Interest rates are incredible right now – a radio news program today said they are at a 50 year low.
A financing tip from Sidney:
You Must Disclose All Debt: When making application for a home loan, be sure to list ALL debts to creditors – it’s a good idea to take a look at your latest bank statement so that you don’t forget automatic payments. Sometimes a brand new line of credit, credit card or car loan may not show up on your credit report for a while, but it will show up as a credit inquiry. Many lenders are now requesting a letter from the borrower to explain any recent credit inquiries and resulting balances owed. If any additional liabilities or an increase in existing credit are found during the loan application process, the lender is required to re-qualify the borrower based on the new information. Re-qualification may impact the interest rate, points & borrower’s ability to qualify based upon current program guidelines. One big No-No…don’t buy furniture for that new house on your credit card before you close on the house…you may not have a place to put it.
Home loan rates as of Wednesday, May 26 are in the following table. For more details, or a custom quote, contact Sidney Stonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com. Remember that many variables come into play in determining the rate a lender will give a borrower. If you are getting a rate quote from a lender who does not have all your information, that rate may not be real. What with the low rates, it is a great time to buy a house!
Down Payment
Interest Rate
APR
Credit Score
Points
Conventional 30 yr fixed
20%
4.50%
4.653%
740
1
Conventional 15 yr fixed
20%
4.00%
4.205%
740
1
Jumbo 30 yr fixed
20%
6.00%
6.112%
740
1
FHA 30 yr fixed
3.5%
4.375%
4.787%
580*
1
VA 30 yr fixed
0%
4.375%
4.760%
*
1
*Score requirement will vary by lender
If you have other questions about financing, don’t hesitate to contact us and we will get you the answer. If you are wondering, other people probably are as well. For general financing and market information, check out our website.
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Rates across the board dropped this week, anywhere from .125% to .25%. The soft economy does have some upside.
A financing tip from Sidney:
Interest Only Loans are Still Available: Fannie Mae will still buy interest only loans (which means lenders will still offer them), but there have been some changes. Refinance loans with cash back to the borrower or loans on investment properties are no longer eligible for interest only. Primary residence loans are available with interest only payments, provided that the borrower has a credit score of at least 720 and the loan to value ratio is no more than 70% (the appraisal must come in at least 30% higher than the amount of the loan). Other investors will also do interest only loans on these terms, with one additional requirement: the borrower must have verifiable reserves of at least 24 months of payments.
Home loan rates as of Thursday, May 20 are in the following table. For more details, or a custom quote, contact Sidney Stonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com. Remember that many variables come into play in determining the rate a lender will give a borrower. If you are getting a rate quote from a lender who does not have all your information, that rate may not be real. What with the low rates, it is still a great time to buy a house!
Down Payment
Interest Rate
APR
Credit Score
Points
Conventional 30 yr fixed
20%
4.50%
4.641%
740
1
Conventional 15 yr fixed
20%
4.00%
4.164%
740
1
Jumbo 30 yr fixed
20%
5.375%
5.486%
740
1
FHA 30 yr fixed
3.5%
4.25%
4.664%
580*
1
VA 30 yr fixed
0%
4.25%
4.635%
*
1
*Score requirement will vary by lender
If you have other questions about financing, don’t hesitate to contact us and we will get you the answer. If you are wondering, other people probably are as well. For general financing and market information, check out our website.
Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
FHA & VA loan rates dropped by .25% this past week, while a conventional 15 year fixed rate loan dropped .125% and the Jumbo 30 year fixed rate increased that amount. There isn’t much in that summary to complain about!
A financing tip from Sidney:
FHA…or No FHA? FHA loans (backed by the Federal Housing Administration) are popular because they require a down payment of as little as 3.5%, as compared to at least 20% for a conventional loan with a similar credit score. There are some limits to keep in mind, however: typically a home must meet somewhat higher condition standards, an FHA loan will cost a seller more money and a condo building must be FHA approved. Most condo buildings in Whatcom County are not FHA approved, so before you fall in love with a unit, you might want to search for it on the list of FHA-approved condos on the Department of Housing and Urban Development’s website at https://entp.hud.gov/idapp/html/condlook.cfm. It could save you a letdown down the road.
