Archive for the ‘Mortgage Rates’ Category

  • New Guidelines = You Qualify for More Home

    New Guidelines = You Qualify for More Home

    Have you been pre-approved but not for enough to buy the home you want?  Well, new guidelines recently released mean you may qualify for a bigger loan than before. Of course, this isn’t’ appropriate for everyone.  But if you have been in a situation where you were hoping for just a little bit more purchase power, you might be in luck.  Recent changes are now letting borrowers qualify for larger loans (relative t their income) than before.  They’re doing this by expanding something called the DTI cap.  That’s basically the relationship between your income and your debts.  Standard expectations were previously set at 45% for conforming loans.  But they’re now pushing that upto 50%.  For example, depending on your income, that could be an increase of 50k or more! Two things to consider You still need to be comfortable with your payment.  So doing the math and affordability calculations with me is critical. Getting a FULL pre-approval (like we do here at the GHG) is vital to making this work. If you’d like to learn more about expanding your purchase power simply click here and shoot me an email.  Or you can call me directly for a quick chat. Jeremy Beck 858-863-0262 Co-Founder / Mortgage Planner

  • Expect Mortgage Rates To Keep Rising This Year, Says Freddie

    Mar 24, 17 • Huggy • How To Buy A Home, Mortgage RatesNo CommentsRead More »

    by Ryan Smith | 17 Mar 2017 Mortgage Professional America | www.mpamag.com Mortgage rates were up for the second consecutive week this week – and originators should expect that upward trajectory to continue as the Fed keeps raising the benchmark rate, according to Freddie Mac. The Federal Reserve fulfilled market expectations by raising the federal funds rate by a quarter of a percent this week – only the third time in a decade the rate has been raised. However, Fed officials had signaled their intentions leading up to the agency’s meeting this week – so clearly, in fact, that market expectations of a March rate hike shot from only around 30% to 80% in advance of the meeting. Those expectations drove mortgage rates up even before the Fed made its benchmark rate hike official, according to Sean Becketti, chief economist for Freddie Mac. “As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year,” Becketti said. “Although our survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate nine basis points to 4.30% this week.” The 15-year fixed-rate mortgage also rose this week, with its average rate spiking to 3.50% from last week’s 3.42%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose from 3.23%

  • Beware of Poor Home Flips! Lurking in the Kitchen

    Beware of Poor Home Flips!  Lurking in the Kitchen

  • What Happens To Home Buying Power As Rates Rise?

    By Eric J Martin of The Mortgage Reports Originally posted on November 21, 2016   Mortgage Rates’ Profound Effect On Affordability The mortgage interest rate you find plays a large part in how much money your lender will let you borrow. That affects how much home you can buy. That begs the question: how does your purchasing power change if rates creep up a half a point or even one full percentage point? Much more than you might think, which is why it pays to shop for a home now, and lock in a favorable fixed rate at historical lows. Many home buyers realize that rising home prices can limit their ability to buy. However, rising interest rates can alter home-buying plans even more. The current rate environment is likely a narrow window of opportunity in which to claim a low rate and a still-reasonable home price. Housing agency Freddie Mac recently predicted that mortgage rates will rise to 4.0% in 2017. That’s more than 50 basis points (0.50%) higher than the current mortgage rate average. Today’s rates maximize your ability to buy a better home with affordable payments. Click to see today’s rates (Feb 13th, 2017) The Cost Of Rising Rates Today’s lenders qualify home buyers based on several factors, not the least of which is something called a debt-to-income ratio (DTI). A low DTI demonstrates that you have a healthy balance between income and debt. Lenders generally cap the allowable DTI at

  • Your Last Chance To Grab A Low Interest Rate This Year

    Nov 7, 16 • Huggy • Loan Programs, Mortgage RatesNo CommentsRead More »
    Your Last Chance To Grab A Low Interest Rate This Year

    This year we’ve seen very low interest rates. In September we saw them match the lowest rates in history which was back in May of 2013.  Have you noticed lately rates are steadily creeping up?  There are several reasons for this like a slowly improving economy, dropping unemployment, the Federal Reserve looking to increase the overnight lending rate, and inflation creeping up.  All of these factors are bad for bond investment which are tied to long term interest rates. While many economists are predicting that this upward trend will continue in 2017 I’ve been reading lately that the last meeting of the Federal Reserves in December could trigger a temporary rate drop.  This means December could be your last chance to grab a low interest rate for awhile. Grabbing that low rate to end the year starts with the right mortgage plan.  To get yourself in the best position possible to grab a low rate click this link.     By David Hughson Mortgage Planner

