Google+ Followers

Friday, December 26, 2008

Happy Holidays


Enjoy the Holiday season with your friends and family. After all this season only comes around once a year.

Friday, December 19, 2008

4.5% Rates?

Many people I have spoken with recently are waiting for some magical rate of 4.5% on a 30 year fixed mortgage. Our advice is not to wait. Grab your rate lock now. We have locked numerous loans this week at 5%. Those who wait and think they can predict the future directions of interest rates will be keeping their current mortgage and missing a great opportunity. Why take a chance. Lock today. We pour over at least 6 or 7 rates sheets daily to find the best possible pricing. This is a service you will not get with a mortgage banker. They have one outlet. We have many.
Call me today. 414-416-9194 or 262-569-8675

Thursday, December 18, 2008

Mortgage Rates Drop

30 year fixed rate mortgages are available now at 5.0%. You need to apply now. These rates will not last. The markets are volatile. APR 5.13% 414-416-9194

Tuesday, December 16, 2008

APPLY FOR A MILWAUKEE MORTGAGE

If you own property in Wisconsin you can apply for a mortgage 24/7 by calling us at 414-416-9194 or emailing us at wisconsinmortgages@gmail.com

Mortgage Rates Near 5%

30 year mortgage rates are at incredible lows nearing 5% on a fixed rate loan. The Federal Reserve concludes a two day meeting today. Experts speculate the Fed will cut a key lending rate by 1/2 point. Often times mortgage rates rise when the Fed cuts.

Monday, December 1, 2008

30 year at 5.5%

A 30 year mortgage is now available at 5.5%. Certain restrictions apply. Generally this rate is for an owner occupied property in Wisconsin with 20% equity. Not All Qualify. Call to apply 414-416-9194. APR 5.69%

Tuesday, November 25, 2008

Wednesday, November 19, 2008

Mortgage Rates Improve

30 year fixed mortgage rates have improved over the last 24 hours. The 10 year Treasury note has been in a range of 3.25% to 4.32% over the last year and this morning is at 3.46% which is the lower end of the range and the lowest of the week. This bodes well for the future direction of mortgage rates today however this can also change in a matter of minutes. The trend this week for mortgage rates has been lower however no one ever knows what the future will bring. Work with a trusted mortgage advisor and save thousands of dollar's in interest on your largest investment.

Tuesday, November 18, 2008

Thanks for Visiting

Concerned about the credit crisis? I think everyone is. 401k values have plummeted, credit is tighter, employers are laying off. What to do? Now is the time to be certain that your mortgage is helping you achieve your financial goals not adding to your financial challenges. For a free mortgage checkup call me today. There is no obligation. 414-416-9194

Wednesday, November 12, 2008

Gas Below 2 Bucks

The Milwaukee Journal-Sentinel reported today on their website that gasoline has fallen below $2 a gallon at Woodmans grocery store in Oak Creek. You can check other area gas prices at the web site http://www.milwaukeegasprices.com

15 Year At 5.625%

A 15 year mortgage is now available at the incredible low rate of just 5.625%. APR 5.78%
To apply for this fantastic rate contact Loan Officer Pete Cannon today at 414-416-9194 or 262-569-8675 or 414-527-7800 ext 108

Certain restrictions apply

Thursday, November 6, 2008

Wisconsin Mortgage Rates Drop

Mortgage rates have dropped dramatically this week. Rates on a 30 year fixed are down 1/2 percent from Monday. This can save you more than $20,000 in interest over the life of the loan on a $175,000 mortgage. To apply call me now @ 414-416-9194 or email us at wisconsinmortgages@gmail.com.

Monday, November 3, 2008

Election Tomorrow

The election is Tuesday, November 4th. Record turnouts are forecast. The stock market is quiet today as people wait and see who will be the person to lead the country over the next four years. Regardless of which party wins it is an historic event. We will either have an African American or Woman - for the first time -in one of the two highest positions in the country. Isn't it about time? Vote tomorrow.

Wednesday, October 29, 2008

Fed Cuts Rate

The Federal Reserve Wednesday cut a key interest rate by a half point in another attempt to encourage banks to stop hoarding cash and start lending it again. It was the second rate cut this month. Mortgage rates have risen over the last four days as a result of other market news. The 30 year mortgage rate is not tied to the Fed's actions however mortgage rates remain in a favorable range around 6.5% now. To apply for a mortgage gather 2 years of income statements, 2 months of bank statement's, recent retirement statements and make an appointment with us today. 414-416-9194

Mortgage News You Can Use

Rate watchers await the Federal Reserve decision Wednesday on the future direction of interest rates. Traders expect a one half to full point cut. Mortgage rates rose Tuesday in anticipation of the cut. Mortgage rates are not tied to the Federal Reserve.

Gas sold for as low as $2.29 a gallon cash only today in Milwaukee. An encouraging sign. Also encouraging was the 889 rise in the DOW yesterday, the second largest one day gain ever.

A new President will be picked November 4th and take office in January 2009. Lots of change is happening and will continue. The only constant is change.

Wednesday, October 22, 2008

Save Gas Money

The cheapest gas in the area today was $2.65 a gallon at several stations, according to milwaukeegasprices.com.

Market Update

The DOW is in the 8700 range today, the 10 year Treasury is at 3.65% and the 30 year mortgage rate available for borrowers with good credit was at 6.125% today. APR 6.28%

A 15 year mortgage rate today was at 5.875%. We have not seen the 15 year mortgage rate dip below 6% for some time. APR 5.99% This is good news.

