Getting the Lowest Payment

September 19, 2011 by Leave a Comment

mip

When clients contact us  they are usually looking for the lowest monthly payment – or the easiest way to get into the property with the least amount of money tied up in the transaction.

Most prospects only ask one question… “What’s your rate???”  In truth, there are MANY other questions to ask!

One of the variables consumers should ask more about it Mortgage Insurance.  There are multiple forms of Conventional Mortgage Insurance – running from Lender Paid, to Financed to Monthly.  If you are purchasing in NC Conventional lending currrently requires PMI if you have less than 20% equity in the property.

Government loans also carry mortgage insurance.  For FHA loans this is called MIP, VA and USDA call these Guaranty Fees.  One of the major differences in GOvernment Mortgage Insurance programs and Conventional MI programs is equity investment.  With a government loan you mortgage insurance is required- no matter how much money you put into the initial transaction.

Please note that FHA allows MIP to “age off” if at least 5 years of payments are made and there’s a 78% equity position.  This is a significant program enhancement agents often forget.

If you are looking for the lowest mortgage payment in Wake County, contact Steve and Eleanor Thorne 919-649-5058. We offer the best mortgage rates available.

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Pay Off Credit Card Debt Now…

June 8, 2011 by Leave a Comment

credit card debtHave you looked at the balances on your credit card statements lately?  Seriously?  OMG!

Everybody I know has been “living” off of credit cards!  How expensive is that?  Well – If you have a $2000 balance on a credit card with an 18% APR it could take you 24 YEARS to pay it off if you simply pay the minimum balance!

If you’ve purchased a home in the Triangle during the last 24 months – and the value is less than $300,000 – you might qualify for a cash out FHA loan.

We are refinancing a single mom today who purchased a home last February.  The FHA limits were not as high as they are now, and her conventional loan rate was 6.875%.  We were able to pull $12,000 out of her home (which still left her over 5% equity), get her a better interest rate, and lower her monthly bills by over $585 a month!  In addition to this – we saved her YEARS worth of interest that she could get no tax advantage for!

If you are interested in refinancing your home, please call Steve and Eleanor Thorne,Senior Mortgage Brokers in Raleigh, NC  919-649-5058  Want to know if you can qualify for a FHA loan in Cary?  We have the best programs, including NC HOUSING, and we have the lowest mortgage rates,

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What’s Up With Home Prices in Raleigh, NC

March 21, 2011 by Leave a Comment

We are fortunate, here in the Raleigh, Cary, Chapel Hill, Durham area of the Triangle because we were recently named the Number One Healthiest Real Estate Market in the Country! What does that mean? It means that we are the most likely to be OUT of the Housing Slump first.

But if you read the News and Observer, you’ll know that we are not out of the price slump yet. So, from the perspective of a long time resident, and mortgage lender, I’d like to share what we’re seeing in our local housing market from the contracts and appraisals coming across our desk.

Location has long been touted as the most important variable affecting the value of residential real estate. Recently, the S&P/Case-Shiller Home Price Indices suggested that location is still a front-runner in terms of determining valuation.

In October 2010, four cities in the 10-city composite index registered price gains from the previous year: Los Angeles (3.3 percent), San Diego (3 percent), San Francisco (2.2 percent) and Washington, D.C. (3.7 percent). I think it’s interesting to note that these cities, like the Triangle, all have a fairly high EMPLOYMENT rate. Unfortunately, in other cities around the country, like Las Vegas and Detroit, home prices continue to decline and see very high foreclosure rates along with high unemployment.

A large number of foreclosures and short sales in an area can bring the overall price of homes down. We’ve seen that in the Raleigh, Cary Real Estate market in some new home subdivisions. In those cases, it’s difficult for appraisers to find non-distressed comparable sales to support higher prices. However, if there are only a few distressed sales in an area, the distressed sales will probably not have as large an impact on the appraised value. The distressed sale will still need to be noted – but if there are other, non-distressed sales that have closed within the last six months it should more than balance out.

Location within an area can also influence home values. Some market niches in an area are doing better than others… A niche need not be a physical location. It could be a price range. For example, well-priced listings in the $400 to $500 price range in the Triangle, have been selling relatively quickly, sometimes with more than one offer. The $1 million and above price range has not been doing as well.

