Archive for the 'Mortgage' Category
Mortgage Rates In Salt Lake City
March 8th, 2008 Categories: Buying, Mortgage
Conforming mortgage rates mentioned below are considered with loan amounts up to $729,750 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
Conventional and Government Loan Interest Rates
|
Program |
Rate |
APR |
| 95% | 6.25 | 7.43 |
| 100% With Mort Insurance | 6.38 | 7.74 |
| 100% No Mort Insurance | 7.00 | 7.15 |
| My Community 100% | 6.88 | 7.76 |
| VA 100% | 6.00 | 6.19 |
| FHA 97% | 6.00 | 7.08 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
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New Loan Limits For Both Conventional and FHA
March 6th, 2008 Categories: FHA, Mortgage
FHA Raises It’s Loan Limits Along with
Fannie Mae and Freddie Mac
Yesterday the limit on conforming loans were raised from $417,000 to $729,750. This can help the housing market for sure and help reduce the debt service of those that currently have loans from $417,000 to 700,000. Before anything over $417,000 was considered a jumbo loan and jumbo loans usually carry a higher interest rate.
One of the problems that came from the sub-prime debacle is the secondary market for jumbo loans, it is rapidly disappearing. Normally a jumbo loan is more risky, but $417,000 in some markets is not jumbo it is a starter home. Also what about the guy that bought a $630,000 home and put down 20%, that is $126,000 cash and a $504,000 loan. I don’t see the risk there, but because it was above the conforming limit it was.
FHA released it’s limits today. Here is a list of the Utah FHA Limits by County
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Stimulus Package Passes Senate-What Now?
February 7th, 2008 Categories: Mortgage, Real Estate News
This is a topic that has been the big talk in the Real Estate and Lending World. One of the items that has been heavily fought for is the Fannie Mae and Freddie Mac Loan Limits from $417,000 up to $730,000 in some of the more expensive areas of the country. Currently Fannie and Freddie cannot by loans more than $417,000. Those loans are called Jumbo and have a higher interest rate. Some parts of California is actually funny to say $417,000 is Jumbo when they can be a starter home.
Also following suit will FHA loan limits which currently are maxing out at 87% of the Fannie Freddie limits. This has been needed for some time and the national situation has sparked the senate to finally pass this thing. What politician would want to go on record saying they aren’t willing to help the housing market.
This combined with low interest rates can help things. Those that had loans above the $417,000 mark are going to be able to refi into a much lower loan amount.
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Mortgage Rates In Salt Lake City Call
January 25th, 2008 Categories: FHA, Mortgage
Holy cow, how else do you describe the mortgage rates this week. There was a point where lenders were not locking in rates because they were changing so fast. They were at their lowest in a long time, they were back up, they Feds droped the short term rate by 75 basis points, the DOW Jones had a 600 point swing in a day.
So what does all that mean? Rates are great and houses are available, hmmm. A good time to buy? Maybe.
FHA buzz flying around today, there has been talk about raising the FHA limit and lowering the 3% down payment to 1.5%. Before everyone starts crying that kind of lending got us in trouble in the first place. NO IT DIDN’T. FHA is a full doc loan, meaning you need a job that you can prove. Lenders are more regulated. Boy has there ever been a time to be a FHA loan officer for a FHA qualified mortgage company (most aren’t).
Rates are under six for the basic stuff and not much more for the not so basic.
Call Cindee at 801-381-3863 or Cindee@CindeeStone.com
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Mortgage Rates In Salt Lake City
January 19th, 2008 Categories: Mortgage
Rates Week Ending January 18th 2007
Rates have this week, 30 Year Fixed under 6%.
Rates haven’t moved much last week and are still great.