An FHA mortgage for purchase or refinance was at 6.375% for loan amounts over $100,000 and credit scores over 600. Mortgage rates remain favorable and the upward trend has reversed this week as earnings reports and other news has been released. To apply for a mortgage gather 2 years of financial statements and call 414-416-9194. We offer Wisconsin mortgage loans.

Wednesday, October 15, 2008

Stock Markets Dives, Rates Improve

Mortgage rates improved as the stock market crashed again. The Dow finished below 8600. Mortgages are widely available if you have equity. To learn more call me anytime. 414-416-9194

Tuesday, October 14, 2008

Rates in 6s

Mortgage rates remain in the 6s although they have risen in the last week. Buyers who qualify for FHA financing can purchase with 3.5% down. Veterans who qualify can obtain 100% financing. Otherwise, generally it is wise to put 5-10% down to purchase today. If you would like to learn what you qualify for call me today for an appointment. 414-416-9194 Thank you.

Wednesday, October 8, 2008

Surprise Rate Cut

The Federal Reserve Wednesday cut a key lending rate by a half percent. The rate is now 1.5% and is the rate banks charge each other for overnight loans. The rate cut came ahead of the regularly scheduled late October Federal Reserve meetings. The Prime rate is now just 4.5%. The 30 year fixed mortgage rate is not tied to this rate. Mortgage rates improved slightly after the cut and FHA mortgage rates, which account for the majority of loans lately stayed the same.

Friday, October 3, 2008

Mortgage Rates Dropping

Mortgage rates dropped Friday afternoon as a result of a jobs report released showing that more Americans are out of work. The House passed the $700 bill Friday designed to buy bad debt from big banks in order to make them more apt to lend looser again.

Wednesday, October 1, 2008

Mortgage Solution

A simple solution to the credit crisis is to allow the FHA to lend up to 110-115% of the value of a homeowners present appraised value. Place a provision in the loan that prevents the homeowner from refinancing their loan for 2 or 3 years without imposing a prepayment penalty. The main reason people today are unable to refinance is a lack of equity. The ones without equity will have equity in the future if they do not become serial re-financiers and maintain their payments and property condition. After the time period is up allow them to refinance at the usual loan to value limits which now is 95% for a rate and term FHA refinance. This program would not cost $700 billion dollars and would help homeowners.

Monday, September 29, 2008

House Says No

The House of Representatives voted no to the $700 billion dollar bank bail out plan. The stock market sank on the news. Mortgage rates remained in the low 6s for a purchase or refinance of a 1-4 unit property in Wisconsin. A solution will arrive but not today.

Friday, September 26, 2008

Debate

The candidate's for President will debate tonight after all. Although the credit crisis is not on the agenda the topic is sure to be discussed. Who do you think will win the debate?

Thursday, September 25, 2008

Mortgage Rates Rise

Mortgage rates have risen every day since Monday as lawmakers wrestle with the credit crisis bailout. Rates are still low and mortgages are readily available for borrowers with average or better credit. If your credit is not where it needs to be now is the time to improve it. If you have questions about your credit and how to improve it we can help and will not charge you a fee for the service. If your credit is good call and we will let you know what rates and terms are available. If you are unsure of your credit status our suggestion is that you find out immediately so you know what your options are.

Now is an excellent time to purchase a home. Trying to guess the bottom of the market as far as home values and interest rates is not possible. Work with a trusted advisor who will satisfy your needs.

Wednesday, September 24, 2008

We Close Mortgages

A lot of customers and people in general I have spoken with lately have some impressions of the current mortgage market. Many of the impressions are based on newspaper articles or TV news. The facts are it is not that difficult to get a mortgage if you work with an experienced professional and have average credit. The problem for many people is that they do not have equity and some have limited equity and poor credit. That is not a good combination for underwriting a mortgage. Many people I have spoken with feel you need 20% down to buy. You do not. Loans are available with 3% down. To get approved for a mortgage try to have savings in a retirement plan or bank account, have 12 months of timely rent or mortgage payments and no collections other than medical. It really is that simple.

People who bought at the top of the market in the last 1-4 years with little or nothing down have a hard time selling or refinancing because as appreciation has slowed they are unable to sell and pay a commission to a realtor. We are closing loans every day. The government is not going to knock on your door and help you. You need to help yourself.

Monday, September 22, 2008

Oil Prices and Mortgage Rates Increase

Oil prices climbed $25 a barrel Monday as investors worried about the government bank bail out plan. Mortgage rates also rose. Now a 30 year fixed rate mortgage is at 6.25% in Wisconsin for qualified borrowers. (apr 6.31%) Gas up your car today.

Friday, September 19, 2008

Do You Want $7500?

First time home buyers are now eligible for a $7500 tax credit. The credit is available for homes purchased on or after April 9th, 2008 and before July 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The credit works like an interest free loan and is repaid on your taxes over a 15 year period. Take advantage of this program, low rates and a great inventory and buy your first home today!

Tuesday, September 16, 2008

Friday, September 12, 2008

Zero Money Down Is Available

We are offering two zero money down home loan programs for qualified borrowers looking to purchase a Wisconsin home. One program is for veterans called a VA loan. There is no monthly mortgage insurance and the loan allows you to get into a home with nothing down if the seller pays closing costs. Another program is also through the government and is called the USDA Rural Development Program. To see which program is best for you call me at 414-416-9194.

Tuesday, September 9, 2008

30 Year Fixed at 5.75%

A 3o year fixed rate mortgage is now available at 5.75%. Certain restrictions apply. To apply call 414-416-9194. APR 5.81%

Monday, September 8, 2008

Mortgage Rates Dip

Mortgage rates dipped Monday as news of the government take over of mortgage giants Fannie Mae and Freddie Mac was released. Investors grew confident that there may be an end to the mortgage and housing crisis that has enveloped the country since August 2007. Now is the time to refinance before the mood of the market swings again. Call to apply and lock your loans now. 414-416-9194

Friday, September 5, 2008

Unsure About Your Mortgage?

