Archive for Mortgage Rates
2/22/2010 What’s up with Credit card interest rates increasing?
Posted by: | CommentsIf you haven’t heard about the changes to the Credit Card Industry, check out this Federal Reserve Board site, WOW!
Sit down, for these new Credit card rules click here only one page
Remember Our President, Barack Obama told the Card Companies last year to regulate themselves or he would and there seemed to be some animosity there?
I noticed this in a recent card statement. My rate had gone up from 4.9% to 17.9% (before the Feb 22 deadline). When I called they pleasantly agreed to go back to the 4.9% rate. When something doesn’t sound right you ask? I did -
Why wouldn’t anyone go back to the low rate?
The pleasant voice said, “….because then we’ll “FREEZE” your card.”
huh?
“You can’t use it until you pay off the current balance once we go to that old low rate.” Ugh, I’ve been hearing stories from my peers and on Yahoo like:
Credit card theft is down because lately when a thief actually steals your card the balance is so high they can’t put much on it.
Most IDentity theft is corporate like the inside job at LTX where an IT guy made off with millions of card users information.
But I forgot about the card thing. I did opt for the “FREEZE” then went to use another card until that balance is down, say next month.
However as a Mortgage guy Click here it occurred to me that not everyone has other cards, that this is just the first step, (cards can go to 27.9%). Ultimately this will wreak havoc with one of your Primary indexes that mortgage companies use to qualify you for the best rates the – DTI (Debt-to-Income ratio!
If you’re looking to refinance or get a Purchase mortgage check with your Mortgage Person before paying off debt or making large purchases. They can usually tell you what the impact will be, I can if you’re looking at mortgages in Massachusetts You can Click here
Good luck, Mike
PS You can try using cash for a while ($50 or $100 from your ATM). That thing you just have to have as an “impulsive buy” may not look so good if you’ve got to pay an additional 17.9 or 27.9%
Monthly mortgage calculator
Posted by: | CommentsEarlier this week I had a request for a Mortgage Approval from a borrower who wanted to buy a Short-sale. My first concern was that I thought everyone who knew me, knew that I had a mortgage website with a monthly mortgage calculator. They don’t and some people were not aware that I’m working with GuaranteedRate.com/MichaelHurney
Anyway She wanted to know how much money she could borrow to buy the house. Going to the website and clicking on Calculators at the top right provides you with several options and of course Maximum Mortgage is just what she wanted
For those who need an approval I can do this easily and quickly on line while we speak over a phone. I’m also able to run your credit and ship it out to you with suggestions on FICO score improvements (which when raising your score lowers your interest rate). Help you with Comps (Comparable Market Sales to make sure you decide value and don’t pay for an Appraisal you can’t do anything with) Then run our Automated system which can put you in 2 or 3 different scenarios (30 Fixed Rate Mortgage, 7 year Adjustable Rate Mortgage, Jumbo amounts, 203k Fix-ups and FHA low downpayment).
Back to our investor and how she did with our monthly mortgage calculator,
Monthly income $4,500. Auto loan $250/mo. Student loan 100/mo. Monthly cc payment $200. Interest rate 6.5% for an investor property, 30 yr FRM and 20% downpayment. I can look up the property tax and estimate insurance for a more accurate Qualification but she only wanted something quick.
Answer: $42,321 Downpayment, Price of home limit of $211,607. and a monthly PI (Principal & Interest) payment of $1070. However an aggressive estimate let’s her buy a house for $265,003! Need any help with this monthly mortgage calculator or want an Approval? You can give me a quick call on my cell at 781-405-1845 Mike Hurney
December Economic Outlook and Mortgage Newsletter
Posted by: | CommentsHome Buyer Tax Credit, available now until April 30, 2010! Call now for details 781-405-1845 Mike’s cell
Mortgage News and Commentary
Mortgage rates drifted upward last week in continued response to the previous week’s employment report. Rates do however remain close to their all-time lows. While truly good economic news is still fairly sparse, there is sufficient evidence to warrant some additional optimism regarding the overall economy. Last week ended with another small surprise in the form of a 1.3% increase in retail sales during the month of November. Consumers spent $352.1 billion in November showing a sign that consumer spending is accelerating into 2010.
Short sales have become the newest addition to the Obama administration’s foreclosure-deterrence agenda. The addition of the program will hopefully make it easier for more financially stressed borrowers to sell their homes. The short sale program will allow borrowers to receive an incentive of $1500 while mortgage-servicing companies will receive $1000 for each successful completion of a short sale. These incentive payments are available to borrowers who meet the minimum eligibility for the MHA modification but were either unable to qualify or were delinquent in their trial period payments.
For the week ahead, the probability of mortgage rates setting another all-time record low will depend on what the Federal Reserve will say in their net policy announcement. While the Fed has repeatedly indicated that it will keep rates low for an “extended period”, these latest hints of economic recovery have some analysts wondering how the Fed will respond. If the Fed drops any bit of the language regarding the “extended period”, or if they provide any insight into how they might begin underwriting their positions in the financial markets, we will see rates moving upward. However, if the statement remains mostly unchanged, we could see rates flatten out during the week.
To check on the Daily Mortgage Rates www.GuaranteedRate.com/MichaelHurney