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Archive for Mortgage – Page 11

Free Falling – Mortgage Rates – August 26th

By BankAim · Comments (0)
Thursday, August 26th, 2010

According to the Primary Mortgage Market Survey by Freddie Mac mortgage rates have continued to free fall.

Currently Rates are:

  • 30 year fixed – Averaged 4.36% – Last week it was at an average of 4.42%. A year ago this week the 30 year rate was at 5.14%.
  • 15 year fixed – Averaged 3.86% – Last week it was at an average of3.90%. A year ago this week the 15 year fixed 4.58%.
  • 5 year ARM (Adjustable Rate Mortgage) – Averaged 3.56% which was the same as last week. A year ago this week the 5-year ARM 4.67%.

The 30 year fixed and 5 year arm are based on an average of 0.7 points, and the 15 year fixed is based on .06 points.  Additionally the rates posted are based on an average from across the nation and may not necessary reflect the mortgage rate you will receive if you refinance today.

This is a wonderful time for those that have a mortgage to refinance to take advantage of the lowest rates this country has seen in decades. Hundreds and thousands of dollars are being saved by those able to refinance their existing mortgage to a lower rate.  The trouble for most homeowners is the lack of equity in their home caused by the current recession which makes them unable to refinance.

How will this effect the ecomony?

As for how this will effect the economy the opinions are being reflected as both positive and negative. Many believe this is just more troubling news for an ever weakening economy. Signs that things are getting worse and we are not on the road to recovery quite yet.

Other experts feel these low rates could put more money in consumers pockets due to the savings from refinancing.  This higher cash flow could help spur the economy on for the better.

Time will tell.  Let us know your thoughts in the comments below.

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As Rates Drop Refinances Rise – August 19th

By BankAim · Comments (0)
Thursday, August 19th, 2010

As Mortgage Rates continue on with record lows refinance activity is increasing dramatically.

According to the Mortgage Bankers Association 81% of new mortgage applications have been for refinance.

This nation has not seen rates like this in over 50 years, and homeowners everywhere are refinancing their mortgage to get locked into these record low mortgage rates.

Will rates keep going down? or should you lock now?

According to the experts this is no time to sit on the fence.  If you are in a position to refinance your home now is the time to get locked in.  Think of it this way.  Not since the 50′s has anyone had a mortgage rate as low as yours is going to be.  So I’d guess that locking now is the best idea.

According to the Mortgage Bankers Association the national average for mortgage rates are as follows…

  • 30-Year Fixed Rate 4.57%
  • 15-Year Fixed Rate 3.95%

If you want to see today’s rates then check out the national mortgage rates.

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Mortgage Rate Update August 12th

By BankAim · Comments (0)
Thursday, August 12th, 2010

Mortgage Rates for the week of August 12th have continued to drop to record lows.

For more than 6 months now we have seen mortgage rates fall to all time lows.  This week is no exception.

  • 30 Year Fix – 4.44%
  • 15 Year Fix – 3.92%
  • 5/1 ARM – 3.56%

It is still uncertain as we draw near to the end of the summer if this historic drop in mortgage interest rates will continue or if mortgage rates will start to increase.

If you have equity in your home or are looking to purchase a new home then now is a great time to take action.

You can use our mortgage calculator to help determine your monthly payment.

If you are visiting this page and it is not August 2010 you can use this table below to compare the interest rates above with where they are today.

Todays Interest Rates

*Term August 16th August 6th
30yr fixed 4.19% 4.31%
15 yr fixed 3.43% 3.48%
5/1 ARM 2.92% 2.86%

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4.25% 30 Year Fixed Mortgage Rate with Everbank

By BankAim · Comments (0)
Tuesday, August 3rd, 2010

Everbank is offering an extremely low 30 year fixed interest rate of 4.25% with a 4.374% APR.

Everbank is offering other great rates which are all falling below the national average.

  • 30-year fixed      4.250% with a 4.374% APR
  • 15-year fixed       3.750% with a 3.939% APR
  • 5/1 ARM                3.500% with a 3.397% APR

See the national mortgage rates here.

Everbank, which is headquartered in Jacksonville Florida, boasts consistent asset growth over the last 3 decades. With nearly 12 billion in assets and almost 2,000 employees Everbank prides itself on exceptional service and proven expertise in particular financial arenas.

Everbank is one of the industries fastest growing and high performing bank holding companies.

Now they can benefit you with tremendous mortgage rates which are hitting record lows.

To check out the Everbank information and fine print go here.

The 30 year fixed rate at 4.25% and APR of 4.374% is…

  • Based on a $250,000 price with 20% down payment equaling a mortgage amount of $200,000.
  • Based on a credit score of 720 or greater.
  • If 20% down payment can not be provided mortgage insurance will need to be added.