If you have an adjustable rate mortgage now and you are not sure when it will adjust or what your new payment will be we can help. In your closing documents from the title company is a document called the mortgage note. We can examine this and let you know what will happen. Will your payment go up, down or stay the same? We will explain it to you. Many people have 1,2,3 or 5 year adjustable rate loans. These loans are tied to different indexes and adjust in different ways. Find your mortgage note and call us. We will give you the facts. Free of charge!
414-416-9194

Wednesday, September 3, 2008

Rates in 6s

Milwaukee mortgage rates remain in the 6s for borrowers looking to purchase or refinance. If you are on an ARM it is time to lock into a fixed rate loan. If you are looking to purchase in the next 3 months it is time to meet with a loan officer and get pre-qualified. We would be happy to tailor a mortgage plan to suit your specific needs. Call 24/7 at 414-416-9194 to schedule your no obligation appointment,

Wednesday, August 27, 2008

Better Business Bureau

Great Lakes Mortgage Corporation is now a proud number of the Better Business Bureau. Our focus is on you the customer helping you achieve your goals. If there is anything we can do better or differently be sure to let us know.

Monday, August 18, 2008

Mortgage Rates Improve

Mortgage rates improved Monday and had also improved Friday afternoon as financial news continues to rock the markets. If you were on the fence and unsure about whether to start your home search this may be your opportunity.

Monday, August 11, 2008

Mortgage Rates Today

A 30 year mortgage rate is available at 6.375% for borrowers with credit scores over 740. The mortgage is a 5/1 Arm which means the initial rate is fixed for 5 years and adjusts annually on the 6th through 8th years if you have not paid it off or refinanced. It has a lifetime cap of 6%. In other words if you had the loan 8 years the maximum rate would be 6% higher. It adjusts 2% annually starting on the 61st month. However it is fixed for 5 years at the low rate of 6.375% for borrowers who qualify. The APR is 6.43%. To apply call 414-416-9194.

A 30 year fixed was at 6.625% today.
APR 6.73%

Mortgage rates have trended higher recently. No one knows where they will be in the future.

Monday, August 4, 2008

Federal Reserve To Meet

The Federal Reserve meets Tuesday and analysts believe rates will remain the same. Currently the prime rate is 5%. This is the rate banks use for certain consumer loans and home equity lines of credit. 30 year mortgage rates are not tied directly to the Fed however the Fed does play a huge roll in credit availability.

The current 30 year fixed mortgage rates in Wisconsin are 6.25% with 1 point or 6.5% with no points.

APRs 6.31/ 6.62

Tuesday, July 15, 2008

Mortgage Rates At 5.5%

We are offering a 10 year fixed mortgage at 5.5% for the month of July. Borrowers must be able to document income, credit and have 20% or more equity in the Wisconsin owner occupied home. We are offering this mortgage with no points and an APR of 5.61%. Apply by calling 414-416-9194.

Monday, July 14, 2008

Government Mortgages More Popular

Government mortgages like Federal Housing Administrations Loans, Veteran loans, USDA loans and WHEDA Loans have become more popular for buyers as underwriting has tightened. FHA loans allow the buyer to finance 97% of the purchase price and also allow for gift funds, down payment grants and closing costs credits. FHA loans began in 1934. The USDA loan is a 100% financing product. Buyers need to be below certain income levels to qualify and generally live in a community with limited population. WHEDA is a state program that also allows 100% financing and offers money and grants for improvements in some cases. WHEDA has the strictest underwriting of the programs. Veterans can apply for a VA loan and finance 100% of their purchase if they qualify. To learn more about these great government programs contact Pete Cannon at Great Lakes Mortgage at 414-416-9194.

Friday, July 11, 2008

Weekend Fun

Every Summer weekend in Milwaukee it seems as if their is another Festival. There is always plenty to see and do. This weekend is no exception. Bastille Days opened last night at Cathedral Square Downtown. South Shore Frolics is now open with 3 nights of Fireworks, an art fair, parade and live music. Mequon is hosting an event called the Gathering on The Green. The new Harley museum opens Saturday complete with 2 restaurants and much more. An Art Fair, formally held at St Johns Military in Delafield will be at Nagawaukee Park on Lake Nagawicka in Delafield. And the Brewers are in town playing the Cincinnati Reds. This is just a sampling. There are many more area events. Have fun this weekend!

Monday, July 7, 2008

How To Buy A Home

If you are thinking of buying a home and don't know where to start you can contact a good realtor to help you. Do you want a newer house with less maintenance or a more traditional classic home? How far do you want to be from work? Will you stay at your current job? How about schools, crime, neighborhood? All of these are important. Make a list. Write down want you want and what you need. Is a finished basement important, a sun room, den or library? One or two story, large lot or small. Garage? City or Suburb? Condo?There are many choices. Make a list, work with professionals and you will be living in your dream home soon.

You can look for homes on the Internet and see dimensions and pictures but you really need to go inside and look at the area and the interior to know if it is good for you or not. Some people look at 10 homes, others 25. When you find the home you like make a strong offer and you will not regret it. When you find the one you like you will submit a written offer indicating what you will pay, and at what rate, when you will close and how much earnest money you will provide to show the seller you are serious. A closing is commonly 30 days after the offer is submitted or accepted but can be sooner or later. You may want to hire a home inspector soon after acceptance to check the mechanicals of the home. Talk to your realtor, lender and attorney with any questions you may have.

