Rates Up

As we indicated earlier rates rose. Keep in mind the rise is slight. Mortgage rates are still at unheard of lows. If you are still waiting for the below 5% 30 year fixed rate that opportunity is gone. However, below 5% is available on shorter terms or even on a 30 year fixed with an origination point.

A 5/1 ARM or 7/1 ARM are still attractive. Call to see what is best for you. 414-224-4732.

Do You Drink Egg Nog?

It is Egg Nog season. Grab a glass.

Happy Holidays

Enjoy the Christmas Season. See family, friends and take some time away from work!
You will not regret it!

Lock and Load

Mortgage rates are still fantastic. Rates are creeping up, however. If you have not refinanced lately and you would like to shorten your term or drop your rate our advice is do it now. If you have a Wells Fargo mortgage or an FHA loan with any lender you may be eligible for a reduced documentation loan, possibly without an appraisal and a streamlined process.

Contact me today. Apply on line at http://www.wisconsinmortgages1.com or call 414-416-9194 or email us @ wisconsinmortgages@gmail.com. Save money today.

FHA Mortgages

An FHA mortgage can be used to purchase a home with a limited down payment. Recently FHA mortgage rates have been in the low 5s. There are many advantages to using FHA financing when purchasing a home. There are no income limits. Earning $100,000 will not disqualify you. You can buy a duplex as long as you live in it. You can buy a condo, you can buy a single family home. You can even buy a manufactured home with an FHA loan. In Milwaukee and Waukesha Counties you can finance up to $315,000. Another advantage of FHA financing is the opportunity to refinance within 3 years and receive a refund of some FHA finance charges.

You may be able to refinance without an appraisal or other standard documents. You can do a streamline refinance if it will lower your payments. You can qualify for an FHA mortgage with a non-occupying borrower whose income and credit may allow you to qualify. There are many special features with FHA loans that may benefit you. Email us at http://www.wiscosinmortgages1.com for a special free report or call 414-416-9194.

More Milwaukee Mortgage News

Great news. If you haven't heard the tax credits for purchasing homes have been extended till June 2010. More good news. You can also receive a tax credit if you already own a home and buy another one. This credit is up to $6500 and you can receive the cash whether you up size or downsize. Income limits have been raised as well so if you make more than six figures, no worries. As long as you have owned for the last five of eight years you are in the money.

First timers can still receive $8000 in credits. Both scenarios need to be under contract by the end of April and you need to close the end by end of June. Remember you can amend your taxes anytime and receive the credit immediately. Always consult a tax advisor. Good luck. Did I mention we can pre-approve you now and rates and payments are at unheard of levels? Get excited. Take advantage of it. Tell your neighbors.

There are unbelievable deals available. Call a Realtor. But contact us first so you know what payment and price will work.

Wisconsin Mortgages

If you live in Wisconsin and your name is Yan Yansen you must smile often. If you live in Wisconsin and rent you should purchase now while mortgage rates are at historic lows and the inventory of homes for sale are at all time highs. If you currently own a Wisconsin home and have not refinanced in the last 6-18 months my question would be why?

Are cash flow, building net worth, equity and paying down your mortgage important? Let's get it taken care of now. Do not hesitate. Do not delay. The time is now. We can meet you at our west side Milwaukee office when it is easy for you. To schedule a confidential short appointment call me Monday-Saturday 8am-7:30 pm at 414-416-9194. Thank you!

First Time Home Buyer Tax Credit to be Extended

It looks like the $8000 First Time Home Buyer Tax Credit may be extended from November 30th until the end of June. People who have owned homes for five years may also take advantage of a $6500 credit subject to income limits. The Senate passed the bill, next it goes to the House and the President.

Streamline Refinance

Do you have an FHA or VA loan? If the answer is yes we can drop your rate and payment without an appraisal, in many cases.

Even if one of you is not currently working and was working previously this opportunity is available.

As long as you have on time mortgage payments YOU QUALIFY. Isn't life great?

10 Year Mortgage at 4.25%

Short term mortgage rates are still low. We are offering a 10 year fixed rate mortgage at just 4.25% for borrowers with good credit and equity on minimum loan amounts of $125,000. Build equity fast and eliminate your mortgage payment. Just imagine.
apr 4.30%

Locking Deals

We were locking deals today for customers to insure them of reduced mortgage payments in the future. Many are choosing the 5/1 FHA ARM at 4.375%. This is the rate they will pay for five years and the first adjustment on the sixth year is only 1%. How many times have you refinanced in 6 years? Some people with balances over $250,000 are saving over $300 a month, not to mention tens of thousands of dollars in interest. Don't miss the party. Get your financial house in order today.

