The short answer is yes. Click on the OFFICIAL government link provided here then contact me!
CBS News Moneywatch made some interesting predictions about the housing market for 2014. I found two of the predictions to be most interesting:
First, Moneywatch predicts that mortgage interest rates will top 5% this year. Since mortgage rates are already near 4.7%, this does seem like a probable course.
Second, Moneywatch predicts that mortgages will be easier to get as refinancing rates slow down. This also seems to be true to me as I am already seeing more and more people looking to take advantage of relatively low rates and increased competition for new mortgages.
Whatever your plans are for 2014, please give me a call to review your goals for buying a home.
Until next time,
Hi! Donna here to talk to your about mortgage forecasting. OK! I see you are all rolling your eyes back so I will make this simple and keep it to how the forecast could give you a glimpse into how trends may influence your personal decisions about financing or refinancing a mortgage.
iEmergent released their forecasts for the mortgage industry and it appears there will be a slight increase in new purchases (around 4.7 percent). They also say that house buying activity will continue to be muted in 2014 as employment and personal credit scores keep people out of the market for a mortgage. Also, refinancing will trend downward in 2014.
So, the main thing to do is to take stock in your personal situation. You cannot control the weather, however, you can use an umbrella to keep the rainy days from soaking you along with everyone else. You can help position yourself for a new mortgage by improving your credit score. Close old credit card accounts, pay down existing balances by paying off the smallest balance first, then when you pay off those accounts, pool that money and apply it to accounts with larger balances. There are other techniques to improve your score...(Go back to my old blogs for tips).
Hi! This is Donna. This year is coming to a close and I wanted to write a quick note to thank all of my clients for placing their trust in me for their mortgage needs. As we get closer to the end of 2013, there are some hopeful signs that the economy is gradually getting better. Of course, if the economy continues to get better, there will be greater pressure to raise interest rates to mitigate a rise in inflationary forces and to provide a return for investors.
So, if you have put off buying your next (or first) home, please take this time to seriously consider getting your financials in order to make a decision to finance a new purchase or refinance your existing home.
Until next year,
In a recent Wall Street Journal article titled "Parents Serving as Emergency Support for Adult Kids", it talks about how current couples are dealing with the tough economy by housing their kids well into their adult lives...even after college. The story cited a survey which stated that nearly 37 percent of adult children were receiving some sort of financial assistance from their parents.
So, what does this have to do with a home mortgage? Well, if you are looking to purchase or sell a home, keep your "kids" in mind. You may want to hold onto your present home (rather than downsizing), if it can accommodate a situation where your children have to move back in with you. In this case, you may want to consider refinancing to ease the financial burden. If you are looking to purchasing a home, review your children's job situation and make arrangements in case they have to move in with you at a later date.
Although the economy is slowly recovering since 2009, it still has a long way to go and if your children have been unemployed for more than 6 months, it may be tougher for them to secure steady employment.
You see, I care about my clients and it is not just about percentages and leveraging assets...It is about helping real people with their needs.
Give me a call and we can talk about your situation.
Until next time,
Hi! Donna Cleary here to tell you about what is happening currently with mortgage rates. ABC News/AP reported that rates have recently fallen to 4.13 percent for a 30 year mortgage.
What does this mean for you? First, these rates are always temporary, they rise and they fall. What happens in the near term is that the Federal Reserve has helped to keep rates low through pumping up to $45 billion a month by purchasing mortgage backed securities. The Fed is going through a change as a new chairman will step in soon after congressional confirmation hearing.
So far, there is no indication that the Fed will back off on these mortgage bond purchases. So, now is the time to plan ahead if you are looking to finance a new home purchase or refinance your present home.
Give me a call!
Hi! Donna Cleary here to answer a question I got from a client recently. "What credit score do I need to get the best possible rate?"
The answer is fairly simple and straightforward but it can vary depending on other circumstances and disclosures on a loan application. As a general rule of thumb, a credit score of 740 or better should help you get the best mortgage rates.
Now, a great website to help you understand the credit score concept, including some cool calculators can be found on MyFICO.com Use this website to get a feel of whether you can swing a mortgage payment.
Or, give me a call and I can help.
Until next time,
A picture is worth a thousand words. After rates were on a downward slide during most of 2011 all way to the first half of 2013, they are on the way back up in the last half of this year.
At the time of this writing, the 30 year fixed mortgage rate was sitting at 4.58%. However, there are many factors that could influence how these rates finish the year. The Federal Reserve is still purchasing nearly $45 billion in mortgage backed securities each month under the QE3 program. This move is keep the housing sector moving along. However, the Fed has signaled that they may reduce the bond buying which could send rates down lower as demand in the housing market would drop.
What does this mean to me? The best advice I can give you is that rates are still low and there is plenty of choice in the market at the moment. If it is time to purchase a home, now is the time to do it. Give me a call or contact me at this link: Contact Donna
Until next time,
Hi! Donna Cleary here to give you the latest news about mortgages and the housing market. A report today from Mortgage News Daily tells us that the upward pressure on home prices is continuing, particularly out in the West. National home prices have risen over 7 percent since the last report and the report was buoyed by particularly strong growth on the West coast where growth in home prices jumped 15.8 percent.
That is not the only numbers that are going up. Mortgage rates are steadily creeping upward and now stand at 4.25% for an FHA 30 year mortgage. Fannie Mae recently said that they expect rates to continue to rise...So, what is one to do? Give me a call!
If you are looking to purchase a home in the next six months, do not delay and give me a call or click the contact link at the top of this page and tell me about your home purchase.
Until next time,
Ben Bernanke's recent comments about the US economy sent the stock market into a tailspin. Why? According to Mr. Bernanke, the economy is getting moderately better and he hinted that the Federal Reserve may pull back on its bond buying program (that includes mortgage bond purchases). In a recent article at Bloomberg.com, it reported that there is continued upward pressure to increase mortgage securities rates that are already at a 19 month high. In turn, this pressure has already effected mortgage rates.
Another part of the article pointed to a survey of the 20 top metropolitan markets on housing prices. Prices in these markets have increased nearly 11 percent over the last year.
What does this add up to? Acting now if you are thinking about buying a home. Rates and prices are going up and the economic pressures will continue. I am here to help.
Click on the Contact Me link and drop me a line just to talk about your mortgage plans. I can help save you time and money by coaching you on where to spend your time.
Until next time,
Donna Cleary Mortgage Loan Originator