Tuesday, July 1, 2008

Mortgage Rates Improve Before Holiday

It may be time to add one more item to your holiday to do list. Apply for a refinance or purchase with me at Great Lakes Mortgage since rates have slid slightly the last few days. We are open 24/7 on line and can reached at 414-416-9194 to set an appointment at your convenience. Let us know what works best for you.

Thursday, June 26, 2008

Mortgage Rates Improving

After an analyst suggested selling Citigroup, the worlds largest financial company and oil prices spiked again the DOW crashed early Thursday and mortgage rates improved.

Wednesday, June 25, 2008

Rates Unchanged

The Federal Reserve did not make an interest rate change after two days of meetings. The federal funds rate remains the same. Mortgage rates have inched higher recently because of the fear of inflation. Currently a 30 year fixed rate mortgage for borrowers with good credit and equity is 6.375% with no points if you apply this week. Not all will qualify. Contact Loan Officer Pete Cannon at 414-416-9194.

APR 6.42

Monday, June 16, 2008

Apply For A Mortgage

Apply for a mortgage with us today. It's easy. We do all the work. Tell us what your goals are and we will tailor a loan to meet your needs. Is paying down principal quickly a goal or are you looking for the lowest possible payment? Let us know your unique circumstances and we will design the right program that is best for you.

Friday, June 13, 2008

Help For Flood Victims

The Red Cross has a number for people interested in investing money or time to help flood victims. The number is 1-800-RED-CROSS

Thursday, June 12, 2008

Mortgage Rates Continue To Rise

Mortgage rates have risen every day this week. You need to work with a lender who has their eye on the market or else it will cost you tens of thousands of dollars in interest paid over the life of your loan. The difference between $200,000 at 6.25% and 6.75% is about $22,000. Take advantage of our rate lock advisory service. Call 414-416-9194 today. The markets are volatile and unpredictable. Oil prices are high, we are in an election year, involved in a war and have huge deficits. Do you really think rates are going down?

Tuesday, June 10, 2008

Lock Your Loans!

Rates have spiked in the last 24 hours. Lock now before 6.25% on a 30 year fixed rate is not available. 414-416-9194

Monday, June 9, 2008

Rain, Rain, Go Away

Come back some other day. The skies opened up the other day and rarely paused as the area received record amounts of rainfall causing basement back ups and sewage overflows into Lake Michigan. Soggy citizens shoveled mud, carried water, and threw out damaged goods instead of enjoying summer as intended. Some areas received 9 inches of rain in a few days. Some roads were impassable and tornadoes touched down as black clouds circled the area.

Friday, June 6, 2008

Jobs Report

A jump in unemployment that was larger than forecast will cause mortgage rates to improve Friday and likely Monday morning. Bad news in the job market is often good news in the mortgage industry. Inflation upticks do not help mortgage rates, however. The DOW dropped more than 280 points in early trading Friday.

Thursday, June 5, 2008

JUMBO LOAN AT 5.75%

We are offering a Jumbo loan up to 2 million at 5.75% on a 3/1 ARM. Certain restrictions apply.
Email wisconsinmortgages@gmail.com or call 262-569-8675 or 414-416-9194

apr 5.83%

Tuesday, June 3, 2008

Milwaukee Home Values Rise

The average square foot of residential real estate in Milwaukee rose 2.8% from March 2007 to March 2008, according to Radar Logic Inc. a New York security firm.

According to the report it costs $115.24 a square foot in Milwaukee. The only market with an increase was Milwaukee. There has never been a better time to buy property in the area. Anyone with good credit and a small down payment can leverage a small investment into positive cash flow and tax advantages if you buy right with the proper financing today. Don't leave anything to chance. Work with experienced professionals.

Monday, June 2, 2008

Mortgage Rates Improve

Mortgage rates will improve Monday morning based on early market reports. Call for rates.
414-416-9194

Friday, May 30, 2008

30 Year Fixed At 6.125% Now

A 30 year fixed rate was available at 6.125% now for borrowers with credit scores over 680 and sufficient down payment or equity and income for a single family purchase or refinance in Wisconsin. To apply email or call today. 414-416-9194 or 262-569-8675 wisconsinmortgages@gmail.com apr 6.29

Wednesday, May 28, 2008

Mortgage Rates Creep Up Wednesday

Mortgage rates rose Wednesday afternoon with a 30 year fixed now at 6.25%. (APR 6.39)
That rate is good for borrowers with credit and equity. There was not much difference in pricing for a 20, 15 or 10 year term. All were in the 5.75% range. (5.89 APR)

A better option now is a 5/1 ARM where the rate is about a half point lower than the 30 year fixed. This is a good loan for someone who plans on refinancing or selling in the next 5 years.
On a 5 year ARM the rate is fixed for five years and can adjust a maximum of 2 points after the 60th month. It has a maximun cap of 6 points over an 8 year term.

Tuesday, May 27, 2008

Home Sales Increase

The Commerce Department reported today that sales of new homes increased 3.3% nationally compared with April last year. In the Midwest April home sales increased 5.8%, the department reported. The median sales price was about $246,000 nationally, the department said.

Wednesday, May 21, 2008

April Homes Sales

The latest sales figures for April 2007 are as follows: Milwaukee County, 646 sold; Waukesha County 339 sold; Ozaukee 65; Washington 113; Racine 166; Kenosha 144; Washington 75 sold.

March figures were released in an earlier blog posting. In Milwaukee County there are 420 pending sales and 198 in Waukesha. Buyers and sellers remain far apart. Sellers remain firm as some buyers submitted offers 20% below asking with no success, according to the Great Milwaukee Association of Realtors. In times such as these with tight credit, appraisals, anxious sellers and fire sale thinking buyers it is more important than ever to work with an experienced mortgage professional and realtor to close the most important purchase of your life.