Dow Up and Mortgage Rates Up

As the Dow hit 10,000 yesterday the chance of getting a below 5% fixed rate mortgage fizzled for new applicants however those in the closing process who were locked are secure. Cash flowed into stocks and out of bonds and mortgage rates increased.

If you are shopping for a mortgage it is important you return paperwork quickly to your lender or your offer may not be available.

Short term rates are still below 5% as are ARM rates. The 30 year fixed is still at historic lows.

Mortgage News You Can Use

What do mortgage lenders require today? Mortgage lenders require the same things they have required for years. For example a two year residence, income history and employment is a goal but not a requirement. A person who will be approved quickly is one with high credit scores, low debt ratios, savings and stability in employment and residence. A more difficult approval would be someone with a high debt ratio or long employment gaps.

A combination of equity, income and assets is the ideal mix for underwriting. You are more likely to be approved with $50,000 in a 401k than $100 in checking. You are more likely to be approved with 10% down than 5%. You are more likely to be approved with 750 credit scores than 650. The best way to position yourself for a fast approval is pay down debt, continue or start a systematic savings plan and pay all your bills before their due dates. This will almost guarantee approval.

http://www.wisconsinmortgages1.com

Mortgage Rates Today

We are offering a 30 year fixed rate mortgage at just 4.875%. today. Call to apply 414-416-9194

http://www.wisconsinmortgages1.com

An Equal Housing Lender

Apr 4.98%

OnMilwaukee.com Living: 100 things to love about fall in Milwaukee

OnMilwaukee.com Living: 100 things to love about fall in Milwaukee

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$8000 First Time Home Buyer Credit

Time is running out! The $8000 First Time Home Buyer Tax Credit is set to expire at the end of November. You can purchase a home today and receive a refund check tomorrow. Here is how it works. You must close on a single family home or condo purchase before Dec. 1st 2009. If your federal tax liability for the year was for example $4000 and you have paid $5000 you would receive a check for $9000. You must earn less than $150,000 for couples or $75,000 solely to qualify and have not purchased a primary residence in the last three years. You can even own vacation property already and still qualify! If two are buying and one has not purchased in the last three years you may qualify. You claim the credit on your tax return. It is a one page form. You can amend your 2008 return and receive the money now. Always consult a tax advisor or attorney to insure you file correctly. Call us today for a pre-approval. 414-416-9194

Milwaukee County Home Sales Increase

More homes sold in August this year than last year, according to the multiple listing service. 900 Milwaukee County homes sold in August compared with 807 last August - that is an 11.5% increase. Home sales also increased in Washington County but declined in Waukesha and Ozaukee counties.

Who Do You Know Needs A Free Pre-Approval?

A lot of people are looking at homes to purchase these days. The majority have never bought a house before and have questions about the process. The first step is to get a copy of your credit report. The free online credit reports although helpful do not provide a score for free. We would be happy to provide anyone who is considering buying a home in the next six months a free copy of their credit report with credit scores. We can also offer a line by line explanation of what the credit history means and how it will apply to you. This is a limited time offer for Wisconsin residents.

The next step after receiving your credit report is to set an appointment with a mortgage loan officer to be pre-approved. You will need 2 years of Federal Taxes, a recent pay stub or profit and loss statement if you are self-employed, 2 months of bank statements and a complete copy of your most recent investment statements, 401k or equivalent. If you do not have savings you still have options.

The next step is to work with a Realtor under a buyer agency agreement where they will represent you not the seller. We would be happy to refer an experienced Realtor to you or perhaps you have some one in mind. Good Luck on your home search!

Packers Play Thursday Night

The undefeated Green Bay Packers are in Tennessee tonight to face the Titans for the final exhibition game. Quarterback Aaron Rodgers is on the cover of Sports Illustrated. The real season for the Packer fans kicks off against the Chicago Bears and new Quarterback Jake Cutler -formerly of the Denver Broncos - on Sunday September 13th in another night game.

Mortgage Rates Improve

Mortgage rates improved Wednesday morning after bond buyers snapped up securities as a safe alternative to turbulent stocks. There are large losses in the Chinese markets today. Tomorrow, the Labor Department will release weekly unemployment figures. http://www.wisconsinmortgages1.com

OnMilwaukee.com Milwaukee Buzz: OnMilwaukee.com Weekend Preview: Aug. 14-16

OnMilwaukee.com Milwaukee Buzz: OnMilwaukee.com Weekend Preview: Aug. 14-16

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Home Sales Sky Rocket

Waukesha County home sales rocketed nearly 16% in July as compared with July 2008, according to the Multiple Listing Service. Milwaukee County also increased nearly double digits at 9.8%. First Time Home Buyer Tax Credits and lower prices in some areas were responsible for the sales increase, according to Realtors and Lenders and recent reports. Let's hope this trend continues.

http://www.wisconsinmortgages1.com

Free Daily Rate Lock Advisory Service

We now offer a free daily rate lock advisory. If you are in the market to purchase or refinance a Wisconsin home this information is guaranteed to save you thousands of dollars over the life of your loan. Click on the headline.

