Wednesday, December 2, 2020

Loans And Mortgage

Loans And Mortgage

��what Is Today's 30 Year Fixed Mortgage Rate? �� Mortgage Interest Rates Must See!

Posted: 02 Dec 2020 12:15 PM PST



Apply now: https://frioteam.loanzify.io/register?loan_officer_id=5465 Check the link to discover more about what is today’s 30 year fixed mortgage rate? click: …

source

How Do Principal Payments Work On A Home Mortgage?

Posted: 02 Dec 2020 12:10 PM PST



Get life-changing financial advice anytime, anywhere. Subscribe today: https://www.youtube.com/c/TheDaveRamseyShow?sub_confirmation=1 Too many …

source

Mortgage And Refinance Rates Today, Dec. 2

Posted: 02 Dec 2020 11:25 AM PST


Today's mortgage and refinance rates 

Average mortgage rates inched lower again yesterday. And conventional loans started out this morning at 2.625% (2.625% APR) for a 30-year, fixed-rate mortgage. 

Yesterday's fall was a surprise. Read on for what happened. In the meantime, I think mortgage rates might inch either side of the neutral line or hold steady today.

Find and lock a low rate (Dec 2nd, 2020)

Current mortgage and refinance rates 

Program Mortgage Rate APR* Change
Conventional 30 year fixed 2.625% 2.625% -0.44%
Conventional 15 year fixed 2.5% 2.5% -0.25%
Conventional 5 year ARM 3% 2.743% Unchanged
30 year fixed FHA 2.938% 3.919% +0.06%
15 year fixed FHA 2.125% 3.065% +0.13%
5 year ARM FHA 2.5% 3.232% Unchanged
30 year fixed VA 2.813% 2.99% -0.06%
15 year fixed VA 2% 2.319% Unchanged
5 year ARM VA 2.5% 2.413% Unchanged
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions here.

Find and lock a low rate (Dec 2nd, 2020)

COVID-19 mortgage updates: Mortgage lenders are changing rates and rules due to COVID-19. To see the latest on how coronavirus could impact your home loan, click here.

Should you lock a mortgage rate today?

You might well be in line for an all-time low if you lock your mortgage rate today. And, I'd grab that with both hands if I were within two or three weeks of closing.

But, if I were further out than that, I'd probably hold off, in the hope of more (though modest) falls to come.

But such falls aren't guaranteed, and nobody could blame you for locking now, regardless of when you close. After all, sustained rises are perfectly possible, if unlikely.

See "Are mortgage and refinance rates rising or falling?" (below) for more. Meanwhile, my personal rate lock recommendations are:

  • LOCK if closing in 7 days
  • LOCK if closing in 15 days
  • FLOAT if closing in 30 days
  • FLOAT if closing in 45 days
  • FLOAT if closing in 60 days

But with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So be guided by your gut and your personal tolerance for risk.


Market data affecting today's mortgage rates 

Here's the state of play this morning at about 9:50 a.m. (ET). The data, compared with about the same time yesterday morning, were:

  • The yield on 10-year Treasurys rose to 0.95% from 0.89%. (Bad for mortgage rates) More than any other market, mortgage rates normally tend to follow these particular Treasury bond yields, though less so recently
  • Major stock indexes were lower on opening. (Good for mortgage rates.) When investors are buying shares they're often selling bonds, which pushes prices of those down and increases yields and mortgage rates. The opposite happens when indexes are lower
  • Oil prices were effectively unchanged at $44.87, down from $45.00 a barrel. (Neutral for mortgage rates* because energy prices play a large role in creating inflation and also point to future economic activity.) 
  • Gold prices were up at $1,819 from $1,816 an ounce. (Neutral for mortgage rates*.) In general, it's better for rates when gold rises, and worse when gold falls. Gold tends to rise when investors worry about the economy. And worried investors tend to push rates lower
  • CNN Business Fear & Greed index — Lower at 84 from 90 out of 100. (Good for mortgage rates.) "Greedy" investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while "fearful" investors do the opposite. So lower readings are better than higher ones

*A change of less than $20 on gold prices or 40 cents on oil ones is a fraction of 1%. So we only count meaningful differences as good or bad for mortgage rates.

Caveats about markets and rates

Before the pandemic and the Federal Reserve's interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that's no longer the case. The Fed is now a huge player and some days can overwhelm investor sentiment.