Proximity to jobs, Schools, and shopping is important to most buyers. Especially with gas prices going up!

Sellers in sought-after neighborhoods who put their homes on the market when there’s little for sale often get more than they anticipated. Supply and demand are up there with location in terms of impact on price. A surplus of unsold inventory gives buyers choice and a lack of a sense of urgency. In the Triangle, we have a 10 month plus supply for most price ranges – making this a buyers market.

Buyers take the condition of the property into account before they make an offer to purchase. A home with a lot of deferred maintenance might put off buyers altogether, particularly in the current market. As buyers make offers on homes that have been neglected, they will factor work that needs to be done into their price. The neglected items also get consideration in the Appraisal and Inspection. If the buyer is using USDA or FHA as their financing vehicle – it’s likely that the items listed on the reports will all need to be repaired… not just negotiated in the price.

Maintenance items can be corrected… however that’s not the case with Incurable defects. One of the main reasons that buyers need a Realtor in this market is to make them aware of Incurable defects which can be a huge problem when you go to sell the property. An incurable defect, like being located next to a highway or on a busy street, is something that can’t be corrected. You’ll have to live with it.

In a hot market, buyers often overlook these defects because prices are rising and buyers are more willing to make compromises. In a slow market, with no urgency to buy immediately, buyers are pickier. They take their time and buy when they find the right house.

If you are looking for a home in the Triangle, Raleigh, Cary, Apex or Holly Springs – please call Steve Thorne 919-649-5058. We have years of experience working with NC Buyers and know the mortgage process inside and out. We offer the best mortgage rates available for all programs – including Conventional first and second mortgages.

 

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Fannie and Freddie Fees Drive Mortgage Rates Higher 2011

January 17, 2011 by Leave a Comment

Mortgage Giants Fannie Mae and Freddie Mac announced that they are expecting more revenue from mortgage loan production in 2011 to cover their costs. Where is that money coming from? The 2011 Consumer.  The additional fees they will begin charging in April are marked as Risk Based, however they will affect ALL borrowers – no matter what the downpayment or credit scores are.

In a Dec. 23 memo to lenders in its network, Fannie announced that it had decided to impose a new schedule of higher add-on fees, similar to what Freddie Mac — the other huge congressionally chartered mortgage investor — rolled out to jeers from the real estate industry just before Thanksgiving.

The new fees come as no surprise, I guess considering that each month the taxpayers are dumping billions of dollars into the Agencies to keep them afloat.  Even though the Congress made enormous changes with the Dodd Frank Banking and Consumer Protection laws last summer, Fannie and Freddie were left out of the legislation.  Later this month, the Obama administration plans to submit long-promised proposals to Congress on what to do with the two — phase them out, restructure them, privatize one or both of them…  or maybe they will come up with some other out of the box solution.

It’s important to remember that Fannie and Freddie still have their hand in over 2/3 of ALL new mortgage lending done in the United States.

The new fees scheduled to start this spring,  don’t appear likely to make financing a home any easier. Some potential buyers who have high credit scores and hefty down payments may be surprised that even they are being targeted for higher “risk-based” fees.

Consider these examples of how Fannie’s revised list of loan add-ons will affect borrowers:

$300,000 mortgage, above 800 Middle Credit Score, cash down payment of just less than 25%

With the changes in April you will be hit with a $750 fee equal to 1/4% of the loan that we don’t currently charge.

$300,000 mortgage loan, credit score of 679, down payment less than 20%

Fannie will soon begin hitting you up for 2.75% in add-on fees — a staggering $8,250 solely attributable to your FICO and LTV ratio.

That’s $1,500 more than what you are currently being charged.

But these fees are just the start of the multilayered, cumulative risk-based pricing system that both Fannie and Freddie employ. Every perceived risk factor in a loan transaction receives its own separate add-on fee, all of which get totaled up for your final loan charges.

We’ve been telling folks to lock into a mortgage loan NOW… and we still think this is the BEST advice we can give you!

