Is Time On Your Side?

As the old song goes Time is on the Borrowers side with the big changes in the Real Estate market. There is a huge amount of homes on the market in many area causing it to become a buyers market again. Make a offer and do not be surprised if it is accepted with all the competition out there. Rates are still very low and if you can save thousands of dollars on that new home it will help keep that payment down. If you have good credit and 5% to put down do not take a higher rate than shown here. You may even be able to work .125% lower if your loan amount is large. Do not pay high fees. The Mortgage business and the Real estate business are tied directly together. Keep your credit scores up and remember right now:"Time is On Your Side!" www.rateinformer.com

Is there DANGER in the Mortgage Waters Ahead ?

There are a few sharks swimming in the Mortgage waters. According to researchers here are some figures: 50% of all mortgages are now 3 Years old or less. 50% of all mortgages in 2004-2005 were Arms. 43% of the Mortgages were with NO MONEY DOWN ! 10 Trillion Dollars worth of Mortgages were done in 2002-2004. What this mean to you as a borrower or home owner is there is trouble ahead for many borrowers. As the housing market cools down and prices stop jumping up in double digits and go back to normal (3-4% per year) many borrowers will be facing problems when their Arms adjust after 3-5 Years. It could be harder to refi if there is not as much equity built up and you run into any financial problems. Some are starting to come due now with a 2% jump on Interest Rates. We are also starting to see more Mortgage Fraud in the Industry. We still advise getting your credit score up and saving for at least a 5% down payment. Have you been working on those credit scores? If you are working on your credit you need to stay on top of it by checking it at My Fico.Com or Equifax. It can make your future a lot more trouble free. www.rateinformer.com

Is everyone a Real Estate Guru?

A few years back it seemed as if everyone was a stock market genius. You could do no wrong or make no bad investment. All you had to do is count your money. THEN the big stock market bomb hit. It now appears to be much the same except for substituting the name to Real Estate. Many people now have more real estate than cars! It is being touted as a sure win deal. The reality is it can and will damage the financial affairs of a lot of borrowers when given enough time. Prices can only go up as fast as they have for a period of time. Then the law of supply and demand come into play. Many of the home purchases have been only for investor use not to live in. When these homes come on the market for REAL borrowers it saturates the housing market as is being seen in many areas of the country right now. A sure sign of problems is when everyone else is doing the same thing in regards to investments. Be careful, be smart and beware of the real estate problems coming up on the horizon. If you are looking for a home to live in the saturation of listings coming on the market in areas will be to your benefit. Keep your credit scores up and save for at least a 5% down payment and it will work out good for you. We love the program at Emigrant Direct. It pays 4.5% and moves up as rates go up. You can cut corners and go on a budget and make it happen. Have you been working on those credit scores? If you are working on your credit you need to stay on top of it by checking it at My Fico.Com or Equifax. Then that new home will really be a blessing you will truly enjoy. www.rateinformer.com

Are You getting a High Risk Mortgage Loan?

Fannie Mae was fined $400 million for making high risk loans and doctoring their books. Many of the 100 LTV and Arms and Interest Only Loans push the limits of the borrower to the max. If anything should change with their financial affairs it could result in a serious problem for their mortgage. Do not let yourself get into that situation. Do your homework and make sure you can afford what you are buying. It can prevent a very difficult time in your future. www.rateinformer.com

A Lot of Rate Movements But No Changes In Mortgage Rates

Our Mortgage rates have stayed the same for the last 2 weeks even with the Fed hike. Bonds and Securities have been moving all around but end up back where they started. This is very good news for Borrowers as it gives you more time to look around and make wise decisions on your purchase and shop for the best rates and fees. Home prices have been holding steady and in some areas are still coming down. Do not ever be afraid to make a offer even if it appears to be too low. A lot of the homes are really overpriced and have room for pricing. We must give you a little advance warning though that rates are going to pop up sooner or later by about .25-.375% as the banks begin to offer higher yields on accounts because of the Feds move. As of now there is now place to go but up so enjoy the breathing room while it is there. www.rateinformer.com

Buying a New home, Burden or Blessing?