Mortgages Rates Volatile

Mortgage rates continue to be volatile and unpredictable. The best rates are for the shortest terms. A 10 year mortgage is available in the low 4s and a 30 year mortgage is available in the 5s.

Property condition on the sale is becoming increasingly scrutinized by lenders. If you are thinking of selling make sure your property shows well. Paint, remove clutter, have proper drainage with good grading, gutters and downspouts and fix any possible potential safety or code issue.

It does not matter whether the property you are purchasing or selling is $2 million or $50,000 the goal is to have a smooth sale and no issues. If you would like a free copy of our special report, "33 Ways To Sell Your Home Fast," ask for it.

Mortgage Rates Spike

Mortgage rates popped up higher twice Thursday as the DOW climbed over 9000 and the National Association Of Realtors announced a June Home Sales increase of 3.6%. Lenders raised rates twice Thursday afternoon as hedgers thought for a minute the recession was over. This will change as more news filters through the markets. Ford reported earnings which was a bit unexpected.

OnMilwaukee.com Festival Guide: Great Downer Avenue Bike Race: July 25

OnMilwaukee.com Festival Guide: Great Downer Avenue Bike Race: July 25

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OnMilwaukee.com Festival Guide: Brady Street Festival, featuring Cheesefest: July 25

OnMilwaukee.com Festival Guide: Brady Street Festival, featuring Cheesefest: July 25

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June Home Sales Increase

June Home sales increased 3.6%, according to the National Association Of Realtors. The increase was a bit higher than expected. The DOW shot up more than 190 points to beak 9000 in mid-day trading Thursday.

Mortgage Rates Improve

Mortgage rates improved Tuesday afternoon. Part of the improvement was Fed Chairman's Bernanke comments that high unemployment may persist till 2012. Buyers and sellers of mortgage backed securities love bad news and hate inflation. Bernanke did indicate the recession may be ending soon. Weak employment and housing sales should keep inflation in check and make long term bonds-like mortgage backed securities- attractive to investors.

On Thursday the National Association Of Realtors reports June numbers.

Everything You Need To Know But Were Afraid To Ask

Here is everything you need to know about the new First Time Home Buyer Tax Credit but were afraid to ask. If you have not owned a home in the past three years you may be eligible. You can claim up to $8000 or 10% of the home's value, whichever is less. Any single family home or condo used as your primary residence is eligible. To receive the full benefit individuals must make less than $75,000 or $150,000 for couples. This is how it works. If your final tax liability for the year is $4000 you would pay nothing and receive $4000 back. If you are due for a $1000 refund, you would receive a $9000 check. The credit also applies to new home construction and townhomes. You must live in the home three years. Married couples with incomes up to $170,000 receive partial benefits.

We have a new web site with lots of Real Estate News.

http://www.wisconsinmortgages1.com

Bing and Chrome

Every day it seems there is some new technological thing. Bing, the search engine. Google Chrome. Twitter. Plaxo. Facebook. Texting. Blogs. Remember when we didn't even have a remote control on our TV and got four channels? You had to get up from the chair and actually change the channel! Now there are 100 channels and nothing is on! TV was free. How much is it now? $50 a month, $100? Remember dial phones? Before cordless. They were stuck to the wall. You rented them from the phone company. They were heavy. Remember when, Wal-Mart, where you buy them now, had one store in Arkansas?

Technology is changing quickly.

Are you up to speed?

Run Away With Circus

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 Slide

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.

Short Term Rates Are Hot

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!

4.99% Rates?

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%

Mortgage Rates Fall

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 Increase

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.

Summer Solstice

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.

The Economy Is Improving

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.

Mortgage News You Can Use

Mortgage rates are tied to the trading of mortgage backed securities or MBS which are pools of mortgages. However, since May 21st the 10 year bond yield has shot up from about 3.3% to 3.9% and 30 year fixed mortgage rates rose similarly during this same time period. Today is an auction of 10 year Treasury notes. Demand, if weak will cause mortgage rates to rise again today. Last Wednesday a 30 year mortgage was available at 5.0% for credit worthy borrowers. Today the rate is almost a full point higher. Always consult a trusted mortgage advisor when purchasing or refinancing a home.

