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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.