Atlanta Real Estate Mortgage Rate Update
May 9, 2008
Mortgage rates ended higher last week on stronger-than-expected jobs data, strong consumer spending, and an appetite for riskier investments.
But, investors were most excited about the Federal Reserve’s hint that its rate-cutting cycle may be over.
Mortgage Interest Rates*
| Conforming | APR |
Payment per $1000 |
Jumbo | APR |
Payment per $1000 |
|
| 30-Year Fixed | 5.63% | 5.76% | $5.76 | 7.25% | 7.35% | $6.82 |
| 15-Year Fixed | 5.25% | 5.48% | $8.04 | 7.00% | 7.16% | $8.99 |
| 5-Year Fixed ARM | 4.88% | 5.01% | $5.29 | 6.88% | 6.97% | $6.57 |
| 5-Year Interest Only | 5.13% | 5.26% | $4.27 | 7.00% | 7.10% | $5.83 |
*Rates are subject to change due to market fluctuations and borrower’s eligibility.
Call my cell phone (404-992-6547) if I can assist over the weekend.
Enjoy the weather! Jim
Skip Two Mortgage Payments When You Refi!
March 21, 2008
The promise of not having to write a check for your mortgage payment for two months seems so tempting that many home owners chomp on the bit when a Loan Originator dangles that bait to lure in a refi candidate.
The truth is you're not skipping anything. Rhonda Porter, a top producer at Mortgage Master Service Corporation helps us take a better look.
Atlanta Mortgage Rate Update
March 7, 2008
Strategic Financing Sells Homes Faster
With interest rates on the rise, it's become increasingly difficult for many homeowners with Adjustable Rate Mortgages. Each month, they watch their monthly payments increase as interest rates climb closer to the lifetime caps of their loans. In addition, property owners who are looking to sell are finding that their properties are staying on the market for longer periods as buyers have more options to choose from.
Thankfully there is a solution for both of these issues. This special mortgage program has no margin and no index, yet it offers greater financial flexibility because of its tiered interest rates. During the first year of the loan, the borrower pays a rate that's 2 full percentage points below the current prevailing rate for a 30-year fixed. During the second year, the borrower pays a rate that's a full 1 percentage point below the prevailing rate. From years 3 through 30, the loan caps out at a rate that's much lower than their current loan's cap rate. This provides the borrower with greater cash flow, stability, and instant relief from interest rate nightmares.
For those who are seeking to sell homes more rapidly, attaching a strategic financing program to a specific property for a limited time will create both buyer incentive and a sense of urgency, making marketing and selling the property a breeze. Buyers are inspired to act quickly in order to take advantage of this unique financial benefit. Strategic financing is a perfect solution to today's challenging market.
Mortgage Interest Rates*
Rates as of 03/07/2008:
30-Year Fixed: 6.125%. (APR 6.265%)
15-Year Fixed: 5.55%. (APR 5.730%)
5-Year Fixed ARM: 5.000% (APR 5.131%)
5-Year Interest Only: 4.125% (APR 4.250%)
Rates increased over the last week. Our float down option allows you to be protected if rates drop prior to closing.
BTW… Here's a great Dan Green Mortgage Reports article on How to Use Interest Only Loans to Your Advantage.
*Rates are subject to change due to market fluctuations and borrower's eligibility.
A “New” Form of Mortgage Insurance Gives Tax Deductions
February 26, 2008
Private Mortgage Insurance (PMI) came back in vogue in 2007 for a number of reasons, the most widely-known of which was that PMI was suddenly tax-deductible.
But it came with a catch. Only families earning less than $100,000 could take the full tax deduction. For everyone else, PMI was same as it ever was.
Quietly, though, a less-well-known mortgage option called "Lender-Paid Mortgage Insurance" is emerging as a popular PMI alternative….
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