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[mortgageguy]

I just wanted to shoot out on update this time with actual mortgage rates.  I typically do not do this since I never want to advertise a rate that I can not deliver but I needed to show just how low these rates are!  I will list current rates with the huge disclaimer that since every loan is different (loan amount, credit score, loan to value, if you escrow or pay taxes on your own, etc...) that these rates will not apply to everyone.  I just wish more people would take the chance to refinance and save money.  As always...let me know how I can help!!!

Conventional 30 Year fixed 4.500%
*as of 7/7/10 and subject to change without notice.  Call for specific qualifying details

Conventional 15 Year fixed 4.000%
*as of 7/7/10 and subject to change without notice.  Call for specific qualifying details

FHA and VA 30 Year fixed 4.500%
*as of 7/7/10 and subject to change without notice.  Call for specific qualifying details

[mortgageguy]

Mortgage rates are still holding steady.  The past few days were a little shaky but I am hoping that things will stay at these current levels for a while and give people a chance to refinance!

If there is anything I can do for you please do not hesitate to reach out!  I am here to help!!!

[mortgageguy]

Mortgage rates...still Awesome!!!

Hope everyone is doing well!!!

[mortgageguy]

I wanted to re-post the links for the Fannie and Freddie relief programs that exist and have been helping people with negative equity still refinance and save money!

For Fannie loan holders your loan would have needed to be delivered to Fannie Mae no later then March 1, 2009.

For Freddie loan holders your loan would have needed to have closed by May 31, 2009.

***For more details...just shoot me a message with a question***

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

Also FHA has their streamline program which now does verify income but has the option to refinance your FHA loan to FHA without an appraisal.

VA's streamline program also allows you to omit the appraisal (with credit scores of 640 and above) for VA to VA refinances.

Overall rates are still at historic lows and this is the best time to refinance if you are able.

Let me know what I can do to help and have a great day!!!

[CrazyWheaten]

I'm really ticked off that I don't fit into ANY of those categories!!!  NOT FAIR! 

[mortgageguy]

Crazy:  I 250% agree with you and I am personally upset at some of these bogus rules they have in place.  The people that have a job, have good credit and pay their bills can not refinance.  I am hoping that with the soon to come douple dip in this little recession of ours that they loosen things up so more people can qualify. 

I can promise that as soon as things loosen up I will post something right away and maybe even scream it from my rooftop too!   

[mortgageguy]

Mortgage rates have held steady over the past week even though the volatilty remains and this could turn on a dime so we have to be very careful.

Hopefully everything is going well...and let me know what I can do to help!

Thanks and have a great weekend!

[mortgageguy]

VA Update!!!!!!

On Friday I will have a new lender available to me which will not require a certain credit score to qualify for a VA loan.  This is bigger then big since many vets have not been able to refinance due to the new and much higher credit score requirements imposed by lenders.  If you know anyone who might be able to benefit from this have them call me right away.  When lenders choose to remove a program like this they typically do not give us much notice.

Thanks and hope everyone is doing well!

[TomPopo]

We all need our homes to be appraised higher.  These builders giving away these homes isn't helping anyone!

[mortgageguy]

Yes I do agree!!!

[mortgageguy]

This week is going to be quite busy with economic reports, treasury auctions, and the Fed meeting and announcement.  The Fed is not going to change rates but the focus will be on the wording of their announcement and what they plan to do to help get the economy moving!

Rates remain at all time lows as of this morning.

If there is anything that I can do...just let me know.  Have a great day!!!

[mortgageguy]

Big changes are on the horizon for FHA loans.  

FHA is proposing lowering the upfront MIP (amount financed on top of the loan) BUT...they would significantly raise the amount that they charge on a monthly basis for mortgage insurance.  This could effect all FHA clients right now that are trying to take full advantage of the historically low rates!

Nothing has been officially released yet but the writing is on the wall.

If you currently have an FHA loan now where your rate is at 5% or higher...I urge you to call me right away and see what we can do on a refinance.  Once this change goes into effect, it will eliminate the benefit of lowering your rate due to the higher mortgage insurance.

Thanks and have a great night!!!!!

[mortgageguy]

Hello...I hope all is well on the home front.

Just a quick "pop in" to let you know that mortgage rates continue to sit at all time lows right now. 

Please do not hesitate to inquire if you need any assistance with a refinance, purchase, or just have general mortgage questions!

Have a great day!!!

[mortgageguy]

I know that i might have hinted at this in the past but FHA did release a memo that states they will be lowering the amount of upfront insurance that is charged to the borrower...BUT...they are going to drastically increase the amount of the monthly (currently from .55 to .90) which will nearly double the amount of monthly PMI that is charged.  I have been doing mortgages for a long time and I think this is one of the worst things that FHA has proposed!

Otherwise interest rates remain at all time lows.  Tomorrow we will get the August jobs data which is estimated to show a loss of about 120K jobs.  If the actual numbers are lower then this we will see a happy stock market and rates will likely rise up a bit.  If the numbers come in much higher then we could see a stock market sell off and rates could improve.  Many of the market guru's are thinking that they pumped up the 120K so that they could get a slightly lower number and make it appear as things are getting better.  The report comes out at 7:30AM CT tomorrow.

Hopefully everyone is doing well, and if there is anything I can do to help...just let me know.

Have a great rest of the day and weekend!

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