Jumbo Loans Available in Low 6s

We are offering some low Jumbo loan rates. A 3/1 Jumbo Arm is available at 6.5%. A 5/1 Jumbo Arm was also available at 6.625%. If you currently are on a Jumbo or have had difficulty finding a nice priced Jumbo loan contact me today at 414-416-9194. These rates and programs will not last. Guaranteed. APRs 6.65 and 6.78%

30 Year Mortgage Rate Below 6%

We are offering 30 year fixed rate mortgages below 6% for Wisconsin homeowners or those striving to become homeowners. Call to apply today. 414-416-9194 or 262-569-8675.

Tuesday, May 20, 2008

Milwaukee Housing Facts

The condition of the Milwaukee area housing market is stable, according to MGIC, the Milwaukee based mortgage insurance company. Home prices appreciated at 2% and the median sales price is just over $224,000 the April report said. Milwaukee ranked 49th nationally in terms of foreclosure activity in 2007. The short term projection for the market is no change. There is currently a 10 month supply of homes on the market, it said.

Monday, May 19, 2008

Good ARMs, Bad ARMs

An Adjustable rate mortgage can be a great loan in the right circumstances. A 7/1 ARM or 5/1 ARM offer a fixed rate for 7 or 5 years at a rate up to 3/4 of a point lower than a 30 year fixed rate mortgage. The average consumer keeps a mortgage less than 7 years. On a $175,000 mortgage you could save nearly $7000 in interest over 7 years.

Some ARM loans have received bad press. These ARM loans generally were what was known as a pay option ARM. It was designed to increase a homeowners cash flow to use the savings to grow other investments. Borrowers had the option of making a 30 year payment, 15 year payment, interest only payment or a negative amortization payment where the mortgage balance actually increased if that was the option you selected. The loan was suitable for mature investors, unsuitable for others. They also carried large pre-payment penalties if they were refinanced before a certain date. Personally I never originated a Pay Option ARM with what the news media called "a teaser rate."

ARMs that have fixed rates for 3,5 or 7 years are very common and can save you substantial interest costs over the term. Ask about an ARM today.

30 Year Mortgage Rate at 5.875%

We are offering a 30 year mortgage rate at 5.875% with no points. This offer applies to owner occupied homes in Wisconsin for borrowers who can verify income and credit. To apply call 414-416-9194 or email me at wisconsinmortgages@gmail.com

APR 5.99%

Wednesday, May 14, 2008

15 Year Mortgage Rate At 5.625%

We are offering a 15 year mortgage rate this week at 5.625%. This rate carries no points and is available by emailing wisconsinmortgages@gmail.com or calling 414-416-9194 The APR is 5.73%

A 30 year mortgage rate was off a bit Wednesday afternoon. The current rate is 6.125% with an APR of 6.29%

A better option may be a 7/1 Arm or 5/1 ARM. Those rates were 5.5% and 5.25% this week. Exceptional!

APRs 5.69%,5.38%.

NOT ALL WILL QUALIFY

Saturday, May 10, 2008

FHA Loans

An FHA loan can be a good choice for a buyer short on cash for down payment. Guidelines allow for up to 97% financing on loan amounts in the Greater Milwaukee area of $315,000.
The 3% can be gift or grant funds. Higher loan amounts are available for 2-4 unit owner occupied properties. FHA approval guidelines can be more lenient than standard underwriting. FHA is not a credit score based program. If you can show increasing income, job stability and some satisfactory trade lines, even if they don't report on the credit bureau you may qualify. FHA loans can be used for a refinance as well as a purchase. They are a great solution to get out of an ARM loan. Call me to apply today. 414-416-9194

Wednesday, May 7, 2008

How To Guarantee Mortgage Approval

To guarantee a mortgage approval make sure you have savings in a 401K or checking or savings account. As my father used to say banks lend money to people who don't need it. Since he was self-employed he may have had a few challenges refinancing to put 7 kids in school. In addition to having savings naturally if you have good credit you will be approved. Good credit is a score over 700.

It is easier to be approved for what is called a rate and term refinance than cash out. Paying off a home equity line of credit as well as your first mortgage is considered cash out unless you used both mortgages to purchase your home or the loan to value is very low. Three main factors for approval are savings, credit and equity- not necessarily in that order. Of course having a lower debt ratio is also an important factor. No more than 35% of your household income should go toward your monthly housing expenses which include the mortgage, taxes, homeowners and any mortgage insurance. If your debt ratio is high perhaps a 40 year term or interest only is suitable for you.

Tuesday, May 6, 2008

Mortgage Rates Remain Low

Mortgage rates bounce up and down daily as news rocks the markets but we watch the markets carefully and offer you lock protection so you don't have to be worry or be nervous about what is going to happen or not happen or what is out of your control.

Recently we closed a deal for a customer on a 30 year fixed mortgage at 5.375%.
That rate was not available for long but when it was we locked it and that is the rate he will enjoy for a very long time. We have closed loans on 10 year mortgages for people below 5%.

If you are interested in being in the loop and taking advantage of our rate lock advisory servive let me know.

Wednesday, April 30, 2008

Federal Reserve Cuts Rate a Quarter

The Federal Reserve Wednesday cut a key lending rate by a quarter of a point. The prime lending rate is now 5%. The Federal Reserve actions do not have a direct affect on long term mortgage rates. 30 year mortgage rates are available at 5.875% for credit worthy borrowers.