When you are buying a new home it is up to you as the borrower to determine if it will become a burden or a blessing. Are you buying too expensive of a home? Do you need as big of a home? Will it stretch your budget to the limit? Are you getting a 100 LTV or Arm just to afford the payments? If you answer yes to any of these questions then your new home could easily turn into a HUGE burden. Buy what you can afford NOW not what you think you might be able to afford later down the road. Do not count on the big raise or bonus that may not happen. Save for at least a 5% down payment and work on getting your credit to 630+. So have you been saving up for that 5% down payment? We love the program at Emigrant Direct. It pays 4.5% and moves up as rates go up. You can cut corners and go on a budget and make it happen. Have you been working on those credit scores? If you are working on your credit you need to stay on top of it by checking it at My Fico.Com or Equifax. Then that new home will really be a blessing you will truly enjoy. www.rateinformer.com

Is A Mortgage Payment Time Bomb Coming?

As the Feds raise rates it brings into light possible payment problems on the horizon with all the Arm Mortgages that have been done in the last 3-4 Years. Most of them were 3 or 5 Year Arms so they are just starting to adjust. The 3 Year Arm will go up 2 Percent but the 5 Year Arms can go up the full 5% on the 5th Year first Adjustment (which a lot of Borrowers do not realize) for most of the 5 Year Arms so there will be a HUGE payment adjustment coming up soon within the next year or so. Time will tell of the damage to be inflicted on the borrowers but we see trouble ahead. If they have not kept the credit up they may not be able to refi into a fixed loan. If you have such a loan think seriously about it. Is your credit still good? you need to stay on top of it by checking it at My Fico.Com or Equifax. Do not get caught with a ticking time bomb on your hands. If you are a new borrower we strongly suggest you stay with a fixed rate mortgage. It takes a lot of stress out of your life now and in the future. www.rateinformer.com

Feds hit Mortgage Rates again And Maybe Again in June!

The Feds announced today a rate hike and the real possibility of another hike at the end of June when they meet again. What this means to you as borrower is higher Mortgage rates BUT remember our rates are still very low compared to past years and right now there are some housing price reductions going on that will easily offset a slightly higher Interest Rate. Do your homework and you may find this is a great time to buy that new home if you find a motivated seller. If you are working on your credit you need to stay on top of it by checking it at My Fico.Com or Equifax. Have you worked on saving for that down payment? you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 4.5% on their savings account, with no minimums, no fees. 5% downpayment will get you the best rates out there. Do not be fooled by all the Arms and 100 LTV and 80/20 loans out there. You will pay for them for a long time to come in higher rates than neccessary. www.rateinformer.com

Spring is still in the Air and it might be a great time to buy a Home!

Rates are still holding nicely and even if they go up after the Feds meet next week they will still be low by previous years. Home prices are moderating and even coming down in some areas as more homes come on the market from all the speculators and investors. So have you been saving up for that 5% down payment? We love the program at Emigrant Direct. It pays 4.5% and moves up as rates go up. You can cut corners and go on a budget and make it happen. Have you been working on those credit scores? If you are working on your credit you need to stay on top of it by checking it at My Fico.Com or Equifax. If you have achieved these goals then go out there and have some happy house hunting and get the best rates shown here with low fees and that new home will look even better! www.rateinformer.com

Here Come the Feds!

With the Feds meeting on the 10th of the month it appears another rate hike is going to happen. The Economy still seems strong and they want to keep it on a even keel so we do not have too much Inflation. Rates are moving up slowly but are still in a nice range of decent rates. We may see some more push on rates next week so be alert to that. www.rateinformer.com

Why Put Money Down On a Home?

It seems with all the 100-125 LTV programs out there there is no reason to save up for a down payment or is there? For one thing, when the Investor knows you have some of your own money in the transaction they are willing to give you the best rate possible because their risk factor is reduced. When you put even just 5% down it shows you have a investment in the home also. You are much less likely to default on the mortgage if property values drop or other financial issues come up. Yes, it can take a real effort to save for the down payment but it will pay you back for years to come along with a good credit rating. 100-125 LTV rates can be from .375-.750% higher in rates than a 5% down Mortgage. Saving now can bring big paybacks down the road. www.rateinformer.com