So use markets only as a rough guide. They have to be exceptionally strong (rates are likely to rise) or weak (they could fall) to rely on them. But, with that caveat, they're looking quiet for mortgage rates today.

Find and lock a low rate (Dec 2nd, 2020)

Important notes on today's mortgage rates

Here are some things you need to know:

  1. The Fed's ongoing interventions in the mortgage market (way over $1 trillion) should put continuing downward pressure on these rates. But it can't work miracles all the time. So expect short-term rises as well as falls. And read "For once, the Fed DOES affect mortgage rates. Here's why" if you want to understand this aspect of what's happening
  2. Typically, mortgage rates go up when the economy's doing well and down when it's in trouble. But there are exceptions. Read How mortgage rates are determined and why you should care
  3. Only "top-tier" borrowers (with stellar credit scores, big down payments and very healthy finances) get the ultralow mortgage rates you'll see advertised
  4. Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the wider trend over time
  5. When rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
  6. Refinance rates are typically close to those for purchases. But some types of refinances from Fannie Mae and Freddie Mac are currently appreciably higher following a regulatory change

So there's a lot going on here. And nobody can claim to know with certainty what's going to happen to mortgage rates in coming hours, days, weeks or months.

Are mortgage and refinance rates rising or falling?

Today

Today, I'm expecting a quiet day for mortgage rates. Let's hope it's a repeat of yesterday.

I was predicting a worse day for mortgage rates yesterday. But it turned out to be a very slightly better one. How come?

Well, other markets that mortgage rates often shadow did have a noticeably bad day. And even yields on mortgage-backed securities (MBSs), which actually determine those rates, edged higher as the hours passed.

But lenders have a cushion that allows them to respond less sharply than others to significant market movements. And that's the fact that they've recently been overpricing mortgages in order to stem excessive demand. So yesterday meant little to them.

In the meantime, I'm still struggling to find any reason to think mortgage rates will not continue to gently edge lower (with occasional periods when they move a little higher, hopefully briefly) for months to come. With one possible exception …

Possible future threat?

You need to be aware of a possible future threat to low mortgage rates. That's an announcement due on Dec. 16 that will follow a meeting of the Federal Open Market Committee (FOMC), which is the Federal Reserve's policy body.

We already know that the FOMC discussed reviewing its purchases of mortgage-backed securities (the bonds that actually determine mortgage rates) at its last meeting. And if it decides to stop or significantly reduce those purchases, mortgage rates could rise that day and thereafter, perhaps sharply. Indeed, if enough investors believe a policy change is likely, rates might begin to rise before the announcement.

Personally, I think the FOMC is unlikely to sacrifice the main bright spot (the housing market) in the current gloom. But others are concerned. And you should know of this threat.

Recently

Over the last few months, the overall trend for mortgage rates has clearly been downward. A new all-time low was set during each of the weeks ending Oct. 15 and 22 and Nov. 5 and 19 according to Freddie Mac. But, last week, Freddie said these rates held steady.

However, note that Freddie's figures relate to purchase mortgages alone and ignore refinances. And if you average out across both, rates have been consistently higher than the all-time low since a record set in early August, though they're close now. The gap between the two has been widened by a controversial regulatory change.

Expert mortgage rate forecasts

Looking further ahead, Fannie Mae, Freddie Mac and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.

And here are their current rates forecasts for the last quarter of 2020 (Q4/20) and the first three of 2021 (Q1/21, Q2/21 and Q3/21).

But note that Fannie's (released on Nov. 17) and the MBA's (also Nov. 17) are updated monthly. However, Freddie's are now published quarterly. And its latest was released on Oct. 14.

The numbers in the table below are for 30-year, fixed-rate mortgages:

Forecaster Q4/20 Q1/21 Q2/21 Q3/21
Fannie Mae 2.8% 2.8% 2.8% 2.8%
Freddie Mac 3.0% 3.0% 3.0% 3.0%
MBA 2.9% 3.0% 3.0% 3.2%

So predictions vary considerably. You pays yer money …

Find your lowest rate today

Some lenders have been spooked by the pandemic. And they're restricting their offerings to just the most vanilla-flavored mortgages and refinances.

But others remain brave. And you can still probably find the cash-out refinance, investment mortgage or jumbo loan you want. You just have to shop around more widely.