Monday, April 28, 2008

March Home Sales Figures By County

According to the MLS, sales for March in the Greater Milwaukee area were as follows:

Milwaukee County 627 units
Waukesha County 283 units
Ozaukee County 56 units
Washington County 117 units
Racine County 127 units
Kenosha County 124 units
Walworth County 63 units

In Waukesha County properties averaged 105 days on the market and in Milwaukee County it took just 99 days to sell on average.

Thursday, April 24, 2008

What's a Good Faith Estimate?

A good faith estimate is a signed document that a good lender gives you at the time of the initial appointment. It shows closings costs by vendor. Many of the fees are from 3rd party vendors that the broker nor borrower controls. For example, the GFE may show a title insurance, recording and closing charge. It may have an appraisal fee. It may show doc prep, underwriting, tax service, transfer or processing. If the broker is charging for credit reports or origination it would show that. Your closing costs should be within 10% of the fees on the GFE at closing. Ask for your good faith estimate.

Wednesday, April 23, 2008

30 Year Fixed at 6.0% Today

A 30 year fixed rate mortgage is available at 6.0% today with no points. The APR is 6.19%

Tuesday, April 22, 2008

No Downpayment Program Available

We still have a no down payment program available to help you in purchasing a home.
Sometimes a grant or gift for a down payment is the only thing preventing a person from buying and building equity. The down payment can be used for 3% of your purchase price and does not have to be paid back. Save your money for furniture or other household needs instead of using it for your down payment. Work with a knowledgeable realtor to find you the home you are looking for and we will do the rest. Call 414-416-9194 to apply today or email wisconsinmortgages@gmail.com

Thursday, April 17, 2008

Rate Shopping?

If you are shopping for mortgage rates we can help. We offer a no obligation rate shopping service. Just send an email to wisconsinmortgages@gmail.com telling us what the property is worth what the new loan amount would be whether your credit is good, fair or poor and employment history and we will get back to you with a rate quote. The service is free and you are under no obligation to proceed. Give it a try! wisconmortgages@gmail.com

Monday, April 14, 2008

Attention Realtors

Great Lakes Mortgage is holding a seminar for realtors Tuesday May 13th, 2008 on "How to Up Your Earnings in A Down Market." We would love to have you attend this exclusive event. You will leave the event with fresh ideas and more motivation than you thought possible. Contact us for details and an invitation.

Friday, April 11, 2008

Happy Customers

We have a long list of customers who worked with us over the years and are thrilled about the money we saved them and how we improved their life. If you ever wanted a reference or testimonial about how a purchase or refinance benefited a person or family we would happy to share the story with you as long as the customer was willing to share the story with you. Of course your privacy is our concern and we go to great lengths to protect your personal information. We do not sell it. We want to be your lender for life! The loan we do today is just beginning of the relationship with you.

Thank you and Welcome

Thank you for visiting the Mortgage News You Can Use web site. Please help us improve it. Add your comments. Drop us an email at wisconsinmortgages@gmail.com
Spend some time, look around. We have many real estate links that may be of interest to you. Click on the links. Try the free home search on the right.

5.375% Mortgage Rates

Great Lakes Mortgage Corp. is offering a 5.375% fixed rate mortgage with a 10 or 15 year term. APR 5.43% Our 30 year fixed rate today is at 5.75%. APR 5.87% These rates are as good as they get. Act now before they are gone. Not all will qualify. The property must be in Wisconsin and owner occupied. Your credit must be excellent. Call 414-416-9194 to apply or email at wisconsinmortgages@gmail.com

An Equal Housing Lender

http://www.glmcdirect.com

Tuesday, April 8, 2008

How To Become a Millionaire

Do you want to become a millionaire? It's easy. All you have to do is maximize your 401k and contribute $5000 every year to a ROTH or Traditional IRA and you will be a millionaire. Tax defered compound interest is the key to building your net worth. It may take you 40-45 years to succeed but you can if you start today. Did you know that interest earned on an IRA is not taxed annually? If your employer contributes to your 401k you would be crazy not to invest in it. Think of the money we waste on things we don't need. If there are two incomes in your household it will be that much easier.

Ever heard of the rule of 72? According to Wikipedia, If you were to invest $100 with compounding interest at an annual rate of 9% the rule of 72 gives 72/9=8 years required for the investment to be worth $200. You can double your money in 8 years!
$250,000 today is $500,000 in 2016 and 1 million in 2024. Go for it!

Monday, April 7, 2008

5.375% Fixed Mortgage Rates

We are offering a 5.375% Fixed 15 or 10 year mortgage rate. This rate offer has no points and is subject to credit approval. You must have at least 20% equity in your owner occupied home to qualify. This great rate will not last long. Apply today.
414-416-9194

APR 5.47%

Sunday, April 6, 2008

How to Save $10,000 on Buying A Home

Are you home shopping? If you are looking to purchase a home the first thing you must do is meet with a lender and get pre-qualified. The next thing to do is to meet with a real estate agent and sign a buyer agency contract so the agent will represent you not the seller. Did you know that even when there are two agents involved the one you are working with actually may represent the seller? A good way to search for properties on the web is WIHOMES.COM

And remember find an agent to work for you as a buyers agent and you will save money.

Friday, April 4, 2008

Mortgage Rates Improve Friday

Mortgage Rates Improved for Milwaukee and Wisconsin on Friday April 4th. A 30 year fixed rate mortgage was available from Mortgage Loan Consultant Pete Cannon for 5.625% Friday with no points. (APR 5.78%) You can apply by calling 414-416-9194 or sending an email to schedule an appointment to wisconsinmortgages@gmail.com

Thursday, April 3, 2008

Milwaukee Area Mortgage Rates

Rates are as follows for Thursday April 3rd.