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Mortgage Rates Reach Another All Time Low

By BankAim · Comments (0)
Friday, July 30th, 2010

Mortgage Rates have steadily declined, setting new record lows since mid June.

According to the Freddy Mac Primary Market Mortgage Survey rates are now at there lowest in the history of this survey.

*Term August 16th August 6th
30yr fixed 4.19% 4.31%
15 yr fixed 3.43% 3.48%
5/1 ARM 2.92% 2.86%

The average 30 year fixed mortgage just above 4.5%.  Just 6 months ago it was over .50% higher, sitting at 5.09% on January 7th.

The 15 year mortgage is just about to break below the 4% average.  At the beginning of 2010 the 15 year rate was 4.50%

The story is no different for the 5/1 ARM.  Dropping from 4.44% on January 7th to 3.76% now.

For 6 straight weeks mortgage rates continue to dip into record lows.

Are you planning on purchasing a new house or refinancing your current mortgage?  Now is a great time, and remember to checkout our mortgage help page for all the help you need.

*The Graph on this page updates regularly with current rates. It may or may not reflect information congruent with this article.

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How to Choose the Right Loan Officer

By BankAim · Comments (0)
Sunday, July 25th, 2010

Are you planning on purchasing a home or refinancing your home soon?  If so then you will need an educated, hard working, competent loan officer.  But how do you find a loan officer with the right qualifications?

Getting the Wrong Loan Officer

First off let me explain to you the headache it can cause if you get a poor loan officer.  You are putting all your eggs into one basket when you pick a loan officer.  If you are using a broker the LO will select a bank, issue the paper work, follow up on conditions and pretty much has a hand in every aspect of the loan.  Not to mention they will have access to all your personal information.  If you use a bank the LO may or may not be as involved, but will have access and most the responsibilities as a broker.

If the LO is slow, a poor communicator, unorganized, doesn’t enjoy what they do, these things will make your experience terrible and frustrating.

I have worked along side some Loan Officers that I wouldn’t even trust to make me a sandwich, so choose wisely.

Where to start?

The absolute best place to start looking for a loan officer is with trusted friends and family.  Referrals are the safest way to go.  If you know someone that has had a bad or good experience talk to them.  If you think you don’t know of anyone that can refer you to someone ask around, you may be surprised.

If referrals from friends and family don’t pan out check with a real estate agent.  A real estate agent does a lot of work with loan officers and typically want to work with the best.  Now you need to be sure the real estate agent isn’t a dud themselves, but otherwise they could be a great source.

Interview

It is okay to ask your prospective loan officer some questions before working with them.  Here are a few questions you could ask…

  • How long have you been a loan officer? - Experience can be a big factor.
  • How many loans are currently in your pipe? - You want to ask this because you want someone who is moderately busy working on your loan.  If you get someone who has 0 or 1 loan in their pipe the danger is that they don’t have enough to keep them busy and may have distractions elsewhere.  Too many loans may mean they are too busy and won’t have time for you.  A good loan officer typically has about 2 -12 loans going.  Within that range is doable.
  • How will you disclose Yield Spread Premium to me? - This is a question that will separate the best from the average.  If you don’t know what yield spread premium is jump over and read our mortgage help post.  Look for a loan officer that will fully disclose the details of the loan and give you a straight answer.
  • What is your origination? - A good loan officer deserves 2% – 2.5% on the loan.  Typically that is divided between 1% on the front (origination) and 1% – 1.5% on the back (yield spread premium).
  • What has been the average amount of days to close your last 10 loans? – Now this could vary greatly because of the many different scenarios and condition of banks which are lending the money.  30 days used to be pretty standard, but 45 days has become more normal.  This is due to more guidelines and regulations that the lenders are requiring.   On normal purchases and refinance it should be in the 25 – 45 day range.  Short sales and other types of loans may take longer.
  • How often will you contact me? - The best answer you could hear is, “How often do you want me to contact you?”
    • Now the big test is asking them to follow up with you once or twice by email and once by phone after the meeting is over.  You have not agreed to anything yet, you just want to see if they will indeed follow up.  Give them precise times to contact you.  Something like, “Can you follow up and email me Tomorrow Morning around 10am, and can you give me a call in 2 days at 3:30pm?”
    • This will test their organization and ability to contact you when you ask.

It is completely okay for you to interview prospective loan officers.  If you had $100,000 to invest you would want someone who knew what they were doing.  Well getting a good loan officer who can get you the best deal can save you thousands and thousands of dollars over the life of your loan.

If you have any tips, stories, or great loan officers in your area please leave us a comment. And if you are from Washington State we recommend Clark Davis from Mortgage Master.

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Mortgage Rates Update – July 19th

By BankAim · Comments (0)
Monday, July 19th, 2010

Mortgage Rates dipped slightly after a week of raising rates.  Rates are still sitting at some of the lowest rates we have seen in a long time.  Due to the recession and fears of a double dip recession rates continue to remain in the low to mid fours.