But, of course, you should be comparison shopping widely, no matter what sort of mortgage you want. As federal regulator the Consumer Financial Protection Bureau says:

Shopping around for your mortgage has the potential to lead to real savings. It may not sound like much, but saving even a quarter of a point in interest on your mortgage saves you thousands of dollars over the life of your loan.

Verify your new rate (Dec 2nd, 2020)


Mortgage rate methodology

The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.



Source link

UK Mortgages Explained For Buy To Let Property Investors | Why Use An Interest Only Mortgage | BTL

Posted: 02 Dec 2020 10:59 AM PST



In this video, UK mortgages are explained for buy to let property investors and I go into detail about why a buy to let property investor would use an interest only …

source

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

Posted: 02 Dec 2020 10:28 AM PST



Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes. Rich Conlon with Atlantic Coast Mortgage joins real estate agent …

source

How to build an Amortization table in EXCEL (Fast and easy) Less than 5 minutes

Posted: 02 Dec 2020 07:59 AM PST



Hi Guys, This video will show you how to build an amortization table in excel is less than 5 minutes 🙂 Please subscribe and watch all our tutorials …

source

Why Experts Say Waiving A Home Inspection Is A Bad Idea

Posted: 02 Dec 2020 07:56 AM PST


Experts say: Don't waive the home inspection

It's a challenging market for home buyers in many areas of the country. Demand is high and housing supply is generally low.

With so much competition, some buyers are opting to waive a home inspection to make their offer more attractive to sellers.

But ask just about any expert and they'll tell you waiving the inspection isn't in your best interest.

Here's why a home inspection is recommended and sometimes required.

Plus, we'll give you some options to make your offer more attractive without having to pass on an inspection.

Verify your home buying eligibility (Dec 2nd, 2020)

In this article (Skip to…)

Why a home inspection is important

Ask most experts, and they'll likely tell you it's not a good idea to waive a home inspection.

"A home inspection is of paramount importance when purchasing a home," says Rajeh Saadeh, a real estate attorney in Somerville, New Jersey.

"Having [the home] inspected will ensure that it's worth the price you are paying for it. Plus, it will help you understand how much money is needed to have the property repaired, if necessary."

Saadeh continues, "For most people, a home is the largest purchase made in their lives. And it's important from a business and financial perspective to understand the true condition of that home before moving forward."

"There are always items that come up [in the inspection] that are easy to overlook or not quite visible to the untrained eye." –Chris Bello, Real estate agent

Chris Bello, a real estate agent with Keller Williams Memorial in Houston, agrees.

"I highly encourage my clients to get an inspection done," he says. "There are always items that come up that are easy to overlook or not quite visible to the untrained eye."

"For a few hundred dollars, you can identify several items that can help you negotiate price reductions or repairs. Or you can even back out during your option period if you decide the house needs more work than you're willing to do."

Is waiving a home inspection allowed?

Unless your mortgage lender requires a home inspection, you are allowed to waive it if you choose.

According to the Home Buying Institute, the home inspection is almost always completely optional.

"It is rare for a lender to require you to have a professional home inspection done. Lenders typically don't care whether the property is inspected, although they may encourage you to pursue a home inspection," says Saadeh.

He explains that what lenders care about is the value of the property — which is determined by a home appraisal.

So while lenders will require you to get the home appraised, they're much less likely to require an inspection.

That means, if you want, you can opt to waive a home inspection to make your offer look more appealing to the home seller.

But by doing so, you might overlook issues that will be costly to repair. And you'll definitely miss the opportunity to have the seller pay those costs for you.


Cost vs. benefit of home inspections

Your lender might not care about the home inspection. But as the home buyer — and the one who will have to pocket repair costs — you should.

"Buyers, even investors, should never waive a professional home inspection," Saadeh says.

Even if there's no chance the seller will cover repair costs, he explains, "the only way one can understand the physical condition of the property is if a licensed home inspector performs a thorough inspection with a trained eye and renders a report.

The cost of a home inspection — typically $300-$400 — is minimal compared to the cost of home repairs, which could be tens of thousands.

That way you can be sure you know about any deal-breaker issues before you sign off on the purchase.

Consider that the cost of a home inspection is minimal compared to the peace of mind it will likely bring you.

Home Advisor estimates that the typical cost of a home inspection ranges from $279-$399.

Now consider waiving the home inspection only to find out your new home needs thousands of dollars — or tens of thousands — in repairs. You might wish you'd paid the few hundred up front.

