Mortgage Loans

Mortgage Loans

Delaware Mortgage Rates – Market Update – July 16, 2008

John Thomas July 16, 2008

Here are the daily thoughts on floating or locking your Delaware Mortgage Rate.

As always – consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

Mortgage Bonds have moved lower this morning after the Core Price Index (CPI) came out worse than expected. This is bad news because this is a measure of inflation and this shows inflation is going to be a concern among bond investors and the Feds.

Technically Bonds are bouncing off the 50-day and 200-day moving average and are forming a bearish signal for bonds. In the short term, we will probably see Mortgage rates head higher for the rest of this week and possibly into next week. Keep Reading...

Delaware Mortgage Rates – Update July 15, 2008

John Thomas July 15, 2008

Here are the daily thoughts on floating or locking your Delaware Mortgage Rate.

As always – consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

Mortgage Bonds moved up this morning to test resistance at the 50-day moving average. They have bounced down from this resistance as stocks recovered from earlier losses. The news today showed the PPI (Producer Price Index) coming in higher than expected but core PPI came in lower than expected. Retail sales came in lower than expected. Keep Reading...

Delaware Mortgage Rates – Market Update – July 14, 2008

John Thomas July 14, 2008

Here are the daily thoughts on floating or locking your Delaware Mortgage Rate.

As always – consult your favorite mortgage professional who will be able to offer the best advice for YOUR unique situation.

Bonds are trading up this morning on the news from the Feds that they have a backup plan for Fannie Mae & Freddie Mac.  This put renewed support for bond investors into mortgage-backed securities.  The Feds authorized both public companies to borrow from the Federal Reserve Bank if need be. This would eliminate any fears that either company would have a credit crunch.

I would recommend floating your Delaware Mortgage Rate because Bonds are rebounding from the sell-off on Friday. But make sure you stay in contact with your Delaware Mortgage Professional so that they can let you know if you need to lock because bonds could bounce off some tough resistance at the 200-day moving average and the 50-day moving average.

If you need professional advice on locking or floating your Delaware Mortgage Rate or need help obtaining a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Christina School District Lowers School Tax Again

John Thomas July 13, 2008

Christina Public School District in Delaware lowered the School Tax a second year in a row. The district approved a reduction in the warrant tax-lowering the school tax rate by 13.9 cents.

Residents with a home assessed at $100,000 will see an annual savings of approximately $139. When you combine these savings with the reduction from last year, you get a combined savings of $153 for a home assessed at $100,000.

Here is a summary of the Tax Rate for 2009

Operating – $1.070

Tuition – $0.223

Match – $0.060

Debt – $0.164

Total – $1.517

This reduction in tax could not be a deciding factor in whether you buy a Delaware home in Christina School District or not, but if you need help finding a Delaware home or obtaining a Delaware Home Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

We offer bad credit mortgages so don’t let bad credit stop you.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Delaware FHA Loans will have Risk Based Pricing for MI

John Thomas July 13, 2008

FHA announced it will institute risk-based premiums for Mortgage Insurance. All Delaware FHA Loans require the borrower to pay an upfront mortgage insurance premium plus a monthly mortgage insurance premium. For the first time in history, credit scores will be used by FHA to determine your premiums. The changes will go into effect on July 14, 2008.

Let’s take a closer look at the ten primary changes to the Delaware FHA guidelines:

1. Borrowers with either no score or at least 500 may get an LTV >90%.
2. Borrowers with a score of less than 500 get a maximum LTV of 90%.
3. Borrowers without scores will require manual underwriting.
4. Upfront Mortgage Insurance Premiums will range from 1.25% to 2.25%, depending on the score.
5. The Monthly Mortgage Insurance will range from .50% to .55% depending on the score.
6. The premium is based on the borrower with the lowest score.
7. If one of the borrowers has no score, then the Non-Traditional credit grade is used.
8. Credit rescoring is allowed to improve a borrower’s credit grade.9. All FHA Secure refinances >95% LTV with delinquencies have a 2.25% UFMIP and .55% MMI.
10. These changes apply to cash-out, rate & term, and non-delinquent FHA Secure refinances. Here is the link to the mortgage letter explaining the changes from FHA http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-16ml.doc

If you would like to apply for a Delaware FHA Loan or have questions on FHA loans, please feel free to contact me (John Thomas) at 302-368-7132 or send me an e-mail to DelawareMortgages@yahoo.com. FHA Loans can be used for bad credit mortgages.

We can help you with a home loan in all of Delaware, Wilmington, Delaware – Newark, Delaware – Hockessin, Delaware – Bear, Delaware – New Castle, Delaware – Claymont, Delaware – Middletown, Delaware – Smyrna, Delaware – Rehobeth, Delaware – Lewes, Delaware – Dover, Delaware

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Free Budgeting Seminar – August 6, 2008 – Newark, DE

John Thomas July 13, 2008

There will be a Free Budgeting Seminar on Wednesday, August 6, 2008, from 6:30 PM till 8:00 PM at the Primary Residential Mortgage’s Office in Newark, Delaware. The seminar will cover the basics of making a household budget, how to track daily, weekly, and yearly expenses, and how to use your budget as part of an overall financial plan. Each participant will receive a free Excel Budget Calculator and a Budgeting Handbook. You will also learn how to not only cut your expenses but increase your income.

To register for the Seminar, please call 302-368-7132 Ext. 12 and ask for John Thomas.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

IndyMac Bank is Taken over by the Government

John Thomas July 13, 2008

IndyMac Bank was seized by the Federal Government on July 11, 2008. All of its assets were seized and its retail branches were closed. The bank will reopen on Monday under the control of the FDIC. The bank has been in trouble because of its exposure to the subprime lending crisis and the mortgage market meltdown. IndyMac CEO had released a plan to save the bank then a US Senator made some public remarks encouraging the US Government to bail the bank out, once his comment was released to the public, depositors made a run on the bank to remove their money. This caused the bank to fail.

We really have some smart people in Congress. (sarcasm!) FDIC insures deposits up to $100,000. There are about 10,000 depositors that have more than the $100,000. FDIC said there was enough in assets to give them half of their deposits above the $100,000.

Here is a link to a news story on the bank failure http://www.bloomberg.com/apps/news?pid=20601087&sid=aJnm4ytT0T7U&refer=home

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713

Delaware First Time Homer Buyer Seminar – July 26th

John Thomas July 12, 2008

There will be a Free Delaware First Time Home Buyer Seminar on Saturday, July 26, 2008, at 10:00 AM.  The seminar will last about 2 hours and each participant will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, My Community loans, First Time Home Buyer Loan Programs, and the Delaware USDA Rural Housing Program.

Each participant will receive a Free Audio CD on Credit Scoring, Credit Scoring Handbook, Homebuying Handbook, and an opportunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar. You will also learn the importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.The Seminar is being held at 256 Chapman Rd, Suite 105, Newark, DE 19702.

To register for the seminar, please call 302-368-7132 Ext 12 and ask for John Thomas.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713