If you, your family or your friends are considering a mortgage loan for a home purchase or a refinance – please call Steve and Eleanor Thorne, 919-649-5058

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Fed Mandates, QEII and Mortgage Interest Rates in NC

January 16, 2011 by Leave a Comment

Following a sharp rise in interest rates from mid-November through December, Freddie Mac is now predicting that interest rates on 30-year fixed-rate mortgages will hit 5.5 percent in the fourth quarter of the year, up half a percentage point from the 5.0 percent forecast last month.

The little green mark is approximately where the FED would like to see mortgage interest rates at the end of the year… which is lower than the Freddie Mac Forecast.

Why is the Fed Target LOWER than the Freddie Mac Forecast?  Because the FED (and most Economist) realize that the Housing Market is an important part of the overall health of the Economy. 2011 is expected to be the year that we see the MOST bank foreclosed properties hitting the local real estate markets, obviously creating even more supply and likely driving prices (Values) down in many areas.

QE II and Federal Reserve Mandates

Again… the Fed knows that Mortgage Interest rates in the upper 3′s lower 4′s brought much more interested buyers into the market. So why are mortgage interest rates headed to 5.5%?

The Fed has two mandates: keeping prices stable and creating an economic climate for low unemployment.   Prior to taking his current job, in one of his published papers, Ben Bernanke made the case for the Fed to target a specific inflation number, and the number that came to be accepted as his target was 2%.

In his famous helicopter speech in late 2002, he assured us that inflation could not happen “here,” even if the short-term rate was zero, because the Fed would move out the yield curve by buying large amounts of medium-term bonds. This would have the effect of lowering yields all along the upper edge of the curve. This became known as quantitative easing (as a reminder, Mortgages are sold as Mortgage Backed Security BONDS – and the government is suppose to be the LARGEST PURCHASER of mortgages).

In Jackson Hole last summer, Fed Chairman Bernanke, pleased with the effect of the first round of Fed Buying (QE I) announced the second round of liquidity-injecting quantitative easing (QE2). In that speech, in later speeches in the fall, and in op-ed pieces he said that such a program would lower rates.

Then a funny thing happened on the way to QE2:  long-term rates began to rise all over the developed world. As Yogi Berra noted, “In theory, there is no difference between theory and practice. In practice, there is.” It’s got to be driving Fed types nuts to see the theory of QE, so lovingly advanced and believed in by so many economists, be relegated to the trash heap, along with so many other economic theories (like that of efficient markets). The market has a way of doing that.

So, in an interview on CNBC with Steve Liesman last week Bernanke was asked about one minute into the clip (link ) about the little snafu that, following QE2, both interest rates and commodity prices have risen. How can that be a success? Ben’s answer (paraphrased):

“We have seen the stock market go up and the small-cap stock indexes go up even more.”

Really? Is this the third mandate of the Fed?  Foster a rising stock market?

I wonder what the Fed’s target for the S&P is for the end of the year? That would be an interesting bit of information. Are we going to target other asset classes – because clearly targeting long term mortgage interest rates hasn’t worked!

Understand, I am not against a rising stock market… but the Stock Market should not be the Fed’s FOCUS.!  It’s certainly not a reason to add $600 billion to the balance sheet of the Fed when we clearly do not understand the consequences.

“If it looks like they’re making up the rules as they go along, it’s because they are.”

Bottomline For Mortgage Interest Rates in NC for 2011

Because the FED policy has been largely ineffective, and because Freddie Mac and Fannie Mae will be adding risk level fees to mortgage rates starting in April… we believe that there’s more room for mortgage rates to rise than fall.  We are telling clients to lock into a mortgage rate now.

When rates do start to rise, we expect that they’ll rise quickly. There is lots of concern about ARM (adjustable-rate mortgage) resets.  Fortunately, most of the ARMs adjusting in 2011 are tied to LIBOR.  This will likely result in LOWER payments for homeowners with this type of ARM – at least until the next adjustment.

The other concern is that mortgage guidelines in North Carolina will continue to get tighter.  It will be harder to be approved in 2011.  With new Federal Consumer Protection laws, there’s extra scrutiny by banks. The minimum requirements, including credit score and Credit HISTORY are higher,  the documentation and verifications for self-employed borrowers is tougher, and that decreases the buyer pool.

