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.

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.

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.

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.

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.

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.

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