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%