NEW! Mortgage Rates Are At Their Lowest Levels EVER!
June 24th, 2010 | 
Author: ALERT! Mortgage Rates Are At The Lowest Levels EVER!
Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday.
That’s the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.
Mortgage rates have fallen over the past two months as nervous investors have shifted money into the safety of Treasury bonds. The demand for Treasurys has caused Treasury yields to fall. And mortgage rates tend to track the yields on long-term Treasurys.
Call me at 866-970-7283 ext. 7556 to lock in NOW!
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Posted in Mortgage Rate Update (by date) | 
Tags: FHA, mortgage rates, refinance, refinanced loans | 
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NEW! Another Mortgage Rate Drop. Monday, June 21, 2010
I just priced a loan for my client…I haven’t seen rates this low since I started in the business – which was in 1997.
- His loan amount was $330,000
- Florida property
- $550,000 Value
- 810 credit score
The rate on a 30 yr fixed mortgage with ZERO points is 4.375%. This is remarkable.
If you have great credit and at least 20% equity in your home, see whether there’s benefit in refinancing to these NEW lows!
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Tags: 30 yr fixed mortgage, credit, equity, mortgage rates, purchase, rate drop, refinance, zero points |
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Mortgage Rate Update. Monday, June 14, 2010
Mortgage Rate Update. Monday, June 14, 2010
If you haven’t refinanced, see the prevailing rates below.
The following is an update:
30 yr fixed - 4.625%, no points. 4.4% APR!
15 yr fixed - 4.00%, no pts. 4.09% APR!
10 yr fixed - 3.75%, no pts. 3.881% APR!
5/1 ARM - 3.5%, no pts. 3.55% APR!
These rates are remarkably low!
Call me at 866-970-7283 ext 7556 and start saving THOUSANDS now!
*Rates are based on a $320,000 loan amount, 80% loan to value ratio, no cash out refinance, Florida property, credit scores 740 or higher, 30 day lock period, single family, primary residence.
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Posted in Mortgage Rate Update (by date) |
Tags: home purchase, mortgage rate update, refinance |
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NEW! FAQ#10 – How Do I Know Whether It Makes Sense To Refinance My Mortgage?
Watch this video:
http://www.YaleRoth.com In this top FAQ video post, Yale Roth answers the
question: “How Do I Know Whether It Makes Sense To Refinance My Mortgage”?
The video is very informative and lasts about 3 minutes.
Yale Roth is a FHA Mortgage and Credit Repair Specialist.
Call Yale at 561-350-7684 with any mortgage/credit related questions.
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Posted in FAQ Video Series |
Tags: FAQ, FHA mortgage, refinance my mortgage, yale roth |
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3 Critical Factors To Get The Best Mortgage Rate!
A lot of times people ask me, “I see 3.75% advertised…I want that mortgage rate”!
I respond saying “What type of loan do you want”?
Different loan types accomplish different things and offer different interest rates.
A 30 yr fixed will keep the payment lower.
A 15 yr fixed will offer a lower mortgage rate and payoff sooner; however the payment will be higher (due to the shorter term).
Once the loan type is confirmed, the 3 main factors that allow someone to get the best price (and lowest mortgage rate offered for that day) – as mortgage rates can change daily – are:
1. Credit scores. The higher the scores, the better. If you were loaning money, is the risk greater to you if you loan to someone who has a 650 score or 810 score? People with higher scores are rewarded.
2. Equity. That is, what’s the loan to value ratio? If there is greater than 40% equity in the property, the price (which is the cost to get the mortgage rate) will be better than if you have 5% equity. Remember, equity is the difference between what you owe and what the home’s worth.
3. What type of transaction is it? Cash out refinance? Rate/term refinance? Purchase transaction? There are greater underwriting limitations and negative pricing adjustments on cash out refinances than on r/t refinances or purchases.
So, if your scores are over 800, your loan to value ratio is low, and you’re not taking cash out of your home, expect to get the best mortgage rate and price for that day.
Yale Roth is an FHA Mortgage Specialist.
Call Yale at 561-350-7684 with any mortgage or credit-related questions.
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Posted in General Mortgage/Real Estate Information |
Tags: cash out refinance, credit scores, fha loans, home equity, mortgage rates, purchase |
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Credit Scores? Are The Banks Ripping Me Off?
When pricing a mortgage out for my clients, I will ask them about their credit rating. “Is it excellent, good, fair, poor, I ask”?
They generally know. In some cases, people will tell me that they went online to get their credit score.
Or, they will tell me that they belong to a service that updates them with their credit score.
They move forward and apply for the mortgage and when the credit score is pulledby the mortgage company, the score comes in lower.
They will ask me, “Why is my score lower when I went on line yesterday and got a higher score”?
The answer is simple.
They are given a “FACO” score.
That is, the credit bureaus will give a score that is for educational purposes and as result, the scoring models used for the consumer (educational credit pulls) are different from the FICO models, which are the models banks use when they pull their Residential Mortgage Credit Report (RMCR).