If you are considering a purchase in Raleigh or Cary, NC – or you want information about mortgage interest rates in NC, please call Steve and Eleanor Thorne 919-649-5058.

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Mortgage Interest Rates September 17, 2010 Update

September 17, 2010 by Leave a Comment

If you are considering a home purchase or a refinance, you are probably doing your best to follow the direction of mortgage interest rates. Well, rates on 30-year mortgages climbed for the second straight week, even though they are pretty close to the lowest level in decades.

The average rate for 30-year fixed loans this week was 4.37 percent, mortgage buyer Freddie Mac said Thursday. That’s up from 4.35 percent a week earlier and 4.32 percent the previous week, which was the lowest level on records dating back to 1971.

The average rate on 15-year fixed loans dropped to 3.82 percent. That was the lowest on records dating back to 1991 and was down from 3.83 percent last week.

For mortgage rates to move lower – we need more bad news in regards to the Economy… Rates have been at or near the lowest level in decades since spring as investors worried about the state of the economy and then moved money into safe Treasury bonds.  That lowered the bond yields, which mortgage rates tend to track.

But recent economic data have given investors less reason to worry. First-time claims for jobless benefits have fallen in three of the past four weeks. And in August retail sales rose modestly and factory output grew for the 12th time in 14 months. The CPI numbers out today indicate that we have little to any chance of Inflation, generally seen as good news.  The “Zero” inflation status allows some room for the Fed to make some slight moves at it’s meeting next week, allowing the Fed Balance Sheet to grow.

Even thought the improving economic outlook may have prompted some investors to pull their money out of the bond market and put it back into stocks.

But it hasn’t helped the housing market, nor have low mortgage rates. Home sales plummeted this summer and economists don’t expect that to change until the unemployment rate falls significantly and credit becomes more accessible to potential buyers. Applications for new home loans fell by nearly 9 percent last week from a week earlier, the Mortgage Bankers Association said Wednesday.

Meanwhile, foreclosures are surging. Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis, foreclosure listing firm RealtyTrac Inc. said Thursday.  In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.

In all, it’s going to take a Congress and the “new” bank regulators deciding on a course of action that is consistent to – coupled with JOBS to fix the housing problem.  One of my competitors said this week in a Rotary Meeting their Economist expect rates to go to 2% by the end of the year.  Really?  I’m not seeing it.  If this is true… we are in a WORLD of trouble!

To calculate average mortgage rates, Freddie Mac collects rates from lenders around the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a given day.

Rates on five-year adjustable-rate mortgages averaged 3.55 percent, down from 3.56 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.4 percent from 3.46 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 a point for 30-year and 1-year mortgages. The average fee was 0.6 of a point for 15-year and 5-year mortgages.

If you are considering a purchase or a refinance in NC – call Steve and Eleanor Thorne.  We have the best rates and the lowest fees available, and we are WATCHING the economic conditions… not just repeating what someone else is saying!

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Mortgage Rates for NC 6-25-2010

June 25, 2010 by Leave a Comment

“There was a 7-year Treasury Note auction yesterday that was a little bit stronger than expected. Despite that encouraging news, Mortgage backed securities fell…”  So, what the heck does that mean??  Looking at this chart of the 10 Year Treasury Bond (which is really our Government Bonds that people and Institutions purchase… you can see that we are at or near as low as we were a couple of weeks ago.  Mortgages trade on the Bond Market – and are called MBS (Mortgage Backed Securites).  Currently – 30 year mortgages follow the 10 yr TBill “pattern.”  When the TBills go up… rates go up – when they go down GENERALLY rates will go down.

When the Mortgage Backed Securities are “off” or “down” – you’d think rates would be DOWN… but NO!  That’s trader talk for rates are moving HIGHER!  Are you confused yet?

The News and Observer (our local paper) ran a huge story today that rates are at their lowest point and you should refinance… well, they are “almost” at their lowest point.  We actually were lower for a couple of days at the end of May… but it’s still a good time to consider a refinance if your rate is adjustable, or you’re at 6% or higher.

So which direction are mortgage loan rates in North Carolina headed?  Data today started off with the GDP report.  Real GDP was reported at 2.7%, just below expectations of 3.0% and the GDP Price Index was reported at 1.1%, just above the 1.0% expected.  Overall, a fairly benign report.

