th, 2008 . by Mike Kelly
Many of you are facing the possibility of foreclosure. Find below links to answer many of your questions with links to articles and tips for homeowners facing financial difficulties.
1. “How To Avoid Foreclosure” by the U.S. Department of Housing and Urban Development (HUD): http://www.hud.gov/offices/adm/hudclips/forms/files/pa426h.pdf Yes, I know these are long but they get you right to the information you need rather than going through the whole site.
2. “Tips for Avoiding Foreclosure” also by HUD: http://www.hud.gov/foreclosure/index.cfm
3. “List of Approved Credit Counseling Agencies” by the U.S. Department of Justice: http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm
4. “You Can Avoid Foreclosure and Keep Your Home” by FHA : http://www.fha.gov/foreclosure/index.cfm
5. “Mortgage Payments Sending You Reeling? Here’s What to Do” by the federal trade commission: http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm
6. “Questions and Answers on Home Foreclosure and Debt Cancellation” by the IRS: http://www.irs.gov/newsroom/article/o,,id=174034,00.html
Posted in Statewide Issues, Tales from the Trenches, Short Sales | 1 Comment »