Area Home Sales

New iPhone June 19th

A new iPhone debuts June 19th. Apple also announced dropping the price to $99 on their least expensive current offering. Will you buy the new iPhone?

Free Reports

Email us for a free report: 8 Credit Scoring Tips For Borrowers. This special report will save you thousands of dollars in interest in your lifetime
wisconsinmortgages@gmail.com

30 Year Fixed Mortgage Rates Are Up

30 year fixed mortgage rates shot up again in the last 48 hours. For deals not locked new customers can expect to be in the 5.5% range now. Our advice as always is to get your application in now and work with a professional who can advise you when to lock to save yourself thousands of dollars in interest over the term of your loan.

Rates Bounce Back

Mortgage rates which rose rapidly due to debt fears have bounced back favorably Friday afternoon, however they are still off of last weeks lows. A 30 year fixed rate conventional loan was available today at 5.125% with no points for borrowers with 700 or higher credit scores. Apply today. 414-416-9194

APR 5.19

Rates Have Risen

What goes down must come up. Recent rising rates for refinances and purchases have surprised soothsayers. Try to say that three times. An exercise in alliteration. Rates have risen. Since Thursday there has been a steady increase in mortgage rates with another couple negative reprices today. The 5% mortgage is gone for the moment. However rates remain low.

Broker or Bank?

What is the difference in mortgage rates from a mortgage broker or a bank? A mortgage broker has more than one bank to sell mortgages. For example a mortgage broker may sell loans to Citi, Wells, Bank of America, Chase and smaller regional banks like US Bank, M and I and others. A retail bank has one source of funds, one set of guidelines, one committee to make decisions.

Banks have two channels to sell loans: Wholesale and Retail. Banks have less expense selling loans through wholesale channels, like mortgage brokers. That is why a mortgage broker can offer a lower rate than a retail bank and also can fund deals that a bank may not be able to fund. The bank offers the customer their retail bank rate. The Bank offer the mortgage broker the wholesale rate. This is why rates are lower at mortgage brokers.

4.5% Mortgages

We can now offer a 4.5% 10 year fixed conventional mortgage. If building equity and paying off your mortgage is your goal this is the solution. Call to apply today.
414-416-9194

APR 4.59%

Mortgage News

Closing a refinance or purchase is taking longer than ever before. We talked to one person yesterday who was able to lock in a great rate for a short time, 15 days, and had to pay off his credit line because to keep it open you must receive written permission from that lender in 2nd position which can take up to six weeks and you must pay for the privilege of keeping the line open to obtain what is called a subordination agreement. So this customer had to pay off the line even though it was near the prime rate which is currently at 3.25%. Another delay that occurs is lenders are requiring field reviews, in other words a 2nd appraisal, which just getting scheduled takes time not to mention waiting for the report to be finished. As the rush to refinance continues another development is that many lenders won't even look at the deal until the appraisal is submitted along with the other documents. Naturally the appraisal is paid for by the customer in advance. There will be a lot of disappointed people who paid for appraisals and can't close for many varied reasons. Welcome to the new world of mortgage lending.

Add Your Link

Do you have something of interest to local readers of our web site? Add your link. Email us at wisconsinmortgages@gmail.com It's free.

Stimulus News

There is talk of the Housing Department allowing FHA approved lenders like us to allow the $8000 first time home buyer tax credit to be used as a down payment on a home purchase. Currently a buyer can purchase a home using an FHA program with only 3.5% down. In other words if someone buys a home for say $228,000 they need a minimum of 3.5% down or $7980. If they make less than $150,000 as a couple or $75,000 solely and have not purchase a primary residence in the last three years they receive an $8000 Federal tax credit which may soon be able to be used for that 3.5% down. If the details can be worked out with the IRS and HUD this would open up the purchase market and help those selling as well as buying. Stay tuned.

Mortgages

Mortgage rates improved in the Greater Milwaukee and Wisconsin area Monday afternoon.
FHA mortgages, a poplular mortgage for purchases and refinances and conventional loans both improved. Of course due to high demand if you would like to close in May and you have not made an application that would be difficult. Apply today, avoid the rush and make no payments till August.

4.990% Mortgage Available

We had a pricing improvement late Wednesday afternoon and we are once again offering a below 5% mortgage rate on a 30 year fixed loan. Many area banks offer 5.25%. Call around and see for yourself then call us. 414-416-9194 We meet or beat anybody.

Apr 5.03%

Milwaukee Mortgages

Milwaukee area mortgage rates remain low hovering around 5% for many borrowers. If you are considering purchasing a home now is a great time because you may be able to take advantage of the new $8000 Home Buyer Tax Credit. Here's how it works. If you make less than $150,000 annually as a couple or $75,000 solely and have not purchased a primary residence in the last three years you qualify. You can even amend your 2008 tax returns and receive the $8000 now. You need to hurry because this program will expire in the fall.

