This could be your opportunity of a lifetime. You can run away with the circus. The wagons are at Veterans Park at the Milwaukee lakefront along with elephants, kangaroos, ostriches,camels and assorted animals as well as classic brightly painted wooden wagons from the home of the Circus Museum in Baraboo. The parade is Sunday.
Mortgage rates have slid two weeks now but started creeping higher this afternoon. Underwriting is still a more challenging process than ever with customers with high 700 scores and equity being pulled through the wringer. The best way to assure loan approval is to pay down your debt and/or increase your income. That is the key to financing the dream home you have your eye on.
If you do a conventional loan, in other words not a FHA or VA loan, in order to be eligible for mortgage insurance companies to buy the deal you must not have a debt ratio higher than 41% unless you are putting 20% down on a purchase. Divide your gross annual earnings by 12 to get your monthly gross. Divide your new mortgage payment, taxes, homeowners and any mortgage insurance into that monthly gross number. That is your back end debt ratio. The lower the better. And if its over 41% you need to do an FHA loan, find a cheaper house or add another borrower. BY the way, all your car payments, installment accounts, student loans and credit card minimums need to be factored in as well.
A 10 year mortgage rate is available from us at just 4.5%. You will pay your house off so quickly you can live the lifestyle you always dreamed about. Imagine not having a mortgage payment!
We are offering a 4.99% mortgage rate on a 7/1 ARM. This means your rate is fixed for seven years. It is a 30 year mortgage term. If having a low payment is important to you and you do not expect to live in the house for more than six or seven years this could be your solution. The mortgage will adjust a maximum of two points or to 6.99% on the eight year. It also will adjust a maximum of two points on the ninth and 10th year. A 7/1 ARM is a great loan for people who have a seven year itch. Have you refiananced or moved in the last seven years? APR 5.07%
Pay off your house quickly. Mortgage rates have dropped after a few weeks of rising rates. We now offer a 15 year mortgage at 4.75% or a 10 year at 4.5% Pay off your mortgage fast. There is no faster way to build equity than to have a short mortgage term. Compared to a 30 year traditional loan you will save more than $100,000 in interest over the life of the loan. Call today to apply. 414-416-9194
aprs 4.79%, 4.59%
May home sales rose for the second consecutive month, according to the National Association of Realtors. Existing home sales rose 2.4% in May after an increase in April. This was the first back to back monthly increase in four years.
The Summer Solstice was here. We hope you enjoyed it. Summerfest kicks off Thursday and includes fireworks on the lakefront Thursday at 9:30 p.m.
In the mortgage world buyers are snapping up foreclosures and although there has been an uptick in rates they are still at historic lows. Exsiting home sales will be announced by the National Association of Realtors Tuesday. May numbers will be released. April was up 2.9% so we will see how May compares. Spring and Summer are the busiest selling seasons in this climate. We have seen a huge increase in purchase applications and closings recently.
A new jobs report shows fewer people applied for unemployment benefits and in a separate report retail sales increased in May, part of it due to higher gasoline costs.
Auto sales actually increased .05% last month. These reports drive mortgage rates higher, but are good news for people caught in the economic downturn.
Home sales in Milwaukee County increased 1.9% in May, according to MLS, the second straight month sales in the county increased.
