Monday, March 23, 2020 / by David Monroe
As you may already know, the Federal Reserve announced an emergency cut of its benchmark interest rate Sunday in response to the expected impact of the coronavirus (Covid-19) on the U.S. economy and financial system.
The cut announced Sunday is the second in recent weeks and brings the Fed funds target rate to 0% to 0.25%. Since the announcement, you may have seen headlines or news stories reflecting “interest rates are 0%” and wondered what that means for mortgage rates. You’re not alone.
We’ve fielded questions from real estate professionals and consumers as to what this announcement would mean for mortgage rates, and we wanted to provide some context and clarity to this announcement and its impact on our industry.
First, while the Fed funds rate is 0%, this does not mean that mortgage rates are 0%, nor does it indicate they will approach 0% at any point in the future.
That’s because the Fed funds r ...
Friday, August 23, 2019 / by David Monroe
New Home Owner Readiness Seminar
Common First-Time Home Buyer Mistakes
1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems, www.realestatechecklists.com.
Lender Checklist: What You Need for a Mortgage
? W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every
person signing the loan.
Sunday, August 18, 2019 / by David Monroe
http://www.freddiemac.com/pmms/pmms30.html Last week average on 30 year fixed home loans has dropped to 3.6%. It appears that the rate may drift lower. Attached is a report from Freddie Mac about the history of interest rates monthly and at the end of each year. The 3.6% is one of the lowest in history. http://www.freddiemac.com/pmms/pmms30.html
Wednesday, June 5, 2019 / by David Monroe
How much house can I afford?
Consider these guidelines to help you see how much house you can afford.
87% who voted found this helpful
Save until you have an amount equal to your annual income, and buy a house that is about 4 times your annual income.
If you have significant debt, look for a house up to 3 times your annual income.
Homeownership is practically a part of the American dream. Before you start dreaming of a picket fence, take the time to make sure that buying a home is the best decision for y ...