Getting prequalified for a home loan is an essential first step in the buying process. Find out exactly how much home you can afford based on your income, debt, and other factors. It can also help you lock in a good interest rate and it puts you in a stronger bargaining position with the seller once you find the home you want.
Here’s what’s happening and what it means to home loan rates:
What is happening and why? To put it bluntly, the passage of the payroll tax cut extension is being funded via a mandate to Fannie Mae and Freddie Mac (the nation’s largest providers of mortgage money) to increase their guarantee fees or “g-fee’s” by at least 10 basis points on the rate. So rather than giving a par rate of 4.00%, for example, the par rate is now increased by at least 10 basis points, or approximately 4.10%. But as you probably know…home loan rates are priced and offered in .125% increments, so this will most likely impact the consumer by .125% in rate. Whether you agree or not on the politics behind this cost being passed along to folks who are taking out mortgages, the Congressional Budget Office recently estimated that the increase will ultimately pay for about $35.7 Billion of the cost of the payroll tax extension.
A short sale has the same impact as a foreclosure. When the bank or lender reports your short sale to the credit bureaus, they generally treat both the foreclosure and the short sale as a delinquency. The credit bureaus, in turn, submit their information to Fair Isaac & Company, the people that compile the FICO [...]
Last Week in Review:The Fed made headlines, plus inflation is heating up!
Forecast for the Week: Some key reports on housing, plus the Fed’s favorite gauge of inflation and news from Europe could move the markets.
View: Ever feel like you ramble when you leave voicemails? Check out these tips for surefire ways to leave effective messages.
In This Issue Last Week in Review: Good news at home and abroad impacted the markets and home loan rates last week. Find out how. Forecast for the Week: Earnings season is in full swing, plus look for big news on manufacturing, housing, and inflation. View: Wondering about the outlook for the housing and mortgage [...]
For the week of Oct 10, 2011 — Vol. 9, Issue 41 In This Issue Last Week in Review:The Jobs Report for September is in…was it full of good surprises or bad ones?Forecast for the Week:A holiday-shortened week is ahead, with two important reports coming on Friday.View: Stress is no laughing matter…or is it? Read [...]
For Home Sellers Selling your home shouldn’t be a stressful ordeal. Making the smart move of choosing a REALTOR® is your first step to ensuring that your investment in your home pays off. Our services and experience allow you to focus on your move while We manage your home sale from our initial consultation [...]
Published: June 28, 2011 12:58 p.m. Costa Mesa homes sell 20% faster vs. O.C. By JONATHAN LANSNER jlansner@ocregister.com I can definitely attest to this, my last listing at 3205 Colorado Place in the Mesa Verde Community of Costa Mesa was put in escrow within two days of putting it in the MLS. In fact, the [...]