What can I say, it is a great time to buy, inventory up and rates are great.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
Conventional and Government Loan Interest Rates
|
Program |
Rate |
APR |
| 95% | 5.75 | 6.96 |
| 100% With Mort Insurance | 8.88 | 7.30 |
| 100% No Mort Insurance | 6.63 | 6.81 |
| My Community 100% | 6.38 | 7.31 |
| VA 100% | 5.75 | 5.92 |
| FHA 97% | 5.63 | 6.46 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
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Mortgage Rates In Salt Lake City
January 11th, 2008 Categories: Mortgage
Rates have this week, 30 Year Fixed under 6%.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
Conventional and Government Loan Interest Rates
|
Program |
Rate |
APR |
| 95% | 5.75 | 6.96 |
| 100% With Mort Insurance | 6.00 | 7.45 |
| 100% No Mort Insurance | 6.63 | 6.81 |
| My Community 100% | 6.50 | 7.39 |
| VA 100% | 5.75 | 5.92 |
| FHA 97% | 5.75 | 6.57 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
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Mortgage Rates In Salt Lake City
January 4th, 2008 Categories: Mortgage
Rates have this week, 30 Year Fixed under 6%.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
Conventional and Government Loan Interest Rates
|
Program |
Rate |
APR |
| 95% | 5.75 | 6.96 |
| 100% With Mort Insurance | 6.00 | 7.45 |
| 100% No Mort Insurance | 6.63 | 6.81 |
| My Community 100% | 6.88 | 7.80 |
| VA 100% | 5.75 | 5.92 |
| FHA 97% | 5.75 | 6.57 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
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Mortgage Fraud Utah In The Top Ten
December 20th, 2007 Categories: Mortgage
The headlines are everywhere.
FBI Launches Mortgage Fraud Task Force in the Nation’s Capital
Easy loans + red hot real estate = the perfect recipe for mortgage fraud
Mortgage Fraud 101: Investigator Finds 400 “Crash and Inflate” Scams
I am always amazed at the creativity of the techniques used to commit fraud. I remember sitting in a Continue Education Class a many years ago that was on loan fraud. I came out of there with what were pretty good ideas. I often wondered did the class help educate or teach more people how to commit fraud.
My general rule of thumb is. The words creative financing and an institutional bank are not usually spoken in the same transaction.
I sometimes get the question. Why can’t a buyer and seller agree to do what they want? The answer I always give is, they can. But if there is a bank involved they now have a say and if the buyer and seller make an agreement that the bank is not aware of is not creative financing, it is fraud.
Usually money is somehow siphoned off the top. In order to do that there has to be more money than reality or the original seller would just keep it.
So the value has to be inflated. The real losers are those honest folks that purchased homes and their values were determined by those falsely inflated home prices. Because when the music stops and the prices slide back and all the fraud folks are just giving their properties back or selling them short. The guy that put down real cash is losing value on his home.
Of course the banks lose big time, but they are not so innocent, loaning money to people with no jobs and bad credit. They should know better.
The old axiom proves to be correct again. Why do people commit loan fraud? Because that’s where the money is.
| Discussion: 2 Comments »
Mortgage Rates In Salt Lake City
December 14th, 2007 Categories: Mortgage
Rates have gone up a little in the last week, or should I say last rates dipped a little below six. There are deals out there.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
|
Program |
Rate |
APR |
| 95% | 6.25 | 7.43 |
| 100% With Mort Insurance | 6.38 | 7.78 |
| 100% No Mort Insurance | 7.00 | 7.19 |
| My Community 100% | 6.88 | 7.80 |
| VA 100% | 6.00 | 6.81 |
| FHA 97% | 6.00 | 6.17 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
| Discussion: No Comments »
Mortgage Rates In Salt Lake City
November 30th, 2007 Categories: Mortgage
Rates have come down and inventory is out there, that is a great combination for a buyer. There are deals out there.
Conforming mortgage rates mentioned below are considered with loan amounts up to $417,000 for a single family residence and is owner occupied. It is with proving your income and a “full document borrower”.
The rates quoted are based on a purchase price of $200,000 on a 30-day lock. On these conforming loans, there are no prepayment penalties involved.
|
Program |
Rate |
APR |
| 95% | 5.88 | 7.04 |
| 100% With Mort Insurance | 6.13 | 7.54 |
| 100% No Mort Insurance | 6.75 | 6.94 |
| My Community 100% | 6.50 | 7.43 |
| VA 100% | 5.88 | 6.05 |
| FHA 97% | 5.88 | 6.80 |
If you would like any additional scenarios done, please call for that information at 801-747-1233 and ask for Cindee or email to Cindee@CindeeStone.com
| Discussion: No Comments »
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