Delaware Mortgage Rates – Week of June 25th 2007

John Thomas June 27, 2007 Tags: Delaware Mortgage Rates

Delaware Mortgage Rates Week of June 25, 2007

The following are the going rates for Delaware Mortgage Loans for the week of June 25th, 2007. The following Delaware Interest Rates assume a 720 credit score and an 80% LTV with no points and assumes owner occupancy.

30 Year Fixed Rate Mortgage – 6.625% (APR – 6.785%)

15 Year Fixed Rate Mortgage – 6.375% (APR – 6.51%)

30 Year 5-1 ARM – 6.375% (APR – 6.51%)

30 Year 1 Year ARM – 5.66% (APR – 5.875%)

Rates are subject to change. Rates change daily and sometimes more than once per day. Remember, as a general rule, weaker than expected economic data is good for rates, while positive data causes rates to rise Keep Reading...

Financial News for June 2007

John Thomas June 27, 2007 Tags: Financial News

Financial News for June 2007

Construction of new homes in May 2007 fell to a seasonally adjusted annual rate of 1.47 million units, a 2.1% drop from April 2007 and a 24.2% decline from a year ago, the Commerce Department reported June 19, 2007. The decrease matched economists’ expectations and reflected weakness in the South and West, which offset construction gains made in the Northeast and Midwest.

Housing permits, considered a good barometer of future activity, rose 3% in May 2007, but the increase followed a 7.1% plunge in April 2007. Last month’s stronger activity originated from a rebound in permits for apartment construction. Meanwhile, mortgage applications for single-family homes fell 1.8% and have been down four of the past five months. Keep Reading...

First Time Home Buyer Seminar July 28th from 10:00 AM till 12:00 PM

John Thomas June 26, 2007 Tags: Delaware First Time Home Buyer, Delaware First Time Home Buyer Seminar

First Time Home Buyer Seminar July 28, 2007

There will be a First Time Home Buyer Seminar on Saturday, July 28, 2008, from 10:00 AM to 12:00 PM at the Primary Residential Mortgage office in New Castle, Delaware. The Seminar is FREE!!! Come learn what it takes to buy a home in Delaware. First time home buyer programs will be covered. Program will also cover how to improve your credit and how to afford a mortgage payment that might be more than your current rental payment.

All registered participates will receive a Free Credit Scoring Audio CD. Free credit checks will be given at the seminar. Everybody has the opportunity to receive their complete credit report and get pre-approved to buy a home at the seminar. You will also have the opportunity to schedule a one-on-one appointment with a mortgage professional and credit counselor who can answer questions for your specific situation. Please call 302-703-0727 to register for this seminar or register online at Delaware Home Buyer Seminar. The address of the seminar is 42 Reads Way, New Castle, DE 19720. Keep Reading...

Fannie Mae makes it tougher for First Time Home Buyers in Delaware

John Thomas June 13, 2007 Tags: Delaware First Time Home Buyers, Fannie Mae

Fannie Mae makes it tougher for First Time Home Buyers in Delaware

Fannie Mae made significant changes to its Desktop Underwriting (DU) for My Community programs. The guidelines have changed to make it harder for first time home buyers to qualify for a mortgage to purchase a home with little to no money down. The guidelines took effect May 19, 2007. Borrowers who qualified before May 19th, may no longer qualify under the new guidelines.

This affects people trying to qualify for the Delaware Bond Program loans for Delaware first time home buyers because these loans must qualify through Fannie Mae’s DU. Fannie Mae wasn’t specific about what exactly won’t qualify but it seems anybody with a credit score below 620 certainly won’t qualify anymore. Keep Reading...

3 Big Benefits of Homeownership

John Thomas June 4, 2007 Tags: Delaware First Time Home Buyers, Delaware Home Buying

3 Big Benefits of Homeownership

There are three very attractive benefits of owning your own home: it can be a sound investment over time, you can have stable housing payments throughout your 30-year loan, and there can be significant tax breaks for as long as you own the home. Call 302-703-0727 to get started by getting pre-approved for a home loan or APPLY ONLINE You can also view our monthly first time home buyer seminars at Delaware Home Buyer Seminars

The First Benefit of Owning a Home – Sound Investment

A sound investment is the first benefit of buying your new home. Your new home becomes an appreciating asset over time. This means that as time goes by, your house is worth more money. This, in turn, allows equity to build up in your property even if the mortgage amount were to stay the same. The acquired equity is the difference between the fair market value of your property and the amount of your mortgage. In the last twenty years, real estate has averaged a 5% rate of return per year. Let’s look at an example of appreciation over time below: Keep Reading...

Federal Reserve Hold Key Interest at 5.25% in May 2007 Meeting

John Thomas June 1, 2007

Federal Reserve Hold Key Interest at 5.25% in May 2007 Meeting

The minutes from the Federal Reserve meeting on May 9, 2007 were released on Wednesday May 30th. The Feds were concerned about the downturn in the housing market was more extreme than expected. Even though housing is worse than expected, the Feds were still very concerned with core inflation. The Feds felt core inflation is still uncomfortably high. The Feds voted to hold the Feds Funds Rate steady at 5.25%. This was the 7th straight meeting that the Feds held the interest rate steady.

After viewing the minutes of the meeting, many economist believe the Central Bank will keep interest rates unchanged for the rest of the year. Keep Reading...

Delaware Real Estate Taxes

John Thomas June 1, 2007 Tags: Delaware Real Estate Taxes, Delawarer Transfer Tax

Delaware Real Estate Taxes

When buying a home in Delaware one must be aware of the applicable Delaware Real Estate Taxes that must be paid for the transaction. When a property is purchased in Delaware, there is a 4% transfer fee that must be paid, which was raised from 3% back on August 1, 2017. It is customary for the tax to be split 2% for the seller and 2% for the buyer. It is not a law but it is how most transactions are done in Delaware.

There are some exceptions, for example, Some Home Builders charges the buyer 3% of the transfer tax and they only pay 1%. This can be a big difference on homes in Delaware are over $400,000. Keep Reading...

Sales of Existing Homes Falls to Slowest Pace in 4 Years

John Thomas May 25, 2007 Tags: Delaware Home Sales

Sales of Existing Homes Falls to Slowest Pace in 4 Years

The sale of existing homes fell by more than the expected amount in April. This is in contrast to New Home Sales which jumped 16.2 percent last month. The biggest one month increase in 9 years. The National Association of Realtors reported Friday that sales of existing homes fell by 2.6 percent last month to a seasonally adjusted annual rate of 5.99 million units. That was the slowest sales pace since June 2003

The slow down in housing is being blamed on the melt down that occurred in the sub prime mortgage market. The sub prime loans are now harder to get meaning less potential buyers qualify to buy a home. Keep Reading...