Last week rates were on the rise due to high corporate earnings reports.  This week they are dipping back down.  Do not hesitate to lock in your loan.  These are historically low rates and now is a wonderful time to lock in on your purchase or refinance.

This Week:

  • 30 year fixed – 4.59%
  • 15 year fixed – 4.10%
  • 5/1 ARM – 3.70%
  • 30 year fixed refi – 4.48%

Compared to Last Week:

  • 30 year fixed – 4.63%
  • 15 year fixed – 4.13%
  • 5/1 ARM – 3.72%
  • 30 year fixed refi – 4.53%

Is this an old Article? Check out Mortgage Rates to see the up to date national mortgage rates.

4.59%

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Paying Points on a Mortgage

By BankAim · Comments (0)
Wednesday, July 14th, 2010

What are Points on a Mortgage Loan?

Mortgage points are fees paid on a loan to reduce the interest rate of your mortgage.  If you add an extra 1% to the fees on your loan your interest rate will be lower. Paying for points on a mortgage is essentially a trade of upfront money for a lower interest rate.

Why buy down your interest rate with  points?

Buying down your interest rate means that your monthly payment will be lower.  To determine whether this makes since to do simply divide the points dollar amount by how much money you save each month.  This will tell you how many months it will take to pay back the points amount.  Determine if you will be in the house that many months to start saving money.

No Point Loans

There are such things as no points and no fees loans.  Here are some reasons why someone would choose one of these options.

  1. No money for down payment and fees on a purchase. When you purchasing a new home and do not have the money for the down payment, a  mortgage with no closing costs can make up the difference of the down payment.
  2. If the estimated time you will be staying in the home is less than it takes to make up the money you spent on the points. Typically this can take anywhere from 3-5 years to recoup the difference.
  3. No equity in the house to pay closing cost when refinancing. No closing cost may allow you to complete the refinance, but your rate will be higher.

So ask your Loan officer about the possibilities of paying points and no fee loans.

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Why Lock Your Mortgage Rate Now?

By BankAim · Comments (0)
Tuesday, July 13th, 2010

Interest rates are at historic lows, and have been for several years.  Why would anyone need to worry about them changing?

The current word from the Fed is that they are only going to be keeping the interest rates ‘under market’ for a little while longer.  You see, they have been forcing interest rates to stay at this low to help boost the economy and encourage first time home buyers to jump in.  This coupled with the first time home buyer credit has really helped out the mortgage and real estate industries over the course of the last year.

What do we expect to happen?

If banks had their way, we would likely already be back in the 6% range somewhere. Rates are not going to remain this low forever.

What does this mean for you?

If you, or someone you know, is considering buying or refinancing, do it sooner than later.   Act now if you are considering buying/selling/refinancing check out your options now, you don’t want to be upset with yourself later for delaying.

Is everything else staying the same?

The word from the Federal Housing Authority (FHA) is that they are changing their program some too.  Right now this is the primary program we are using to finance first time home buyers.  This program has the most flexibility for credit score and the lowest down payment requirement.  FHA is saying that they are going to increase the cost of Mortgage Insurance and the Funding Fee associated with an FHA loan, and the minimum credit score.  This means that qualifying will become a little harder, not a lot, just a little.

Thank you to Clark Davis for this Article.

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$6,500 Home Tax Credit Sound Good? Not so fast…

By BankAim · Comments (0)
Wednesday, November 18th, 2009

How great does a $6,500 Home Tax Credit Sound?

Great enough to go out and buy a new house?  Not so fast…

Like pretty much everything in life there are a few catches to the tax credit. And not everyone is going to qualify.

In order to be sure you qualify to take advantage of the credit bankrate.com has a 4 question check list.  Before you decide make sure you can answer yes to these 4 questions on $6,500 home tax credit.

  • Are you already in the market?

“It’s a benefit if you need or want to move,” was a statement made by Dorcas Helfant-Browning, a former president of the NAR (National Association of Realtors).

  • Do local market conditions look favorable?

Helfant-Browning said, “Anybody contemplating doing this must feel strongly that the homes in their area have bottomed or are very close to bottoming,”

  • Can you sell your home in time?

Check on the average length of time a home is on the market in your area. This credit is only good until April 2009. If your average time on the market is 90-120 days from today you should be OK.

  • Can you close the expense gap?

“If you are upgrading, you need to make sure you have enough equity and available cash to cover the down payment.”

Remember that sometimes you are already in the best situation for your needs. Do not consider moving or purchasing a home just because this credit is being offered. Be sure to take into account all aspects of your situation before moving forward.

And remember it is always a great idea to meet with a Real Estate Professional who can lay out all your options for you.

If you are ready to move forward you can use our mortgage calculator or check out our mortgage rates to help you.

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