Rates Are Rising

The gravy train may be over. Mortgage rates spiked up early Thursday and pricing today was noticeably worse than 5PM Wednesday. If you are refinancing and are not locked you may have a problem. If you are working with us, "No worries." There is speculation that we have hit the bottom and the economy is rebound-bound.

4.25% Mortgage

We are now offering a 4.25% rate on a 30 year mortgage. It is a 5/1 conforming ARM which means the rate is fixed for 5 full years. This offer is for owner occupied homes in Wisconsin. You must have 30% equity and excellant credit to take advantage of this amazing mortgage rate. Apply today. 414-416-9194

APR 4.31%

How To Become A Millionaire

To become a millionaire first set the goal. Eliminate all credit card debt. Start a systematic savings plan buying index mutual funds, and fixed income funds. Take advantage of your employers 401k plan and maximize it. Invest in a ROTH or traditional IRA every year. This year the limits are $5000 per person for a married couple. In other words $10,000 can grow tax deferred. Send extra money toward your mortgage principal each month. Track you expenses. Make a budget. Find a book on how other millionaires became millionaires. If all this fails marry a rich person.

Jobs

We are talking to a lot of working couples lately who have one spouse laid off. Nearly 1 of 10 in the state is laid off or unemployed. Naturally for many people if they normally qualified for a mortgage with two incomes it may be more difficult or impossible to qualify with one income. In some cases we can actually use unemployment compensation to qualify an applicant for a purchase or refinance. Naturally, in a time of rising unemployment cutting expenses is a top priority. Since 30 year fixed rate mortgages are at 5% or below now is the time to lower your expenses while you still can. Sound advice we think.

Mortgage Rates Drop-Save $38,000

A 30 year fixed rate mortgage is now available for 4.875% for credit worthy borrowers. This is a savings of more than $38,000 on a $150,000 loan at 6.0%.

Apr 4.91

Do You Have A Fannie Mae Mortgage?

If you currently have a Fannie Mae mortgage and have been unable to refinance due to your property not appraising now where it has appraised in the past we have the solution. Call for an appointment. 414-416-9194

Brewers Win

In a dramatic finish the Milwaukee Brewers beat the Chicago Cubs 4-3 on opening day at Miller Park when Ricky Weeks slid into home plate safely in the bottom of the 9th inning. Fans got what they were looking for Friday-an exciting game and an exciting finish. The Brew Crew plays tonight at 6:05 pm.

Oconomowoc News

For Oconomowoc News You Can Use click Oconomowoc news headline

Home Buyer Seminar

We are hosting a home buying seminar at 5:30 pm Thursday, April 16th at our Milwaukee office. Learn about the new $8000 Home Buyer Tax Credit. Obtain a free copy of your credit report with analysis and a credit score. Learn about government lending programs. Learn how to find undervalued properties for sale in your neighborhood. To reserve your spot call 414-416-9194.

Five Reasons To Buy Today

This an unprecedented time in our nation's history. The government is paying you $8000 to buy a house as long as you close by November 30, 2009. The selection of homes has never been higher meaning you won't have to get into a bidding war once you find the home you like. Sellers are more willing than ever to pay your closing costs. Rates are as low as they have been since 1971. There is less competition among buyers and fewer Realtors and Loan officers so chances are the professionals who will work with you are seasoned veterans and can help make the process easy for you.

If you need any more reasons and there are plenty please let us know. We would be happy to point out the benefits of home ownership anytime.

VA Streamline A Popular Choice

A Veteran's Administration streamline is a great opportunity for veteran's with an above market interest rate to drop their rate, drop their payment and enjoy immediate savings. Anyone in Wisconsin with a current VA loan most likely qualifies. If you have a current VA loan and live in Wisconsin you need to call me immediately to take advantage of this program. 414-416-9194

15 Year at 4.625%

We have a 15 year mortgage available at 4.625%. No cash out. Call to apply. 414-416-9194

APR 4.69%

Special Internet Pricing

We have special internet pricing of 4.99% on a 30 year fixed rate mortgage for borrowers over a 720 credit score and not taking cash-out on a refinance of a owner occupied Wisconsin property. Certain restrictions apply. We do not charge points at this special rate. Email us at wisconsinmortgages@gmail.com or call 414-416-9194

$8000 Homebuyer Credit

You will receive an $8000 first time home buyer credit by purchasing a home by December 1st, 2009. A first time home buyer with a modified gross annual income of $75,000 or couples with $150,000 with receive the full benefit. For unmarried joint partners any of the qualifying partners may be a first time home buyer to qualify.
Contact us today. It is as if the government is giving you money to purchase a home. Take advantage of it. This is a credit. The check comes to you. It is not a deduction. It does not need to be paid back.

