It’s A Good Time To Look At Adjustable Rate Mortgages
Each week, government-led Freddie Mac publishes a weekly mortgage rate survey based on data from 125 banks across the country. According to this week’s results, the relative rate of a 5-year ARM is extremely low versus its 30-year fixed-rate cousin. Consider this comparison: In April 2009, the two products ran neck-and-neck with respect to rates [...]
How To Buy Bank-Owned Homes In A Period Of Rising Inventory
Foreclosure filings rose close to 20 percent nationwide last month versus February, according to foreclosure-tracking firm RealtyTrac.com, and for the 13th straight month, total filings topped 300,000. In addition, bank repossessions reached an all-time, quarterly record. Through the first three months of 2010, banks reclaimed more than 257,000 homes. Nonetheless, 4 states dominated foreclosure activity [...]
Why You Shouldn’t Schedule Your Closing For May 28, 2010
The federal home buyer tax credit expires April 30 and the deadline is sparking a home sale surge. It figures to burden real estate, mortgage and title offices nationwide over the next 60 days so plan your closing date accordingly. Especially because the last Friday in May is the Friday before Memorial Day. Now, if [...]
Home Renovations That Increase Your Resale Value (2010 Edition)
Not all home improvements are created equal. Especially if you’re looking for “resale value” back from your work. An article from the Wall Street Journal lays it out cleanly. Function beats flash these days so be wary of where you spend. Environmental upgrades such as home insulation and energy-efficient steel entry doors are recovering a [...]
What’s Ahead For Mortgage Rates This Week : April 12, 2010
Mortgage markets improved last week to the delight of rate shoppers. Against a sparse economic calendar, Wall Street turned its attention to geopolitics in Greece and the Eurozone. It didn’t like what it saw. Safe haven buying buoyed mortgage bond markets last week as pricing recaptured two-thirds of its monumental losses from the week prior. [...]
It’s Time To Re-Approve Your Pre-Approval
As the federal home buyer tax credit nears its April 30 end-date, there’s a lot of would-be home buyers still working to get under contract. A piece of advice for all of them : If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender “re-pre-approve” [...]
Don’t Leave Tax Credits On The Table (And How To Get Them Back If You Already Filed)
Taxes are due April 15 and if you’re among the millions of Americans who wait until the last week to file, here’s a video interview that could help you reduce your federal tax liability. Originally broadcast by NBC’s The Today Show, the 4-minute piece reviews various tax credits and deductions, plus some recent tax law [...]
The March Fed Minutes Explains Why Home Sales Weren’t Worse This Winter
Mortgage markets improved yesterday after the Federal Reserve released its March 16, 2010 meeting minutes. It’s good news for home buyers and rate shoppers — rates could have just as easily gone the other way. The Fed Minutes is a detailed recap of the debate and discussion that shapes the nation’s monetary policy. The notes [...]
Pending Home Sales Soar In February, As Expected. Buyers Are Everywhere.
As expected, the Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline. Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October. For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This [...]
What’s Ahead For Mortgage Rates This Week : April 5, 2010
Mortgage markets performed terribly last week as losses piled up day by day. It marked the second straight week of sell-offs. Pricing was influenced on several fronts including better-than-expected economic data, the end of the Federal Reserve’s mortgage buyback program, and a short trading week. Mortgage rates rose to their highest levels since late-December last [...]