(302) 703-0727

(302) 703-0727

Newark Delaware Home Buyer Seminar February 16 2019

John Thomas January 20, 2019 Tags:
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Newark Delaware First Time Home Buyer Seminar

There will be a Newark Delaware First Time Home Buyer Seminar on Saturday February 16, 2019 at 10:00 AM till Noon. The seminar will last about 2 hours and each participate will be able to receive a copy of their credit report. The home buyer seminar will cover all of the basics of buying a home in Delaware. The Newark Delaware First Time Home Buyer seminar will cover FHA loans, VA loans, USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the FHA 203k Rehab loans.  We will also cover the Delaware Mortgage Credit Certificate Program which is also know as the Delaware first time home buyer tax credit which give you up to $2,000 a year as a federal tax credit for every year you have the mortgage loan. Keep Reading...

Mortgage Rates Weekly Update [January 14 2019]

John Thomas January 13, 2019 Tags: ,
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Mortgage Rates Weekly Update for January 14, 2019

Mortgage Rates Update for January 14, 2019 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates moved higher last week after reaching the lows not seen since last spring the previous week.  If you look at the mortgage bond chart below you can mortgage bonds reached the high point on Thursday January 3rd and then have sold off since as the stock market has rallied and pulled money out of the bond market.  Mortgage bonds did find a floor of support at 101.856 which held all last week so we are recommending FLOATING your Mortgage Rate to see if bonds can rally higher off support and mortgage mortgage interest rates lower. Keep Reading...

Mortgage Rates Weekly Update [January 7 2019]

John Thomas January 6, 2019 Tags: ,
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Mortgage Rates Weekly Update for January 7, 2019

Mortgage Rates Update for January 7, 2019 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates moved lower again last as mortgage bonds rallied and broker through another ceiling of resistance.  If you look at the mortgage bond chart below, you can mortgage bonds have been on an upward trend since reversing course on November 8, 2018.  Bonds started the new year at the highs of 2018 as we moved into 2019.  Mortgage bonds did end the week by moving lower from the high after a very strong jobs report and ended in the middle of the trading range.  Bonds have more room to the downside before reaching a floor of support and with the stock market rallying to end the week, we are recommending LOCKING your mortgage rate to start the week to take advantage of the best mortgage interest rates seen in almost a year. Keep Reading...

Mortgage Rates Weekly Update [December 31 2018]

John Thomas December 31, 2018 Tags: ,
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Mortgage Rates Weekly Update for December 31, 2018

Mortgage Rates Update for December 31, 2018 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates have moved to the lows not seen since last May.  If you look at the mortgage bond chart below, you can see mortgage bonds have rallied higher since hitting the lowest point of the year on November 8, 2018.  Since then, bonds have continued higher break through each ceiling of resistance and finally breaking through the 200 day moving average which has been a ceiling of resistance bonds could not break all year.  Stocks sold off to end the week on Friday which helped mortgage bonds move higher up to the next ceiling of resistance at 101.856.  Since bonds continued to start strong even in the face of a stock market recover of a 1,000 points last week, we are recommending FLOATING your Mortgage Rate to start the week to see if bonds can break through the next ceiling and move mortgage rates even lower. Keep Reading...

What is Mortgage Insurance or PMI?

John Thomas December 29, 2018 Tags: ,
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What is Mortgage Insurance or PMI?

Mortgage Insurance is an insurance policy that protects lenders against a borrower defaulting on the mortgage loan for a portion of the loss incurred by the lender.  Mortgage Insurance is sometimes termed PMI which stands for Private Mortgage Insurance.  Mortgage lenders typically do not want to lend more than 80% of the value of a home as it is too risky long term.  Mortgage insurance is used to offset the risk to the lender and allows a borrower to put down less than 20% to purchase a home so it creates a win-win scenario for lender and borrower.  If you have questions or would like to get started on a mortgage pre-approval, call 302-703-0727 or you can APPLY ONLINE Keep Reading...

Understanding Your Debt to Income Ratio (DTI)

John Thomas December 27, 2018 Tags: ,
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Understanding your Debt to Income Ratio (DTI)

Your Debt to Income Ratio is used by mortgage lenders to determine how much money you can borrower for the purchase or refinance of a home.  Your Debt to Income Ratio is abbreviated as DTI for short.  The DTI is a comparison of your gross monthly income to your monthly liability payments.  Mortgage Lenders use two Debt to Income ratios when determining if you qualify for a mortgage loan: Housing DTI and Total DTI.  If you have questions about qualifying for a mortgage loan or would like to get pre-approved, call 302-703-0727 or APPLY ONLINE. Keep Reading...

Mortgage Rates Weekly Update [December 24 2018]

John Thomas December 24, 2018 Tags: ,
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Mortgage Rates Weekly Update for December 24, 2018

Mortgage Rates Update for December 24, 2018 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. Get advice on Locking or Floating your Mortgage Rate to start the week as well as the latest housing and finance news updates. John Thomas is the Branch Manager, a Delaware Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote

Mortgage Rates have move to the lows not seen since the spring of 2018 as bonds have benefited from a sell off in the stock market.  If you look at the mortgage bond chart below, you can see bonds broke through the 200 day moving average last Tuesday which was a very significant ceiling of resistance.  Bonds stayed above the 200 day moving average all week so it is now a very good floor of support for bonds.  Monday stocks are expected to continue to sell off as a relief rally has not been evident and a strong floor of support for stocks is still lower.  We are recommending FLOATING Your mortgage rate into holiday as bonds should benefit from a continued sell off in stocks,  If stocks find a floor of support and mount a rally we quickly switch to locking your mortgage rate. Keep Reading...

Delaware FHA Loan Limits for 2019

John Thomas December 22, 2018 Tags: ,
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Delaware FHA Loan Limits for 2019

Delaware FHA Loan Limits for 2019 were raised in all three counties of Delaware effective January 1, 2019.    The Federal Housing Administration increased its mortgage loan limits by almost 7% for the new year, mirroring the increase in conventional loans.  The new base loan limit maximum was increased from $294,515 to $314,827 for a single unit home.  In some high-cost areas  of the country, the maximum loan limit was increased to $726,525.  The department of Housing and Urban Development (HUD) released Mortgagee Letter 2018-11 on December 14, 2018 which increased the loan limits for 2019 nationwide for all Forward Mortgage loans insured by FHA.  Call 302-703-0727 to apply for a Delaware FHA Loan or get started online at http://www.PRMILoanApplication.com Keep Reading...