We can refer an experienced Realtor to you to represent your interests not the sellers!What are you waiting for? Call 414-416-9194

4.9% IS HERE

We are offering a special 4.99% 30 year fixed conventional mortgage for borrowers with credit scores over 720 who can document income and assets. To apply send an email to wisconsinmortgages@gmail.com or leave a message at 414-416-9194 with the best time to reach you and the desired loan amount.

Good News

According to Bloomberg News you can't get a mortgage at 5.5% even if you have 20% equity and a 720 score and can document income without bonuses. Every loan I have closed in the last 60 days has been at a rate below 5.5% and many people did not have 720 credit scores. We do things differently than national and international banks. First, we know the market, the people and the programs. We study and learn daily. We watch markets by the minute. Today we locked two customers at 4:55 PM when the best pricing of the last few weeks was available. See the difference. Experience Great Lakes Mortgage Corporation and Loan Officer Pete Cannon. Why would you pay more somewhere else?

Dow Rebounds

The stock market has roared back, with a huge rally yesterday among financials and a sideways move today. Mortgage applications incresed locally and rates improved. Underwriting at many lenders continued at a crawl. Avoid the stampede. Apply today.

Why Work With Us?

Our company Great Lakes Mortgage Corporation was established in 2000 and I started here one year later. During this time we have expanded our operations and now have offices in more than 6 locations. While other mortgage companies have closed we have grown. Why is this? Ask our customers. They will tell you why. Our greatest source of business is referrals and past clients. And we work hard every day to keep it that way. Give us a try. We want to be your lender for life. Ask for me, Pete Cannon.

Referral's Are Always Encouraged

Who do you know that is looking to buy a home or refinance to save money on their present mortgage?

Mortgage News

Rates edged higher slightly last week even as an unemployment report Friday indicated more than 8.0% of Americans were out of work. Mortgage rates are still as low as they have been since 1971. Consumer spending increased in January more than anticipated. The Spring selling season sprouts soon.

FHA RATES

A 30 year fixed FHA mortgage is available at 5.25% for a purchase of a 1-4 unit owner occupied Wisconsin home. This rate has improved in the last 12 hours. Loans limits are by county and are $315,000 in Milwaukee and Waukesha counties. Larger loan amounts are also available. The 5.25% rate can also be used for a cash-out refinance up to 95% of the appraised value of your home. To apply call 414-416-9194 to schedule an appointment.
APR 5.31%

ACRONYM MANIA?

The government set up another acronym today. First it was TARP (Troubled Asset Relief Fund) now there is TALF (Term Asset-Backed Security Loan Facility) The goal is to encourage lending and the sale of asset backed securities for credit cards, auto and small business loans. It should also help with car leases and commercial lending.

Mortgage Rates Remain Low

Mortgage rates improved Tuesday and remain low. Lenders are overwhelmed with applications and are not underwriting as quickly as in the past. Credit continues to be tightened as more programs disappear or require higher credit scores than previously. Consult a trusted mortgage advisor when considering a refinance or new home purchase.

$8000 Tax Credit

You can now receive an $8000 tax credit for purchasing a home between Jan. 1, 2009 and Dec. 1st 2009. You can receive the credit when you file your 2009 taxes. You can also receive it sooner - consult your tax advisor. You can claim the credit if you have not purchased a house in the last three years. As long as the house is more than $80,000 you can claim the full credit. If you have not paid $8000 in Federal taxes you would get a refund or in other words a check sent to you. Your income needs to be less than $75,000 or $150,000 for you and your spouse to claim the full credit. Neither of you can have owned a home the past three years. $8000 to buy a home! Just think of it!

First Time Home Buyer Tips

Are you a first time home buyer? How do you find a house? How do you get a loan? The first step is to meet with a mortgage lender and get pre-qualified. Gather 2 years of Federal Taxes, a current pay stub, any 401K statements and 2 months of bank statements. All the statements should be complete and current. You will fill out an application listing employment and residence history so you should be prepared with names and addressees and dates. The lender should provide you with a copy of your credit report.

Think in terms of what you can afford. Let's say for example you earn $45,000.
This is $3750 gross a month. Your maximum payment for housing should be about $1400.
This figures includes the mortgage, taxes, homeowners and mortgage insurance. So say for example you find a house you like for $139,000. This may be affordable. Let's say you choose FHA financing and put down 3.5%. Your loan could be around $760 a month. Then you add 1/12 of taxes and homeowners and any monthly mortgage insurance. If taxes are 3100 annually and insurance is $500 annually then add $258 monthly for taxes and $42 monthly for homeowners insurance. Figure $60-80 a month for mortgage insurance.

