FINANCIAL NEWS - No Obligation Confidential
Consultation
Click
Here
Freddie Mac (NYSE:FRE) released the results of its Primary Mortgage Market
Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged
5.42 percent with an average 0.7 point for the week ending June 25,
2009, up from last week when it averaged 5.38 percent. Last year at this
time, the 30-year FRM averaged 6.45 percent.
The 15-year FRM this week averaged 4.87 percent with an average 0.7 point,
down from last week when it averaged 4.89 percent. A year ago at this time,
the 15-year FRM averaged 6.04 percent.
Many people shop for real
estate based on the monthly mortgage payment they can afford.
U.S. houses are more affordable today. Since last year at this time, the
change has been huge. The mortgage payment on the typical home is now is 20%
less expensive than it was a year ago. Last year, the median U.S. home would
have cost about $230,000, with approximately 7% in interest on the mortgage.
With a 20% down payment that makes it a $1,200 monthly mortgage payment.
Today, the median price for a home is $200,000 which is a $30,000 difference
from last year and the mortgage rates are down to 6%. Between the lower
price and the lower mortgage rate, you'd be paying less than $1,000 a month
on your mortgage now for the same house that would have cost you $1,200 last
year.
July 30, 2008 The Senate
passed and the President signed a landmark housing bill to shore up the
nation's housing finance system. The bill contains billions of dollars in
loan guarantees, a tax break for first-time home buyers and many other
provisions. The rescue plan extends an unlimited line of credit to the two
mortgage-finance giants Fannie Mae and Freddie Mac for 18 months and gives
the Treasury the authority - also for 18 months - to buy Fannie and Freddie
shares if the Treasury deems the companies’ capital to be inadequate.
Don't waste time searching for Your Dream Home and then Gamble that you can Afford it.
Remember to approximate the taxes and insurance to get the
full PITI (Principal, Interest, Taxes, Insurance) payment. Divide the yearly taxes and
insurance by 12 months for the average monthly addition.
Refinancing? When it come time to get quotes for a
refinance contact us for the latest rates
Know your Credit Score and what you qualify for. When
it comes time to Financing you'll avoid un-necessary surprises. Up to 60% of people
who check their free credit report find errors. You can get a free credit check if you've
been denied credit in the last 60 days. 3 credit bureaus Equifax, Trans Union and Experian
collect information from major creditors. Your credit report lists all credit history for
the last two years; liens and judgments for 7 years; bankruptcy 10 years.
We are committed to helping you find the right mortgage
product for your needs. We understand that every borrower is different, and we offer a
variety of products to meet your individual requirements. We make the process of securing
a mortgage simple and straightforward by offering you the latest in financial tools that
enable you to make sound financial choices |