Consumer Sentiment was released as well this morning and was reported at 76.0, slightly above expectations of 75.5 and up from the 75.5 in the last report.  Some Economist believe that this rise in Consumer Sentiment means that the high levels of Jobless Claims may be a result of some “special factor” (like the Gulf Oil)  and not due to actual deterioration in the labor market.  That kind of thinking aims at a continued economic recovery and a better jobs picture than has been presented with its respective data.

What does this mean for North Carolina Mortgage Rates? Mortgage rates have been trading in a “range.”  Although the day to day movement is very volatile… the long-term outlook is not perfect for even lower mortgage rates, so you really need to watch the 10 year TBill (look at the chart – every time we hit this low mark we pop back up!).  We hit a mark below 4.5% for just about 48 hours.  If that’s the mortgage interest rate you are looking for – call us, and get on our Rate Watch List.  We’ll call you when (if) we hit “your” rate!

Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-649-5058 North Carolina Mortgage Lenders.

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Which Way Will Mortgage Rates Go Week of 6.7.2010

June 8, 2010 by 1 Comment

Robert Rauf, a friend of ours to the north put together a great review of what Economic and Financial reports are in play this week – and how they might move mortgage rates! We often remind our customers that we are a pretty sadistic group – and “Bad News in the Economy is Good News For Rates…”  Depending on where you are – you might be looking for bad news on CNBC (with us) looking for lower mortgage rates!

Last week we saw a pretty stagnant couple of days with a little bit of up on Tuesday and a little bit of Down on Wednesday and Thursday, leaving us pretty much unchanged by time Friday morning came along. The markets seemed to be waiting on the Employment report to sink their teeth into for some direction. Friday’s Employment report came in looking pretty darn strong with oodles of new jobs, the rate dropping to 9.7%… but if you dug just a little you could see that over 400k of the new jobs created were census workers (temps basically) and there was almost NO hiring in the private sector.

So the good news number was actually bad news, and if you read my blogs at all you will know that bad news is good news for interest rates and we ended the week with a gain of 21/32nds for Fannies keeping fixed rates for highly qualified buyers in the high 4% range.

This week starts off a little slow and has a good mix of data to chew on and some auctions to mix things up along the way. Here is this weeks calendar:

  • Monday June 7: No news day and in the absence of any economic data we have a pretty flat market that started off slightly negative and is now slightly positive for the day.
  • Tuesday June 8: Auction # 1 of the week with $26 Billion in 3 year notes. Most of the shorter term auctions have been fairly well bid, I anticipate we will see the same this week and this will most likely be supportive of steady rates.
  • Wednesday June 9: April Wholesale Inventories expected up 0.6%. Snooze factor here, no one really cares about an April number in June, not likely to be a market mover.
  • Wednesday: Auction #2 with $21 Billion in 10 year notes. Normally I would be concerned over this much supply in a longer term note, but the flight to quality we have seen that has dropped rates to levels we have now seems to still be there with the concerns in Europe, I expect we will see demand for this as investors (foreign and domestic) look for a safe place to park their cash. This will probably lead to a steady market for the day.
  • Wednesday: Fed releases its Beige Book. This report puts together the 12 districts of the Federal Reserve. There are some glimmers of hope and improving economy in the reports, but employment remains in the ugly range so it will likely overshadow any signs of improvement in this report. This is not a likely market mover.
  • Thursday June 10: Jobless claims for last week expected down 5,000. This would put the number at almost 450,000. above 400k is still very recessionary, so it is supportive of steady to possibly lower rates.
  • Thursday: Auction #3 with $13 Billion in 30 year bonds. Same comments here as yesterdays 10 year… Most likely will be well bid in a flight to quality.
  • Friday June 11: Retail Sales expected +0.2% Ex Auto +0.1%. If we are shocked here by a stronger than expected number we will likely see a sell off that would give back all of the gains we saw last week. As forecast it is supportive of steady to possibly lower rates.
  • Friday: April Business inventories expected +.5%. This is a case where April is not Ho-Hum.  If this number comes in lower than expected it is a sign that business needs to stock up, that would be positive news for the economy and we would see rates climb on that news. If it comes in as reported it will be the ‘ho-hum’ we would expect from an April Number.

