What is Happening in the Mortgage Market

August 10th, 2011 9:00 AM
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Richard Woodward
Banker / Senior Manager
Envoy Mortgage
Phone: 972-661-5136
Fax: 972-314-9647
License: NMLS ID #217454
Rwoodward@Envoymtg.com
www.Envoy-Mtg.com

Is It Time To Purchase a New Home?

Deciding whether to move is no easy task. There are many financial and emotional factors to consider prior to taking that next step. However, once the decision has been made, the benefits soon become apparent.

According to the best-selling author of Remodel or Move*, Dan Fritschen, there are several reasons why people choose to move. Perhaps the size of their family has grown and their existing home has become a little too cozy. As children mature, being close to good schools becomes much more important. Job changes can also lead to a desire to move, especially when a commute increases dramatically.

In addition, there are idiosyncrasies that are unique to a particular home and its neighborhood. Is the floor plan in the existing home desirable? While remodeling can help to correct certain issues a homeowner may encounter, a bad floor plan can be insurmountable. Is the yard big enough to accommodate the family pets and a garden? Neighborhoods also vary widely. If a person prefers a neighborhood where the residents are social and kids are out playing during the day, then they would not be happy in a subdivision that is quiet and reserved.

While moving into a new home is no small task, the benefits of finding the right one are well worth the effort.

* Remodel or Move is available in local bookstores and through Amazon.com. Visit www.remodelormove.com to learn more!

Mortgage Interest Rates for Fixed and Variable Rate Mortgages*
Rates as of Tuesday, 9th August, 2011:
  Term Conforming APR Payment per
$1,000
Jumbo APR Payment per
$1,000
Arm Reset Term
30-Yr. Fixed 360 4.250% 4.375% $4.92 4.625% 4.711% $5.14 -
15-Yr. Fixed 180 3.375% 3.591% $7.09 4.125% 4.273% $7.46 -
7-Yr. Fixed ARM 360 3.375% 3.494% $4.42 3.625% 3.706% $4.56 7
5-Yr. Fixed ARM 360 3.000% 3.117% $4.22 3.375% 3.455% $4.42 5
30-Yr. FHA 360 4.000% 4.124% $4.77 9999% 9999.000% $nan -
30-Yr. VA 360 4.000% 4.124% $4.77 4.50% 4.585% $5.07 -
USDA 100% Financing 360 4.250% 4.375% $4.92 9999% 9999.000% $nan -
10 Year ARM 360 3.625% 3.746% $4.56 4.000% 4.082% $4.77 10
203K Remodel FHA 360 4.500% 4.627% $5.07 9999% 9999.000% $nan -
30-Yr. HomePath Fannie Mae 360 4.250% 4.375% $4.92 9999% 9999.000% $nan -
*Rates are subject to change due to market fluctuations and borrower's eligibility.
This is not a commitment to lend. Credit and collateral subject to approval, other restrictions may apply. Programs, rates, terms and conditions are subject to change without notice. Rate base upon 780 FICO score, 20% down, $261,000 loan amount and one origination point. Jumbo loans quoted at 25% down but 20% down is available. Envoy Mortgage, Ltd NMLS #6666, Richard Woodward NMLS # 217454, Licensed held by the State of Texas. Equal Housing Lender.

Posted by Richard Woodward on August 10th, 2011 9:00 AMPost a Comment (0)

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