New mortgage applications are up 3.4% from last week. Refinance applications are up 9% from last week. It seems home owners and home buyers are taking advantage of record low mortgage rates.
However, many people seeking a mortgage are still having difficulty obtaining financing. Tight guidelines are preventing many people from benefiting from these record low rates.
Unfortunately, the people who need these these lower rates are not always able to obtain these rates.
Wednesday, July 21, 2010
Monday, July 12, 2010
Refinance Applications Jump
Refinance applications jump 6.7%. With refinance rates near an all time low many home owners are taking advantage of these low rates. Expect refinance applications to continue with a strong pace if mortgage rates remain low.
Thursday, July 8, 2010
30 Year Mortgage Rates Drop to 4.57%
It's time to refinance. The average 30 year mortgage rate is at a record low. Rates dropped to 4.57%. Homeowners should look at their numbers to see if their is an opporunity to save.
Friday, July 2, 2010
Mortgage Rates Hit Record Low!!!
This week the average rate for a 30 year mortgage dropped to 4.58%. This beat the previous record which was 4.69%.
Even with this low rates many consumers can't take advantage of these unprecedented rates. Tighter lending guide lines and declining home equity have made it difficult for many borrower to refinance or obtain a new mortgage.
If you are able to qualify you may want to take advantage of this phenomenon. It's very unlikely we will continue to stay at these low rates and see these rates again for a very long time.
Even with this low rates many consumers can't take advantage of these unprecedented rates. Tighter lending guide lines and declining home equity have made it difficult for many borrower to refinance or obtain a new mortgage.
If you are able to qualify you may want to take advantage of this phenomenon. It's very unlikely we will continue to stay at these low rates and see these rates again for a very long time.
Thursday, May 27, 2010
Today's Mortgage Rates
Rates are almost at an all time low. If you need to refinance this may be a great opportunity for you. Todays rates are very attractive. The average 30-year fixed-rate hit 4.78 percent this week, which was the lowest this year. It was just above the record of 4.71 percent set in December.
15-year loans are at their lowest rates in two decades. Borrowers thinking about refinancing should calculate their savings versus the cost of the transaction. Prospective home buyers can save thousands in financing charges over the life time of the loan by taking advantage of the rates. You may want to contact your mortgage professional to look at your numbers and see what you qualify for.
15-year loans are at their lowest rates in two decades. Borrowers thinking about refinancing should calculate their savings versus the cost of the transaction. Prospective home buyers can save thousands in financing charges over the life time of the loan by taking advantage of the rates. You may want to contact your mortgage professional to look at your numbers and see what you qualify for.
Monday, May 17, 2010
When to Refinance - The New Paradigm
In the past many it was common place for borrowers to refinance if they were able to obtain a new interest rate at least 1 point below their present rate. However, with rates at all time lows many people are recommending to refinance if your able to obtain a rate of at least .5 lower than your present mortgage. This has become the new paradigm because rates are so low that a small change is a greater percent of the mortgage.
To check your refinance rates, you can contact some of the mortgage companies below:
Pennsylvania Mortgage Quote
Native American Mortgage Quote
To check your refinance rates, you can contact some of the mortgage companies below:
North Carolina Mortgage QuoteGeorgia Mortgage QuoteFlorida Mortgage Quote Texas Mortgage Quote Oklahoma Mortgage Quote Florida Mortgage QuoteNew York Mortgage QuoteSt. Petersburg Mortgage QuotePennsylvania Mortgage Quote
Native American Mortgage Quote
Saturday, May 15, 2010
Can't Refinance Due to Low Appraisal
Many borrowers are having difficulty refinancing in today’s economic climate. One issue plaguing borrowers trying to refinance are low appraisals. One way to help prevent a low appraisal is to be proactive.
Prior to the appraisal being complete, provide additional information that could help the appraiser with their valuation. You are going to be more familiar with the area than the appraiser. Let your appraiser know if a low sale occurred due to a high pressure reason, such as a divorce. Also let them know of any foreclosures or short sales that may of occurred as well.
You also may want to request that a lender use a appraiser located in the same geographic area that is more familiar with the location. Keep in mind that the lender isn't obligated to use an appraiser from your area.
Be courteous to the appraiser. Although, the appraiser shouldn't be swayed by nice clients they are only human. Offer your appraiser a refreshment such a glass of lemonade. If they’re in a good mood they may give you the benefit of doubt when able to.
Prior to the appraisal being complete, provide additional information that could help the appraiser with their valuation. You are going to be more familiar with the area than the appraiser. Let your appraiser know if a low sale occurred due to a high pressure reason, such as a divorce. Also let them know of any foreclosures or short sales that may of occurred as well.
You also may want to request that a lender use a appraiser located in the same geographic area that is more familiar with the location. Keep in mind that the lender isn't obligated to use an appraiser from your area.
Be courteous to the appraiser. Although, the appraiser shouldn't be swayed by nice clients they are only human. Offer your appraiser a refreshment such a glass of lemonade. If they’re in a good mood they may give you the benefit of doubt when able to.
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