Archive for the Mortgage Refinance Category

Average 30-Year Fixed Home Mortgage Rates Since 1983! Need I Say More?

April23
George Strait - "Need I Say More?" Need I say more?  Just in case you need some inspiration, here is the average Fannie Mae/Freddie Mac mortgage rate since 1983, the average FHA mortgage rates since 1993 and the 200-yr look back at mortgage rates.  VERY INTERESTING! [nggallery id=43]… Read More

More Details on FHA Mortgage Finance Changes! What it Will Mean to the Buyer!!

February13
"Say it Ain't So" - Weezer   I wrote last week warning of upcoming changes in FHA financing. The 3.5% down payment on FHA loans could be more expensive for buyers than expected. when considering financing options, the savvy buyer must consider the down-payment required, the interest rate and the closing costs to get a full picture of what the loan will cost!! Beginning April 1, 2013, the mortgage insurance premium (MIP) will go up by .1% to 1.35% which may not even be noticeable to most would-be homeowners.  The staggering increase will occur on 6/3/2013 when FHA's policy on the … Read More

The “Appraisal Conundrum”!!

July19
"Ball of Confusion" - The Temptations   The appraisal process is an integral part of the mortgage lending process, whether it be refinances or purchases!  Your lender will insist on an independent appraisal to confirm value.  Remember, despite the fact that you, the buyer or refinancer, actually pay for the appraisal.  It is a lender requirement and is for the benefit of the lender!  The lender has more "money in the game" than you do and wants verification that they are in a safe position as to value.  This process has gotten more stringent since the real estate market collaps… Read More

Housing Affordability Could Be at the Best Levels We Might See in Our Lifetime???

April12
"Money's Too Tight to Mention" - Simply Red The Housing Affordability Index was developed over thirty years ago to help consumers determine when it is a good time to buy a home. It's considered advantageous to the buyer when the index is over 100 because a median income family can qualify for a median price home. Recent figures released by the National Association of REALTORS' economic department show that the 2011 index of 184.5 is the highest annual average since it has been calculated. The most recent month released, December 2011, was 194.9. The index is also broken down into four … Read More
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