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Tag Archives:mortgage rate

Jan 6

How the Fed Impacts Mortgage Rates

How the Fed Impacts Mortgage Rates

The Federal Reserve Open Market Committe (FOMC) meets at least eight times per year to discuss and vote on US monetary policy.  The Fed controls the Fed Funds rate, which is essentially a bank’s cost of money.  When the Fed increases the Fed Funds rate, short-term interest rates such as the Prime rate and LIBOR go up.  These are often used to determine interest rates on adjustable rate mortgages, home equity lines of credit, credit card balances, and business loans. However, interest rates on fixed-rate mortgages are not tied to changes in the Fed Funds rate.

Jan 5

What Causes 1-Year LIBOR to Change?

What Causes 1-Year LIBOR to Change?

The London Interbank Offered Rate (LIBOR) is the primary index used on adjustable rate mortgages in the United States.  It’s the interest rate that banks pay to borrow money in the London money markets.  LIBOR is published by the International Continental Exchange (ICE).  It’s calculated through a survey that the ICE Benchmark Association (IBA) sends to banks who trade and do business in the London money markets.  The US Dollar 1-month LIBOR is what a bank would pay to borrow US dollars for 1 month. The 6-month LIBOR

Jul 28

Now is a Great Time to be a Move-Up Buyer in Yuma, AZ

Now is a Great Time to be a Move-Up Buyer in Yuma, AZ

(photo credit Craig Fry, Desert Fryed Arts) If you own a home, and would like to buy a bigger home, now might be the time to make a move. There are several things going on in the Yuma real estate market that are combining in your favor.  Let me share some little-known information with you. #1 – The home you have to sell is IN DEMAND.  Over the last 3 years, 7,150 homes have sold in Yuma county.  Of those, 5,084 were $150,000 or less.  That’s  71.1%!  

Jul 22

Should I Pay Points?

Should I Pay Points?

Whenever you get a mortgage, you should ask yourself the question: “points or no points?” A point is 1% of the loan amount, and it’s used to reduce your interest rate. I think about it like 2 kids at the park, playing on a see-saw.  When one goes up, the other goes down.  In mortgages, the trade-off is between RATES and FEES.  The higher the rate, the lower the fees.  The lower the rate, the higher the fees. Paying points reduces your interest rate and your monthly payment. 

Jun 24

Say “I Do” to FHA Bridal Registry Account

Say “I Do” to FHA Bridal Registry Account

The rules for tracing the source of down payment money on an FHA loan are REALLY specific.  What we call "sourcing funds" causes problems all the time. There is a little-known loophole for newly married couples called the "Bridal Registry Account."  Here’s how it works—3 simple steps: Couple opens a savings account prior to the wedding Gifts are deposited  All of the 3.5% down payment can come from these gift funds No gift letters.  No paper trails.  Just a simple savings account labeled “bridal registry account” and the borrowers

Jun 2

Frequently Asked Questions

Q. How will I know how much I can qualify for? A.A Loan Officer can work with you to get you qualified BEFORE you look for a home. Based upon information you present to the Loan Officer at the loan application, they will determine the approximate amount of money that you will be allowed to borrow. You will be "pre-qualified" for that loan amount. By allowing your Loan Officer to run your credit report and verify your assets and income, your loan application can be submitted to the

Sep 22

Is Now a Good Time To Buy a Home?

Is Now a Good Time To Buy a Home?

The real estate market is a popular news topic lately. Before you form an opinion based on what you see in the media, realize that everyone has an ulterior motive. But if you want my opinion, the answer is yes. I remember a few years ago when people were lining up to buy overpriced homes at 6 and 7% interest rates. Now rates are in the 4s, home prices are down, and there really isn’t a lot of competition from other buyers. That means you can find the exact home you want, pay less money for it than you think, and have a much less stressful homebuying experience. And to top it off, today’s low rates mean you’re going to end up with a lower monthly payment than any of your new neighbors.

Jul 5

HUGE OPPORTUNITY!! Mortgage Rate Update – July 2010

If you’re paying more than 5% on your mortgage today, right now is the time to explore your options.  Watch this short video for more info, and then give me a call!  I will personally review your individual situation, and provide you with an in-depth analysis.  No cost.  No obligation.