That is the reason why the scores are ofter times higher when the consumer goes to an online website or even goes to the bureaus directly.
In conclusion, if you receive an online score, take it with a “grain of salt” as the RMCR will often report slightly lower scores.
Call Yale Roth at 561-350-7684 with any mortgage or credit-related questions.
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Posted in Uncategorized |
Tags: credit reporting, credit scores, mortgage, purchase, refinance, residential mortgage credit report |
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“What’s Your Rate”?
Probably the first question I get from my clients or prospective clients when I talk to them is: “What’s your rate”?
My answer is: “It depends.”
It depends on a number of things.
First, I answer, “what loan type will meet your objectives”: 30 yr fixed, 20 yr fixed, 15 yr fixed, 5/1 ARM, etc.?
There are different rates for different loan types. That’s number one.
Second, once the loan type has been determined, then what are the details of the transaction?
What I mean is, what are the credit scores/credit rating, what type of transaction is it (i.e. cash out refinance, rate/term refinance, purchase), and finally what is the loan to value ratio?
When it comes to mortgage rates and the associated costs to those rates in addition to the underwriting aspect of the loan, those 3 criteria mean a lot.
So when someone asks me, “what’s your rate”? I follow by trying to determine credit score/rating, the type of transaction, and the loan to value ratio.
I can tell immediately what type of transaction I’m involved in.
As far as credit rating, people generally don’t know their exact credit score, but do have an idea about whether they have good credit.
Once credit is pulled, I have a “hard” piece of data.
The third peice of hard data is the home’s value. I don’t know what that is until an appraisal is completed. Once I get that information, I can accurately price the loan.
This is how it works when it comes to mortgage rates and the costs associated with the rates.
I’d rather be upfront than move forward with my client making all sorts of assumptions about credit rating and value, quote a rate and price based off those assumptions, only to have the mortgage interest rate/costs change because the appraisal came in low and the loan to value ratio dropped (which often times happens).
I will provide rates based on those assumptions and tell my clients that the rates are based off that information.
So the answer to the question: “What’s the rate” cannot always be given precisely until the credit rating, transaction type, and loan to value ratio have been determined.
Yale Roth is an FHA Mortgage Specialist.
Call Yale at 561-350-7684 with any mortgage-related questions.
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What’s The Story on Appraisals? How Complicated!
Appraisals have been a big deal over the past 2 years.
First came the Home Valuation Code of Conduct (HVCC), then came lenders independent third party verification even after the appraisal was completed.
Here’s the lowdown….
Appraisals – per the Home Valuation Code of Conduct (HVCC) – have to be ordered through a third party.
For example, 3 years ago, I could contact a local appraiser directly – and as long as he wasn’t on the lenders black list – have an appraisal completed.
Now, loan officers, mortgage brokers/bankers are unable to order appraisals directly.
The appraisal order (per the HVCC) goes to a third party company and they set up the appraisal.
Once the report has been completed the broker or loan officer isn’t permitted to contact the appraiser directly to discuss how he arrived at the value.
Second, once the appraisal has been completed and value arrived at, we’re still not completely out of the woods.
Lenders will use an internal valuation system to “verfiy” that the appraised value is reasonable.
So just because I have a value that looks good off the appraisal doesn’t mean that the lender will use that value.
Things can be nuanced when it comes to getting a mortgage.
In the evolving and changing world of real estate finance, the answers aren’t always black or white.
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Posted in General Mortgage/Real Estate Information |
Tags: appraisal, FHA mortgage, home appraisal, lender, loan officer, mortgage, mortgage broker |
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Mortgage Rate Update. Tuesday, May 25, 2010
It’s remarkable that mortgage rates continue to drop.
The main challenge we have as loan officers and mortgage brokers is maintiaining a pipeline once rates are locked.
I shot a short video on “Can I Float My Interest Rate Down” that I suggest people watch.
It’s only 2 minutes and explains why it’s difficult for lenders, banks and brokers to renegotiating a rate lock.
Remember, we can’t have it both ways. The rate is protected if the market deteriorates. The lender isn’t imposing the higher rate on the borrower in that circumstance.
I tell my clients, if you find benefit in the transaction, lock the rate.
To “game” the rate/market will lead the borrower to lose. Don’t be “penny wise and pound foolish.”
To view current mortgage rates go to http:www.YaleHomeLoan.com or call Yale at 561-350-7684.
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Mortgage Rate Drop…Again! Thursday, May 20, 2010
Today we found out that last week’s Initial Jobless Claims jumped by the most in 3 months.
Events have pushed the 10-yr yield down to 3.26%.
Mortgage rates have dropped by about .125%!
See the rates on the 10 yr and 15 yr fixed mortgages.
They are extremely low!
Pay the loan off in 8 or 12 years and own your home outright. I will show you how!
Go to http://www.YaleHomeLoan.com or call me at 561-350-7684.
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