30 year fixed 5.875% (apr 5.99%)
20 year fixed 5.875%
15 year fixed 5.375% (apr 5.49%)
10 year fixed 5.5% (apr 5.57%)

All rates require credit approval

minimum 680 credit score, loan to value below 80%, no cash out.

These rates apply to 1-2 unit owner occupied properties.

Contact Pete Cannon

Tuesday, April 1, 2008

Mortgage Application

Refinance Form

April Fool?

The DOW rose nearly 400 points today and mortgage rates maintained their low levels Tuesday as a slew of good news was released. Financials advanced and positive manufacturing numbers were released. Four times as many stocks advanced as declined Tuesday on hopes that the economy has turned a corner.

Monday, March 31, 2008

Free Book: 33 Ways To Sell Your Home Fast

We are offering a free book: 33 Ways To Sell Your Home Fast. To receive your free copy email your name to wisconsinmortgages@gmail.com

Friday, March 28, 2008

Property Values Rise

Property values in the state rose 6.2%, according to a report from the Public Policy Forum. Ozaukee County was up 6.6%; Washington County, 5.7%; Racine County, 5.6%; Milwaukee County, 5.5%; and Waukesha County, 5.1%.

Chenequa, in Waukesha County had nearly 1 million in equalized property value per resident whereas Whitewater, in Walworth County had only $49,079 in property value per resident according to the study.

Walworth and Kenosha Counties which are nearest Illinois had the largest increases; up 10.5% and 7.2% last year.

Thursday, March 27, 2008

Thursday Rates

Rates are still very low.

Today a 30 year fixed rate mortgage is available at 6.0%
A 20 year fixed rate is available at 6.0% as well.
A 15 year fixed rate mortgage is available at 5.5%

These rates apply to borrowers with credit scores over 680 and 20% equity in owner occupied properties. Certain restrictions apply. The APRs are 6.19% on the 30 and 20 year and 5.69% on the 15 year. Call 414-416-9194.

Monday, March 24, 2008

What Lender Do You Use

We use many different lenders to help you in getting the loan program that is right for you and also pays our light bill. For example we may use a lender that you have heard of like Chase, Wells Fargo, Countrywide, or Bank of America. We may use a lender which you have never heard about. We shop daily so you don't have to shop. We are your one stop shopping source. We receive the rate at a wholesale rate and pass much of the savings on to you. We offer a lower rate in most cases than you would receive if you saw the big name lender at a retail location. They pay us to bring them business. That is our role. Call for details.

Prime Rate Drops to 5.25%

The prime lending rate is now just 5.25% which is great news for consumers looking for home equity lines of credit. A home equity line of credit can be used on an as needed basis. When you draw off your line that's when the interest starts otherwise you pay no interest! For consumers with credit scores over 740 we offer a Home Equity Line at prime minus 0.10% or currently just 5.15%. You must open a line with a minimum of $150,000 to obtain this rate. This is a no closing cost line of credit. If you prefer to have a lower rate and pay closing costs we offer that as well. Call me to apply today. 414-416-9194

Tuesday, March 18, 2008

Federal Reserve Cuts Rate by 75 Basis Points

The Federal Reserve cut a key lending rate Tuesday by three fourths of a point in an attempt to lower borrowing cost for banks and some consumers to rekindle the economy.
The cut was in line with expectations and will lower the prime lending rate to 5.25%.
The prime lending rate is used to set consumer loans, home equity lines of credit and other loans; it is not related to 30 year fixed mortgage rates.

Monday, March 17, 2008

Chase Buys Bear Stearns for $2

Chase bought Bear Stearns Monday, the fifth largest investment bank for $2 a share or $236 million dollars, a deal that includes a Manhattan building worth more than $1 billion. On Wednesday Bear Stearns reaffirmed they had a book value of $84 a share.

Friday, March 7, 2008

Rates Improve

We expect mortgage rates to improve Friday based on weak employment numbers released Friday morning. If you are in the market to refinance today would be a good day to apply with us before the market corrects and you lose your advantage. Call 414-416-9194 now.

Thursday, March 6, 2008

FHA Loan Limits Increase

FHA loan lending limits have now increased to $315,000 in Milwaukee and Waukesha Counties. Homeowners will now be able to refinance into a government insured loan up to 97% of the value of their home at a low fixed rate with no pre-payment penalty. This lending limit is an increase of nearly $100,000.

Thursday, February 28, 2008

FHA LOANS

Federal Housing Administration or FHA loans are great loans for a refinance or purchase. You can refinance up to 95% of the value of your home and pull cash out for any reason. Usually FHA loans are a fixed 30 year rate. They never have pre-payment penalties. For a purchase you can finance up to 97% of the purchase price. Credit scores are not a big factor in getting approved for FHA loans. Other factors like job time, savings, and payment history carry greater weight. Call me today to see if you qualify. 414-416-9194

Wednesday, February 20, 2008

Are You Better Off Now Than 7 Years Ago?

Primary season is underway which brings us to the question: Are you better off than when the current President began his journey?

Tuesday, February 19, 2008

Why You Should Have A Realtor

A realtor can put your interest first when buying a home if you sign a buyer agency contract with that realtor. You are not paying the realtor to represent you in most cases, the seller is paying. This can be a huge advantage for you in getting a lower price and also if any issues arise during a home inspection. Ask your realtor about buyer agency.

Friday, February 15, 2008

Home Prices Increase

The median sales price of a home sold through the multiple listing service increased in the state year over year by .02%, according to the Wisconsin Realtor Association. Although appreciation has slowed there is appreciation in the state unlike other markets like California and Arizona. The average Wisconsin homeowners lives in their home for 7 years, the association said. The median sales price here was $164,000.