Your new payment on that $139,000 house with 3.5% down or $4865 down would be $760 plus $258 for taxes plus $42 for insurance plus say $60 for mortgage insurance. In other words your housing payment would be $1120 a month. This would be affordable.
This payment would be 30% of your gross income. If you have big payments on car loans or other loans you may want to trim those so you can afford a house.

You can search for homes on the Internet at WI.HOMES.com My recommendation is to find a good experienced agent who works with buyers. If you would like any agents contact information please let me know. 414-416-9194 Good Luck!

FHA FINANCING

A 30 year fixed FHA loan for purchase or refinance today was available at 5.5%. To qualify you should have a current FHA loan or have about 5% or more equity in your property. Generally, homeowners or renters with credit scores over 580 may qualify provided they can verify income and not have any bankruptcy open in the past two years. For more information how you can take advantage of FHA financing to help you achieve your goals contact Loan Officer Pete Cannon at Great Lakes Mortgage Corp. at 414-416-9194. On a FHA purchase you just need 3.5% as a down payment.

APR 5.61%
AN EQUAL HOUSING LENDER

Where Is The Money Going?

President Obama is to sign the stimulus bill in Denver today. The White House has set up a web site to track where the money is going. http://www.recovery.org

Plan To Pass

Looks like Congress will wrap up the voting on the stimulus plan so they can enjoy their 3 day Holiday weekend since Monday is a Federal Holiday, Presidents Day. The $15,000 Homebuyer credit may not be part of the plan however if you buy a new car the sales tax will be deductible. If you would like to learn about the current $7500 First-Time Homebuyer Credit and receive IRS Form 5405 to claim it let us know and we will be glad to provide you with the form.

Market Update

We suspect mortgage rates will be higher Wednesday morning. We locked many loans on Tuesday after the Treasury Secretary spoke and before the Dow tumbled nearly 382 points. Work with us and you will save money on your mortgage. Guaranteed. We cannot predict the future direction of rates however in the short term day to day we can help you benefit by getting the best possible rate at the time.

Mortgage Rates Improve Tuesday

Mortgage rates improved Tuesday as the stock market tanked after Treasury Secretary Tim Geithner spoke on a public private partnership plan to add liquidity to the credit markets. Apparently some on Wall Street were not too impressed and feared it was too little too late. The Dow was down 276 points in the late morning. A 5.125%
30 year mortgage was available now from us.

APR 5.19%

President To Speak

President Obama will address the nation tonight and Treasury Secretary Timothy Geithner is scheduled to speak Tuesday and unveil a solution to the banking crisis and stimulus program. The next 24 hours are very important for all of us and especially for those looking at purchasing or refinancing a home in the near future. Stay tuned.

$15,000 Cash For You

The Senate passed a bill which would give home buyers - not just for first timers - a $15,000 tax credit for purchasing a home. The benefit would be in affect for one year after the economic stimulus act is signed. This could be a great opportunity for you now to purchase a home. Any owner occupied single family home of $150,000 or more would qualify for the full $15,000 benefit otherwise the credit would be up to 10% of the purchase price.

Mortgage News

Rates have been off a bit lately with the 30 year FHA mortgage now at 5.5%. An FHA loan can be used in the Milwaukee area up to about $281,750 in several counties and up to $365,700 in Kenosha county for a single family. Loan limits are higher for 2-4 units. There are different loan limits for different counties. Check with us and we will let you know.

There are no income limits on FHA financing. In other words earning a large income does not disqualify you. One advantage of FHA loans in our market now is that you do not need a large amount of equity to refinance with FHA. Some people discover that they may have less equity than they thought based on a recent lack of sales in their neighborhood or the uniqueness of their property. This is when an FHA loan really works well. Contact us for more information. We may be able to help you. 414-416-9194

The current conforming mortgage loan limit is up to $417,000. Higher than that rates are higher.

30 Year at 5.375% Today

A 30 year conventional mortgage is available today at 5.375% on a loan amount over $100,000. Call for details. 414-416-9194

APR 5.398%

Mortgage Rate Lock

A mortgage rate lock is a commitment to the lender that you will deliver the loan to the lender by a certain period of time at an established rate. The longer time frame for locking such as 30 days instead of 15 days means worse pricing. Once locked you are protected by increased pricing. If not locked you are playing the market and are subject to the risk of rising rates. For example today we have many people closing at 5.0% and some at 5.125%, 5.25% etc. Their rate at closing was determined in most cases at least 15 days ago. If you wanted to lock a rate today to close in the next 30 days at say 5% that would not be possible unless you wanted to buy down the rate or pay discount points.