  • Scariest Situations for Home Buyers & Sellers – Part 4

    Scariest Situations for Home Buyers & Sellers – Part 4 So, where are we?  We have an accepted offer, the home inspection went well, we successfully negotiated a Request for Repairs, the appraisal supported the purchase price, the buyer has removed all contingencies and now it is an unconditional offer.  The finish line is in sight.  But, there are still a few more “scary” steps ahead of you.  For one, the lender needs to get the final loan documents to the escrow company so the buyer can meet with a Notary to sign everything.  Now that part can be a little intimidating and nerve-racking for a buyer.  That is why it is very important for the loan officer to review the Estimated Settlement Statement or Loan Estimate with the buyer(s) BEFORE they sit down with the Notary.  This ensures a less-stressful, and less-scary, loan signing.  Next is for the buyers to conduct the Final Walkthrough of the home, contractually this is to be done 5 days before the close of escrow.  This is important to confirm that the home is in relatively the same condition as when the offer was accepted and no damage was done when the seller moved out.  Now the seller is also supposed to remove all personal items from the home, but often some things are left behind, like yard products (fertilizers, bug sprays, etc.)  And while the seller is required

  • $100 = $20,000

    A recent study by the personal finance website SmartAsset shows that having a roommate in San Diego will save a renter $6,768 a year or $564 a month.  While that certainly makes financial sense for renters what many prospective home buyers may not realize is that $564 in monthly rent could be paid to them as a future home owner.  This will dramatically boost their purchase power because with rates so low right now $100 = $20,000 in purchase price. Let me explain. Let’s say your budget shows you homes for sale in the $350,000-$400,000 range.  Knowing that you could rent out a room for $564/mo means you could look at buying a home in the $450,000 – $500,000 range.  I’m guessing that increase would really open up a lot of properties that weren’t previously available to you.  And this is a very conservative estimate for roommate rent given that the average rent for two people is $1,743 here in San Diego.  I know from personal experience that you could rent out a room for much more per month.   To find out exactly how much your purchase power would increase given a rental income boost click this link:  I Want To Know What My Purchase Power Is.   By David Hughson Mortgage Planner – Rental Income Expert 858-863-0264  

  • Scariest Situations for Home Buyers & Sellers – Part 3

    Scariest Situations for Home Buyers & Sellers – Part 3 Thanks for checking in with me.  This is Part 3 of a 4-part series, so I invite you to check out the other videos, I know you will find them informative. So, in the scenario we are talking about, we are already in contract, we have conducted the general home inspection and after some anxious anticipation, the appraisal report comes in!  And……it is UNDER value!   Ouch!  No scarier situation than that, especially for a first time home buyer or first time home seller.  So what now?  Well now we have a few options, as a buyer, we will try to negotiate the contracted price DOWN to the appraised value.  As a home seller, we would negotiate hard to hold to the contracted sales price and have the buyer come in with the difference.  Now, how this goes depends on many variables, how much the buyer has for a down payment,  if it is a 100% LTV VA-buyer, no much chance the buyer can come up off of the lower appraised value, and as a seller, if there were multiple offers, we can always cancel the contract, if the buyer doesn’t want to come up with the difference, and go back to the market for another offer. If you are looking for someone who will treat your money like I was

  • Scariest Situations for Home Buyers & Sellers – Part II

    Scariest Situations for Home Buyers & Sellers – Part II This is Part II, be sure to check Part I if you haven’t already. So, another “scary” thing about buying a home, or for that matter, selling a home, is the Home Inspection! May thing can come up during this process and you have to be ready to receive a final home inspection report that…can look pretty scary!  It is the duty of the home inspector to point out every fault or deficiency with a home.  But, that is what you want in a home inspector.  Someone who isn’t afraid to “tell it like it is.”  Now, it is the buyer, or seller’s, choice to use whatever home inspector that they want, but here at The GreenHouse Group, we have one home inspection group that has, time and again, proven their value to 0ur clients, with such consistency, that we recommend our buyers and sellers, consider them when searching for a home inspector. As with any home inspection, there will be a handful of things that the inspector will find.  I always meet with my clients to conduct a Post-Home Inspection Huddle-Up.  We will discuss your concerns with the findings of the report, I will share what came up for me after reading the report, then we will craft an approach to either move forward and negotiate a Request for Repairs,

  • Scariest situations for home buyers & sellers

    Scariest situations for home buyers & sellers. Contact me for more information, I am happy to help you buyer or sell real estate in San Diego. Craig Sutliff The GreenHouse Group Craig@GreenMeansGrow.com 619-857-

The GreenHouse Group, Inc. | Real Estate Consulting & Mortgage Planning. "Moving People With Purpose."

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