Where Is The Prime Rate Today?

The prime rate is currently 6%. This is the rate at which banks lend money to their best customers. It is a benchmark used for setting various consumer loans, like credit cards, auto loans and home equity lines of credit. It is not a rate related to the rate of a first mortgage. The prime rate has dropped recently and a possible trend is that it will continue to drop. A key savings rate has also dropped. In other words money market acounts at banks or credit union and certificate of deposit rates have also decreased. Finding money market rates over 4.0% is nearly impossible now. CD rates over 3.5% are rare unless you want to tie up your money for 5 years. Real estate remains a great investment if you buy right and hold for the long term.

Wednesday, February 13, 2008

Is There A Credit Crisis?

There has been a lot of talk about credit, mortgages and the economy lately. Do you think the economy is good or bad now? Is your business increasing or slowing down? Do you plan on receiving a tax rebate check in May? Do you think the tax rebate plan is a good idea? Do you know what the tax rebate plan is? If you receive a check will you spend it or save it?

Tuesday, February 12, 2008

Feds Announce New Foreclosure Plan

Project Lifeline debuted today - a federal government program designed to stall or stop the foreclosure process - for homeowners behind on their mortgage payments. Six of the nations largest lenders are contacting customers who are behind 90 days on their mortgage and trying to modify or work out payment agreements with them to stall or stop the foreclosure.

Monday, February 11, 2008

5.25% Mortgage Rate

A 15 year fixed mortgage is now available at 5.25% on loan amounts up to $417,000 for qualifying borrowers. Apply today. This rate is available without any points. It has an annual percentage rate of 5.39%.

Thursday, February 7, 2008

5 Year Jumbo Arms Available Below 6%

We are now offering a mortgage loan over $417,000 on an owner occupied home below 6% for borowers with good credit and equity. The 5/1 Jumbo Arm is a 30 year mortgage loan with a fixed term for 5 years. Call to apply.

Wednesday, February 6, 2008

Storm Slams State

A major winter storm slammed the state Wednesday causing near white-out conditions over most of southeastern Wisconsin. Schools shut down, offices closed and few drivers braved the roads. Skiers, snowboarders, and those who sled and snowshoe enjoyed the sticky snow storm.

Thursday, January 24, 2008

Jumbo Loan Limits to Be Increased

A jumbo mortgage currently starting at $417,000 will be increased as much as 75% in some areas saving consumers thousands of dollars in interest expense. Loans larger than $417,000 are priced higher than mortgages below that amount currently because they are not insured by the quasi government agencies, Fannie Mae and Freddie Mac. The change was passed as part of the President's tax rebate bill. FHA loans limits were also raised. Most of us can also expect tax rebate checks of up to $1200 by May.
The Senate and White House must still ink the deal.

Wednesday, January 23, 2008

No Closing Costs Mortgages Available

We are offering a no closing costs mortgage on a 30 year fixed loan at a rate below 6% for borrowers who qualify. This offer will not last long. Apply today before it goes away.

Tuesday, January 22, 2008

Five Year Arm Rates Improve

There has been a lot of news about people who bought homes with no money down on 2 or 3 year adjustable rate mortgages who are now in trouble as appreciation has slowed and credit has tightened making it harder for people with bad credit to refinance. A lot of that is true. However now because of recent changes in world markets a 5/1 ARM which is fixed for 5 years and has a maximum 6th year adjustment of 2 percentage points is available at 4.75%. The APR would be 4.84%. This is a super rate for a responsible borrower. 30 year fixed rates are now in the 5.5% range which is also a rate we have not seen for some time. The spread has widened in the last few days between 3/1, 5/1 ARMs and 30 year fixed rates to make the ARM worth considering. This type of ARM is a conforming product with no prepayment penalty unlike the 2/28 and 3/27 ARM of years ago that adjusted each six months. For a more detailed explanation contact Loan Officer Pete Cannon at Great Lakes Mortgage Corp. today at 414-416-9194

Fed Slashes Rates

The Federal Reserve Tuesday morning slashed a key lending rate by 75 basis points in an attempt to prevent a recession and jump start the economy. The Federal funds rate-the rate banks charge each other for overnight loans- is now 3.50%. For savers CD rates will plunge but car shoppers and Home Equity Line of Credit customers will benefit immediately. The affect on 30 year mortgage rates and the recent credit tightening is unclear at the moment. The move caught a few people by surprise although world stock markets crashed Monday while US markets were closed for the Martin Luther King Jr. holiday.

Saturday, January 12, 2008

Pay Off Your Mortgage Fast

If you want to save thousands of dollars in interest and retire your mortgage without any change in spending habits contact us today to learn about the Home Ownership Accelerator. This powerful tool will simply change your life. Call 414-416-9194 today for a free DVD.

Friday, January 11, 2008

Bank of America Buys Countrywide

Bank of America is buying Countrywide for about $4 billion, according to news reports. The stock of Countrywide increased 51% yesterday.

Thursday, January 10, 2008

Bank Of America to Buy Countrywide?

Bank of America, which already owns 16% of Countrywide, the nations largest mortgage lender may purchase the troubled lender, according to news reports. How this will impact mortgage rates is unclear but will certainly eliminate one option for brokers and consumers in the market if the purchase closes.

Tuesday, January 8, 2008

Super Short Term Rates

We are now offering a 10 year fixed mortgage rate for well qualified borrowers at 5.25% with an APR of 5.32% We also have available a 15 year fixed rate at 5.375% with an APR of 5.41%. These rates will not last. Call to apply today. 414-416-9194