Our advice today as always is to consult a mortgage professional you trust and can offer you exceptional rates. Having said that there is more to a mortgage than just the rate. Annual Percentage Rate for example is the Federal government's attempt to explain the true cost of credit. More on this another time.

5% Available Now

A 5% mortgage is now available. This rate comes and goes and is available today. Call me to apply. 414-416-9194



APR 5.01%

Rates Off Tuesday

The DOW dove and mortgage rates increased Tuesday on Inauguration day. The 5% mortgage may return but it was not available Tuesday morning.

APPLY ONLINE

Scroll Down to right and click on REFINANCE FORM.

It's a Great Day For A REFI

Today is a great day for a refinance. Although the stock and bond markets are closed for the Martin Luther King Jr. Holiday we have been busy submitting deals to underwriting. Most of the loans are being underwritten as FHA loans at 5%. Avoid any delay get your application in today.

Why Should I Refinance?

There are many benefits to refinancing. There is no rule about when to refinance. The decision to refinance is simple. Will I save money? Let's say, for example you save $1800 a year by lowering your rate 3/4 of a percent. This works out to $150 a month.

Makes sense right?

If we mailed you a check every month for $150 would you
spend it, invest it or throw it away? You would use that $150 a month in a sensible way to improve your overall financial position, right?

When mortgage rates are as low as they have been since 1971 it probably makes sense to refinance. Call me and we can run a new proposed payment based on your present mortgage balance and your future goals. 414-416-9194 or 414-527-7800 x108

Thank you.

Mortgage Rates in 5s

Mortgage rates remain in the low 5s. Predictions of below 5% mortgage rates have not happened. You can start the loan process and float your rate and lock it in the next few weeks if you think that rates will fall.

Save $45,000

Did you know that a 1% difference in rate
on a $150,000 mortgage is more than
$33,000 over the life of the loan?

If your current mortgage balance is $200,000 a 1% difference will save you more than $45,000 over the life of the loan. Today it is very likely you can drop your rate by 1%.

Give us a call and we will check at no charge. What do you have to lose? The only way you do not win is by waiting!

Mortgage Rates

On Monday a 15 year fixed rate mortgage was available at 5.0%. Apr 5.05
The 30 year rates are similiar to last week however the FHA rate is up about .125%.
Today a 30 year FHA loan is available at 5.375%. APR 5.39%
APPLY BY CALLING 414-416-9194 or 414-527-7800 x 108

Rates

An FHA Loan Friday was available at 5.25% on a 30 year fixed mortgage. This rate is good for a purchase or refinance. On a refinance on an FHA loan we can lend up to 97% of the appraised value of your home. If it is a cash out loan or if we are paying off a 1st and 2nd mortgage that were not used at the same time to purchase a home then we can lend up to 95%. On a purchase all you need is 3.5% down and the down payment can be a gift. FHA loans offer great options for many renters to buy a home and for many established owners to refinance if they have limited equity due to a lack of sales in your neighborhood or comps.

If you currently have an FHA loan and have made 3 payments you may be eligible for an interest rate reduction streamline loan where we will not look at credit, income or appraised value. Call me for details. 414-416-9194

APR on 5.25% is 5.30%

Call The Neighbors

Tell your friends, tell your neighbors, mortgages are at record low rates. These are the lowest rates we have seen since 1971. We can lend up to 97% of the value of your home if necessary. Do you have any credit card debt? What rate are you paying on it?
When you have a mortgage at 5% and include the tax deductions of property taxes and interest it is like borrowing at 2% in many cases. Call me anytime to learn how you can save money today!

5% Mortgages

5% Mortgages were possible Tuesday and may be possible Wednesday morning. You would need to call me at 414-416-9194 give a complete application and pay a $295 lock fee to guarantee you could close at the rate in the next 25 days. This opportunity is rare and if you currently have a mortgage over $100,000 and a rate over 5.75% you should stop what you are doing and make the call.

SHOP LOCAL

Shopping locally for a mortgage is the sensible solution for many people. Trying to refinance from some out of state Internet lender can be troublesome. Don't you want to do business with someone who lives and works and pays taxes in the community just like you? Apply today with Pete Cannon at Great Lakes Mortgage.

Free Home Search

http://www.wihomes.com

Mortgage News

Mortgage rates remain low but they have risen every day since Monday December 29th.
If you have not begun the refinance process you are missing the best money saving opportunity for homeowners since 1971. Call us today and schedule a no pressure consultation to see if refinancing youur present mortgage will save you money.