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Are we havin' a wee bit o' luck as far as the Housing Market and possibly approaching bottom? More on that in a bit.
This week's rates opened again around the 4.875% rate for POV 30 year fixed rate loans. And plain, old, Vanilla means Single Family Residence (not a Condo or a Duplex), Owner-Occupied, Full Documentation on income for the past 2 years, FICO score of 700 or above, no Cash-Out on a Refinance, and at least 20% equity (on a Refinance) or down payment on a purchase. Conforming Jumbos at 5.375%. All questions on rates and scenarios can be address to me at lololoans@yahoo.com.
Speaking of equity, for those of you looking to make the move to Refinance your existing loan, this is a KEY component to what kind of Interest Rate you can expect. The tricky part is that the only way to really determine your home's value is with a Formal Appraisal. This is where the Appraiser shows up in Tux and Tails or an Evening Gown...ahem but I digress. However there ARE a couple of on-line tools that one can use to get a pretty decent guesstimate of the current value of the home. These are www.zillow.com or www.homegain.com. These on line HVAL tools extract info from Public records as well as Comp Sales to give a estimated range of a home's value. Beats forking out $400-$500 bucks for a full Appraisal that you are going to have to probably wind up paying anyway once you give the "green light" to your Loyal Loan Liege. RATES get higher the less equity (or as we say in the biz "loan-to-value-ratio" or LTV) there is in the subject property. The difference between 18% equity and 21% equity can mean hundreds of dollars a month difference in your monthly payments.
"Bottomed Out"? Nope not yet. Or not. Who knows? Again like eating Jello with a fork..however that being said, there's a blurb from AP stating that New Home Construction is UP a wee bit....news.yahoo.com/s/ap/20090317/ap_on_bi_go_ec_fi/housing_starts
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