Home loan rates as of Wednesday, May 12 are in the following table. For more details, or a custom quote, contact SidneyStonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com. Remember that many variables come into play in determining the rate a lender will give a borrower. If you are getting a rate quote from a lender who does not have all your information, that rate may not be real. What with the low rates, it is still a great time to buy a house!
Down Payment
Interest Rate
APR
Credit Score
Points
Conventional 30 yr fixed
20%
4.75%
4.841%
740
1
Conventional 15 yr fixed
20%
4.125%
4.345%
740
1
Jumbo 30 yr fixed
20%
5.500%
5.604%
740
1
FHA 30 yr fixed
3.50%
4.500%
4.898%
580*
1
VA 30 yr fixed
0%
4.500%
4.872%
*
1
*Score requirement will vary by lender
If you have other questions about financing, don’t hesitate to contact us and we will get you the answer. If you are wondering, other people probably are as well. For general financing and market information, check out our website.
Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
The expected jump in real estate loan rates has not materialized – they just keep creeping up and back, which is good news. This week FHA & VA rates dropped just a tad…every little bit helps!
A financing tip from Sidney:
Mortgage Fraud. It’s a phrase that has been used a lot over the past months, and it is a very big deal (think full and immediate payment of the loan, six-figure fines & jail time), but it may actually consist of very small actions. A little hedge here, a little puff there, a little something that the loan officer “doesn’t want to see”… they are all loan fraud, and if your loan officer or real estate agent suggests they are “okay”, don’t believe them. The bottom line is that the lender needs to know everything about your financial situation and the details of the transaction, and it is your responsibility as the borrower to make sure they do.
Home loan rates as of Wednesday, May 5 are in the following table. For more details, or a custom quote, contact SidneyStonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com. Remember that many variables come into play in determining the rate a lender will give a borrower. If you are getting a rate quote from a lender who does not have all your information, that rate may not be real. What with the low rates, it is still a great time to buy a house!
Down Payment
Interest Rate
APR
Credit Score
Points
Conventional 30 yr fixed
20%
4.75%
4.86%
740
1
Conventional 15 yr fixed
20%
4.250%
4.406%
740
1
Jumbo 30 yr fixed
20%
5.3750%
5.494%
740
1
FHA 30 yr fixed
3.50%
4.6250%
5.041%
580*
1
VA 30 yr fixed
0%
4.625%
5.016%
*
1
*Score requirement will vary by lender
If you have other questions about financing, don’t hesitate to contact us and we will get you the answer. If you are wondering, other people probably are as well. For general financing and market information, check out our website.
Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
Expectations of higher interest rates were not realized this week, as some rates softened a bit from 2 weeks ago. The rate for a conventional, 30 year fixed rate loan dropped to 4.875% and the jumbo 30 year fixed rate was down to 5.5%. The rest held steady
A financing tip from Sidney:
If you are planning to take advantage of either home buyer tax credit ($8,000 for a first time buyer or $6,500 for a repeat buyer), remember that you must have a signed contract in place no later than April 30, and the transaction must close no later than June 30.
Home loan rates as of Wednesday, April 21 are in the following table. For more details, or a custom quote, contact SidneyStonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com. Remember that many variables come into play in determining the rate a lender will give a borrower. If you are getting a rate quote from a lender who does not have all your information, that rate may not be real. What with the low rates and the tax credits, it is a great time to buy a house!
Down Payment
Interest Rate
APR
Credit Score
Points
Conventional 30 yr fixed
20%
4.875%
5.130%
740
1
Conventional 15 yr fixed
20%
4.250%
4.469%
740
1
Jumbo 30 yr fixed
20%
5.50%
5.747%
740
1
FHA 30 yr fixed
3.50%
4.750%
5.172%
580*
1
VA 30 yr fixed
0%
4.750%
5.148%
*
1
*Score requirement will vary by lender
If you have other questions about financing, don’t hesitate to contact us and we will get you the answer. If you are wondering, other people probably are as well. For general financing and market information, check out our website.
Share and Enjoy:These icons link to social bookmarking sites where readers can share and discover new web pages.
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