Mortgage Loans

Mortgage Loans

Delaware Mortgage Rates – Update for September 25, 2007

John Thomas September 25, 2007

Mortgage Bonds are trading slightly higher this morning after some weaker than expected economic reports, so Delaware Mortgage Rates are improving. For instance, Consumer Confidence for September was reported at 99.8, which is lower than expectations of 104.5 and is the lowest level since November 2005.

In addition, Existing Home Sales for August were reported at 5.50 million units, essentially in line with expectations. However, the inventory for single-family homes represents a 9.8-month supply, the most since 1989. Keep Reading...

Delaware Mortgage Rates – Update for September 24, 2007

John Thomas September 24, 2007

Mortgage Bond prices have changed very little so far today and are right at important support at the 200-day Moving Average. Commodity prices, including gold and crude oil, continue to move higher, which is a concern for bonds because of inflation pressure.

There are no economic reports on the schedule today but later in the week the Core Personal Consumption Expenditure Index (PCE), the Fed’s favored gauge of consumer inflation, will be released. All ears and eyes will be glued to this report for any hint of consumer inflation. Keep Reading...

Free Real Estate Investment Seminar – September 26th

John Thomas September 24, 2007

There will be a Free Real Estate Investment Seminar on Wednesday, September 26th from 6:30 PM till 8:30 PM at Citizens Lending Group’s Office in Newark, DE. The seminar is on Getting Started in Real Estate Investing.

The seminar will show you how to set up a plan for investing and how to get your self financially ready to invest, how to gather a power team around you, give you an action plan to buy your first rental property, how to do investing as a business, and how to analyze a property to determine if a good investment. Keep Reading...

Why A Delaware VA Loan?

John Thomas September 24, 2007 Tags: , ,
featured image

WHY A DELAWARE VA LOAN?

The more you know about our Delaware home loan program for Veterans, the more you will realize how little “red tape” there really is in getting a Delaware VA loan. These loans are often made without any down payment at all which means a veteran can get 100% financing. Aside from the veteran’s certificate of eligibility and the fact that the appraiser is assigned by VA, the application process is not much different than any other type of Delaware mortgage loan. And if the lender is approved for automatic processing and the Lender Appraisal Processing Program (LAPP), as more and more lenders are now, a buyer’s loan can be processed and closed by the lender without waiting for VA’s approval of the credit application or for VA to review the appraisal.Lenders are also able to use VA recognized automated underwriting systems, such as Loan Prospector and Desktop Underwriter, to facilitate the underwriting process. This makes the VA Loan a great program for Delaware First Time Home Buyers who meet the eligibility requirements. Keep Reading...

Delaware VA Loan – Are you eligible?

John Thomas September 23, 2007

If you are looking for a 100% financing in one loan, then nothing beats a Veterans administration loan, commonly referred to as a VA loan. The VA loan doesn’t have monthly PMI added on to the payment, which makes it usually the cheapest loan for overall payment.

The first step for applying for a Delaware VA loan is to determine if you are eligible, just go to Veterans Administration Wesite

Once you have determined you are eligible, in order to apply for a VA loan you need an eligibility certificate.  If you need to get a certificate the Form you must fill out is Form 26-1880, this form can be found on the Veterans Administration website, go to this link http://www.va.gov/vaforms/ Keep Reading...

Doug MacGray’s Weekly Market Update – September 23rd

John Thomas September 23, 2007

This is a weekly update from Doug MacGray a Certified Financial Planner who takes very good care of my clients and who I highly recommend.

INTEREST RATE CUTS: Are there downsides to the Fed’s cut in interest rates? Answer: Of course. First, the possibility of higher inflation usually goes along with a drop in rates. Most don’t think that’s a real issue these days due to the slowdown in the economy and the impact of globalization. Two major indications of this were announced this week. The Consumer Price Index (CPI) of -0.1% and the Producer Price Index (PPI) of -0.4% dropped.  Those low inflation numbers effectively gave the Fed “permission” to focus its concern on economic growth rather than price stability. As long as growth lags, and inflation remains modest, the Fed will be under pressure to keep rates low. The second negative consequence of lowering interest rates was the effect on the U. S. dollar. The dollar dropped to record lows against the Euro (¬) and fell to even parity against the Canadian dollar for the first time in more than thirty years. The weak dollar makes foreign goods and overseas investments more expensive, but it also helps American manufacturers sell more of their products in foreign markets. Higher exports usually translate into more job growth here at home. The Fed’s action won’t solve housing’s problems overnight, and it’s not likely to boost growth by that much, either. I have read and heard responses by many economists who know a lot more about this than me, and a slim majority seem positive about this move by the Fed.  (See some quotes at the bottom of this post) Keep Reading...

Delaware Mortgage Rates – Update September 21, 2007

John Thomas September 21, 2007

Yesterday Mortgage Bonds dipped below the 200 days moving average causing Delaware Home Loan Rates to raise higher again to end the day yesterday.

Today, Mortgage Bonds are trading just below the 200-day Moving Average.

Presently, I feel it is prudent to Float, as I wait and see if the Bond can muster some strength and move above this level. Should the Bond get pushed lower and farther away from the 200-day Moving Average, I will be changing my position to a Locking stance.

Delaware Mortgage Lenders just re-priced for the better today as bonds broke thru the 200-day moving average, if they can stay above the moving average for the remainder of the day, this might become new support for Mortgage Bonds. Keep Reading...

100% Financing is going to be tougher to qualify for

John Thomas September 21, 2007

Delaware First Time Home Buyers are going to have a tougher time qualifying for loans after October 20th, 2007. Fannie Mae is making changes to what it will accept for approval on all 100% financing options that are backed by Fannie Mae.

What are the changes?  Fannie Mae is no longer going to accept EA-II or EA-III approvals thru its desktop underwriting system. So if you are applying for a Delaware Home Loan thru any lender be it bank or broker, they all have to follow the same system, you will have to qualify at EA-1 or Approve-Eligible. Keep Reading...