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.
Friday, January 23, 2009
Wednesday, January 21, 2009
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%
APR 5.01%
Tuesday, January 20, 2009
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.
Monday, January 19, 2009
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.
Wednesday, January 14, 2009
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.
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.
Tuesday, January 13, 2009
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.
Monday, January 12, 2009
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!
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
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
Friday, January 9, 2009
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%
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%
Thursday, January 8, 2009
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!
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!
Tuesday, January 6, 2009
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.
Monday, January 5, 2009
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.
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.
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