57°F, Fair
Mortgage Update 
There are currently 2 blog entries related to this category.
MORTGAGE RATES DROP TO RECORD LOWS LAST THURSDAY
Sunday, December 6th, 2009 at 10:58am. 84 Views, 0 Comments.
Freddy Mac published rates for a 30-year fixed rate mortgage on Thursday and those rates dropped to a record low of 4.71 percent fueled by a very aggressive government campaign to reduce the cost of borrowing money. The record low is since tracking began back in the early 70s.
The interesting thing is to see what happens this coming Spring when the money that the Federal Reserve has been pumping into securities that are mortgage backed runs out. That figure stands at $1.25 trillion and the whole goal is to help make the homebuying experience more affordable, while propping up the housing market.
One might suggest that if you are in the market for a home and will be financing, you might not want to wait too long because the rates will not be staying at these…
IT'S A WHOLE NEW WORLD OUT THERE!
Wednesday, February 25th, 2009 at 9:03pm. 462 Views, 0 Comments.
With the tightening of the credit markets and all the added restrictions, it can be a nightmare applying for mortgage refinancing or even for a new mortgage. Like a good scout, you had better be prepared, or you are going to to get totally frustrated and come up empty. There are some things that you will need to pay close attention to.
1. Before making application, get rid of as much debt as you possible. A poor debt-to-income ratio will kill the deal before you even get started. Make sure that your debt falls below 43% of your total gross income.
2. Your credit score will be critical. Using the 850-point FICO rating scale, a score of 750 and above will garner the best rates. As you go lower, percentages will be added to the rate. For example, if you have a…
Sign Up for Our Newsletter
Sign up to recieve monthly updates about the Naples Real Estate Market and Hot New Listings.
Blog Navigation
Blogroll
Archives
Recent Blog Posts
- January 8th, 2010 6:33pmTHE EXPANDED HOMEBUYER TAX CREDIT
- The Homebuyer Tax Credit has created a lot of buzz since becomming law and now the extended or Expanded Tax Credit could help to cure the winter blues for man...Read More
- January 7th, 2010 6:52pmSALES CONTINUE TO SURGE
- The Fall sales Market Data Report showed a surge in sales from the same period one year ago that is continuing as we begin to get into 'high season'. Overall...Read More