We continue to benefit from Stock market woes and the insecurities in Europe. Investors seem to be continuing to pull out of equities, currency and European debt and tossing it in a safe place to weather the storm. Luckily the USA and the Dollar are considered a safe haven to park cash. This has benefited us in the form of a flight to quality which is likely to keep rates low for the short term. BUT… this flight to quality can disappear in an instant.

No one really likes to put money in a 3 year note at 1.1% or a 10 year at about 3%, Investors want more.  The parking of cash in a flight to quality is not for the yield, it is to preserve cash.

Once investors confidence is restored the cash will flow back out of our credit markets faster than it went in causing rates to jump overnight. That being said, Just lock in- we are at generational lows right now and the greedy will get hurt here.

Robert Rauf Mortgage Banker  NMLS ID# 248937

www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf

If you are shopping for mortgage rates in NC – please call us! The preditory lending laws in NC are different than any other State in the Union – ask a local mortgage lending expert  Steve and Eleanor Thorne, Mortgage Banker in Cary , 919-649-5058.

If you are an Economic Junkie like we are – click here for more ideas about the direction rates are going and what the Oil Slick might mean to housing trends.

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USDA Home Loans have PMI?

August 24, 2009 by 1 Comment

USDA loans are the coolest loans on the planet right now, and most people don’t understand that it has a form of mortgage insurance…

Mortgage Insurance does not pay your mortgage off when you die (well, maybe there’s a kind that does, but that’s not what I’m talking about).  The PMI-type mortgage insurance is default insurance. It covers a small portion to the bank if you default on the loan.

With Conventional loans, it’s referred to as Private Mortgage Insurance, or PMI.  This insurance generally cost @ .58%of the loan amount on a monthly basis (assuming you have 10% to put down and really good credit scores).

FHA has Mortgage Insurance Premium, or MIP, which is 2.25% of the loan amount PLUS a monthly amount of .90% of the loan amount (think it’s kinda’ expensive?).

VA has a Guarantee Fee. So if you are Veteran using your VA benefits the fee could be as much as 3%! (For details click here).

USDA Home Loans also have a form of default insurance (PMI), and it’s a Guarantee Fee. The actual dollar amount is a rather complicated formula, and it ends up being about 3.5% – but most people use 3.5% as a rule of thumb for prequalifying purposes. (updated 5.27.2010 from 2% which is what they charged earlier)  USDA Home Loans are AFFORDABLE!

Note that starting October 1, 2011 USDA Home Loan will change it’s PMI calculations.  Starting in October – there will be a 1% upfront fee and a MONTHLY CHARGE!

If you want more information about  USDA Home Loans in NC - please call Steve and Eleanor Thorne, 919-649-5058.  We are Mortgage Lenders in the Triangle that specialize in these types of mortgage loans.  Ask us about your Tax Credit! We have the lowest rates!

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First Time Homebuyers – Rates Going Up

August 11, 2009 by Leave a Comment

Time to BuyWe talk to First Time HomeBuyer’s everyday that tell us, “We’re Looking!”  Well – here’s my advice… HURRY UP!!

The Tax Credit is going to “go away” at the end of November… and everybody is telling you NOW is the right time to buy – and that’s a FINE reason… But I think there’s ANOTHER incentive.

I wrote recently about the fact that rates are NOT getting below 5%. The Fed is meeting today- and there’s likely to be a statement tomorrow that they are NOT going to “prop” up the mortgage backed security market after September when the program is scheduled to end. 

The FED has been purchasing mortgage backed securities, and because of that – well, the more they buy, the lower rates go.  So as they’ve given no indication they will continue purchases, rates have started heading up! 

FIRST TIME HOMEBUYERS!  NOW is the time to purchase a home! You can use the USDA home loan program in NC (it’s a 100% loan!),  or FHA or VA (you wouldn’t believe the number of Vets that FORGET this great benefit!)!  Call us, Steve and Eleanor Thorne, to help you with qualifying for a new home!… we have the lowest mortgage rates!

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