Federal Reserve Cuts Interest Rate

The Federal Reserve lowered a key lending rate today by a quarter point. Major banks will soon follow by lowering the prime lending rate by the same amount which will lead to better rates on Home Equity Credit Lines and other consumer loans.

Home Shopping

If you are currently considering purchasing a home the first thing to do is to meet with a mortgage lender and get pre-qualified. No sense looking at homes you can't afford. Pre-qualification involves a credit check and generally looking at two years of income. Based on your income and debt load the lender can show you what makes sense. When you are ready to submit your offer it will be considered seriously by the sellers since you are able to obtain financing.

Prior to purchasing knowing what your payment will be before you fall in love with the house is reassuring. To set an appointment call 414-416-9194 today.

Mortgage Rates Fall Again

Mortgage rates improved late Friday on recession fears, credit concerns and higher oil prices. The Dow has dropped five days in a row. If you are in the market to purchase rates are improving and our advice for the short term is to float not lock. To receive our weekly or daily rate lock advisory email me at pc@glmcdirect.com

Free Web Page For Home Sellers

Selling a home? If you elect to sell without a realtor you will need some marketing assistance. We will create a web page for you and provide a link to put in your newspaper ad, flyers and sign. We will also include our FREE For Sale By Owner First Aid Kit and 33 Ways To Sell Your Home Fast booklet. Your personal web page will feature pictures of your home, features and other information that buyers demand. The information is available 24 hours a day. Call to get started today.

Daily Rate Lock Information

Every day we offer a free rate lock advice column. To receive this free service email pc@glmcdirect.com You will be glad you did.

Why Get Qualified

Many first-time homebuyers have questions about the homebuying process. How much can I afford? What will my mortgage payment be? Do I need a downpayment? These questions are important and we can answer them for you. Before sitting down with a lender you should gather 2 years of taxes, a current paystub and 2 months of bank statements. Lenders generally qualify you based on your income and current debt load. If you have large car payments you will generally qualify for less of a house. As far as potential payments don't forget to factor in property taxes as a monthly expense. For example if taxes are $3000 annually they will be $250 monthly.

For every $100,000 you finance your payment would be about $630 based on a rate of 6.5%. Make a budget. Set up a savings plan and you will be on your way to home ownership.

15 Year Mortgage Rates Below 6%

15 year mortgage rates are available for below 6% for consumers with credit scores over 660, steady employment and some savings. These rates and terms allow you to build equity quicker than the standard 30 year mortgage without doubling your payments. Call for details. 414-527-7800 x 108 Not all will qualify. An Equal Housing Lender.

Home Values Doubled

The average US home doubled in value over the 17 years from 1980-1997, then doubled again in the 10 years from 1997-2007, according to the National Association of Realtors.