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Rates today for our POV* opened and then repriced for the worse as most Major Lenders were hit by the Bond Market. Conforming Loans (up to $417K) are at 5.25% and Jumbo Conforming ( up to $729,750) are at 5.5%. Super Jumbos (up to $2 million) are at 5.75% for a five year fixed. As always questions/scenarios are welcomed at lololoans@yahoo.com
Show me the Savings!: While people in serious Mortgage trouble are not happy about this, I'm sure the "Free Market" crowd is probably sitting on a big "see, I told ya so.." regarding Govt Intervention into the Mortgage crisis. According to AP, the $50 billion dollar program to modify existing Mortgages is nowhere close to having the desired results. As of July, only 9% of eligible borrowers were successful in having their loan modified. For more info see http://finance.yahoo.com/news/Mortgage-aid-program-helping-apf-1327402806.html?x=0&sec=topStories&pos=5&asset=&ccode=
First Time Home buyers: As the clock ticks down on the Tax credit for 1st time home buyers, let me pass along a recommendation. Getting Married, Giving Birth and Buying a Home are usually the 3 biggest stress points in one's life. So finding a good Realtor that you can a) TRUST and b) feel good working with can be a challenge. I highly recommend www.homegain.com to find a Realtor. You profile on the website, explain what and where you are looking for and their member Realtors send a proposal to you via the HomeGain website. Once you decide on a Realtor you can then contact the Realtor. It's anonymous, and makes for a low-pressure way to "audition" Realtors. HomeGain is also a great tool for those looking to REFINANCE as well as their Home Valuation tool on the website is right up there with Zillow's.
*POV = Plain, Old, Vanilla Mortgage. 30yr fixed, you live there, no bells and whistles.
For more info: Email me at lololoans@yahoo.com
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