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Mortgage Update 
There are currently 4 blog entries related to this category.
WHAT HAPPENS IF MY ARM IS ADJUSTING?
Wednesday, February 24th, 2010 at 1:14pm. 103 Views, 0 Comments.
Will Dukes, from Summit Mortgage an affiliate of Downing-Frye Realty, Inc., just put out an interesting article dealing with the ARMs (Adjustible Rate Mortgages) that are ready to adjust. An adjustable rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices.
For those who have an ARM, it is worth the read.
The 5/1 ARM that my wife and I took out in May of 2005 is now getting ready to adjust according to the terms of the loan. Sound familiar??? Don’t panic yet!
Like a lot of folks, the original equity we put into our home at closing is temporarily depleted leaving us with slightly less than enough to allow a refinance into a 30 year fixed without mortgage insurance. Our alternatives are to…
HUGE SPREAD BETWEEN 15-YEAR AND 30-YEAR FIXED RATE MORTGAGES.
Saturday, February 13th, 2010 at 8:26am. 59 Views, 0 Comments.
Will Dukes from Summit Mortgage at Downing-Frye Realty, Inc. wrote a recent article about the spread between the 15-year and 30-year fixed rate mortgages and I found his comments quite interesting.
Will basicallty stated that it may well be time to consider a 15-year fixed rate mortgage because the relative discount for reducing the repayment period compared to a 30-year fixed rate mortgage is enormous. Investors are now giving the borrowers a big advantage if they are willing to lock in to a shorter period of time. The discount can run between 1/2 to 3/4 of a point, which again is quite significant. Spreads like this have not been seen since 2004.
One of the keys is not to formulate a strategy until you are absolutely ready to purchase a home because the…
MORTGAGE RATES DROP TO RECORD LOWS LAST THURSDAY
Sunday, December 6th, 2009 at 10:58am. 106 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. 479 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…
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- February 24th, 2010 1:14pmWHAT HAPPENS IF MY ARM IS ADJUSTING?
- Will Dukes, from Summit Mortgage an affiliate of Downing-Frye Realty, Inc., just put out an interesting article dealing with the ARMs (Adjustib...Read More
- February 22nd, 2010 9:29amCHINESE DRYWALL HAS BECOME A MAJOR ISSUE
- Chinese drywall issues have become a real concern in homes and condominiums that were built or remodeled between 2001 and 2008 all around the country. The sou...Read More