What's a home inspection contingency?

A 'contingency' is a condition that has to be met for the real estate purchase contract to be binding.

"A home inspection contingency permits a buyer to have a property inspected, and enables the buyer to terminate the transaction if the inspection reveals defects that the buyer does not waive and the seller does not repair," says Saadeh.

In other words, this contingency provides an "out" for you if your home inspector discovers defects or issues that sour the deal.

A home inspection contingency gives the buyer an "out" if the inspection turns up issues the seller won't pay to repair.

"It gives you the right to cancel the contract unilaterally during the inspection period for any reason," says Dylan Lennon, a Realtor in Asheville, North Carolina

"You have the option to waive this contingency and proceed with a purchase. But you should only do so after discussing the implications with your real estate agent and real estate attorney."

Verify your home buying eligibility (Dec 2nd, 2020)

When waiving a home inspection might be ok

Generally, experts only recommend waiving a home inspection if you have a trained eye for real estate, and you're certain you can pick out potential issues without a professional inspection.

For the average home buyer, that won't apply.

But experienced contractors, investors, or real estate professionals might be comfortable doing so.

"Usually," Lennon says, "buyers only opt for this route when they are fairly confident that the house is in good condition or are fairly confident in their ability to handle the obvious repairs on their own."

Henry Angeli, a real estate investor and Realtor in Jacksonville, Florida, says there's another reason why you might want to consider forgoing a home inspection.

"If you personally know the home builder who constructed the property, you might feel more confident about the quality of the home," he says.

Additionally, savvy investors and experienced home flippers often choose to waive inspections.

"They've purchased enough homes to have a good feel for how much work a house needs. If the numbers work for them and they are willing to accept a certain amount of risk, they may opt for waiving the inspection," Bello says.

Of course, if you plan to purchase the home and then demolish it to build another on the homesite, it makes sense to skip a home inspection.

How to get your offer accepted without waiving the inspection

It's true: Keeping a home inspection contingency in your contract could make you appear less appealing to a seller.

But it's possible to get the seller to say 'yes' to your offer without waiving the home inspection.

"Most sellers are reasonable and will allow for an inspection period to ensure that the home's condition is acceptable for safe living and reliability," says Angeli.

"You can always sweeten the deal for sellers by trying to close faster, offering to pay cash, [or] eliminating other contingencies in your offer — such as a contingency to sell your home within a certain time frame."

"You can sweeten the deal for sellers by trying to close faster, offering to pay cash, [or] eliminating other contingencies in your offer." –Henry Angeli, real estate investor & Realtor

Another alternative is to "offer a larger non-refundable binder deposit or shorten the length of your requested inspection period," suggests Lennon.

Lastly, if the seller says they are uncomfortable with a home inspection contingency, ask if it can be permitted under the condition that the seller is not required to make repairs or offer price reduction credits.

"That will enable you to have the inspection done and keep the right to cancel if you don't like what is found, while also making it clear that the seller is not going to change the property or the deal as a result of inspections," Saadeh says.

The bottom line

A home inspection can turn up expensive problems with the home.

When you're aware of these issues ahead of time, you can often negotiate that the seller pays to fix them — or, you have the option to back out if they won't.

Waive the home inspection, and you're agreeing to pocket the cost of any and all issues you discover after moving in.

Home inspections typically only cost a few hundred dollars, which is a relatively small price to pay for peace of mind when buying a home.

Verify your new rate (Dec 2nd, 2020)



Source link

Calibre – Home

Posted: 02 Dec 2020 07:39 AM PST



Clip from Zero T – Drum & Bass, Ministry Of Sound Radio – 26th July 2010 From around 2004 – video upload powered by https://www.TunesToTube.com.

source

Will Mortgage Rates Drop to 0%? �� Should You Refinance Your Home? | MELANIE ❤️ TAMPA BAY

Posted: 02 Dec 2020 06:28 AM PST



Mortgage rates are all over the place right now, as the Federal Reserve sharply cut interest rates and announced buying of mortgage-backed securities.

source

$50m of sales in his 1st year as a Mortgage Broker!

Posted: 02 Dec 2020 06:22 AM PST



“We are in the business of prospecting loans, not processing loans.” In his first year as a mortgage broker, Bernard Desmond is on-track to write $50m in sales.

source
at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

Mortgage – HousingWire

Mortgage – HousingWi...