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Delaware Mortgage Rates Weekly Update for November 4, 2013

John Thomas November 3, 2013 Tags: , , , , ,
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Delaware Mortgage Rates weekly mortgage market update for the Week of November 4, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

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Delaware mortgage rates ended the week slightly worse than they started as mortgage bonds sold off on Friday after better than expected manufacturing news was released. If you look at the mortgage bond chart below you can see that mortgage bonds traded in a tight range and then sold off on Friday closing below the 200 days moving average. We are recommending LOCKING your Delaware Mortgage Rate to start the week as mortgage bonds could continue to sell off after closing below the 200-day moving average. Keep Reading...

Delaware Mortgage Rates Weekly Mortgage Market Update for October 28, 2013

John Thomas October 28, 2013 Tags: , , , , ,
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Delaware Mortgage Rates weekly mortgage market update for the Week of October 28, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

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Delaware mortgage rates moved to the lowest level in four months after the September Jobs Report released. If you look at the mortgage bond chart below you can see mortgage bonds jumped higher after the jobs report was released and pushed mortgage bonds to 4 months high. We are recommending cautiously FLOATING your Delaware mortgage rate ahead of the Federal Reserve Meeting on Wednesday. Keep Reading...

Delaware Mortgage Rates Weekly Update for October 21, 2013

John Thomas October 20, 2013 Tags: , , , , ,
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Delaware Mortgage Rates weekly market update for the Week of October 21, 2013, by John R. Thomas with Primary Residential Mortgage in Newark, Delaware. John Thomas is the Newark, Delaware Mortgage Branch Manager and the author of the book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE for Delaware mortgage loan

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Delaware Mortgage Rates ended the week lower as the uncertainty in the market helped rally the bond market. If you look at the mortgage bond chart below you can see mortgage bonds closed Friday below the 200 days moving average and we are seeing a double top pattern emerge. The double top will probably cause traders to sell off and move mortgage rates higher in the short term. We are recommending LOCKING your Delaware Mortgage Rate as the risk is for rates to move higher from here after hitting 200-day moving average and the double top trading pattern. Keep Reading...

Maryland Home Buyer Seminar November 16, 2013

John Thomas October 20, 2013 Tags: , , ,
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Maryland First Time Home Buyer Seminar

There will be a Maryland First Time Home Buyer Seminar on Saturday, November 16, 2013, at 10:00 AM till Noon. 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 Maryland. The seminar will cover Maryland FHA loans, Maryland VA loans, Maryland USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Maryland FHA 203k Rehab loans. Each participant will receive a Free Credit Scoring Handbook, Free Home Buying Handbook, and an opportunity to meet with a certified 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.

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Delaware First Time Home Buyer Seminar November 16, 2013

John Thomas October 19, 2013 Tags: , , ,

Delaware First Time Home Buyer Seminar

There will be a Delaware First Time Home Buyer Seminar on Saturday, November 26, 2013, at 10:00 AM till Noon. The seminar will last about 2 hours and each participant will be able to receive a copy of their tri-merge credit report. The seminar will cover all of the basics of buying a home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs, and the Delaware FHA 203k Rehab loans. The Seminar is sponsored by The Neighborhood House so each participant will receive home buyer counseling credit toward the required HUD-approved home buyer counseling required for Delaware First Time Home Buyer Programs.

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Primary Residential Mortgage Will Waive Tax Transcript Requirement During Government Shutdown to Avoid Closing Delays

John Thomas October 4, 2013 Tags: ,
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IRS Tax Transcript

Primary Residential Mortgage, Inc. will waive the Tax Transcript Requirements during the Government Shutdown to avoid delays in closing loans.

In response to the possibility of a prolonged government shutdown because of the budget impasse in Washington, D.C., the Primary Residential Mortgage Executive Team has made the following decision, effective immediately, in regards to helping our customers:

  • The requirement having two years validated tax transcripts in the loan file prior to closing will be waived. However, the file must include two years federal tax returns signed and dated by all borrowers prior to closing, and the 4506T must be completed in full and signed and dated by all borrowers
  • Underwriters must review these documents and will add condition #19 that states:
    • Due to the government shutdown, we are unable to obtain the required 4506T transcripts. The following is in the file:
    1. Two years federal tax returns signed and dated by all borrowers.
    2. 4506T signed and dated by all borrowers.
    3. It is acceptable to close the loan without the transcripts during the government shutdown.

    If have questions or concerns about qualifying for a mortgage to purchase or refinance a home, please call me or my team at 302-703-0727 or you can apply online. Keep Reading...

US Government Shutdown Will Cause Delays for Loan Closings

John Thomas October 1, 2013 Tags:
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US Government shut down midnight September 30, 2013, as the Democrats and Republicans couldn’t make any progress towards a compromise or agreement. Throughout history, government shutdowns have been more common than many may think. Today marks the 18th occurrence since 1976, with the shortest being one day and the longest being 21 days. The median shutdown is approximately 14 days.

Regardless of what type of financing your buyer is doing, a government shutdown will cause delays in the processing of the loan. There are a few areas of concern that will have an immediate impact on your daily business. Keep Reading...

HUD Delays Ban on Dual Agency for Short Sales on FHA Loans

John Thomas September 29, 2013 Tags: , , , ,
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HUD Delays the Ban on Dual Agency for Short Sales on Properties with FHA Loan being sold short. The rule was to go into effect on October 1, 2013, as outlined in mortgagee letter 2013-23 released in July 2013. The rule stated that brokers and their agents may only represent the buyer or the seller, but not both parties. This is commonly called dual agency so the rule thus makes it illegal for an agent that works for the brokerage of the listing agent to represent a buyer in the purchase of a short sale.

The intent of the rule is not to limit real estate agents but was to limit the risk of fraud and to ensure “arms-length” transactions on short sales and deed in lieu of foreclosure. There has been rampant fraud being performed with some agents listing homes for short sale and selling them to other agents below the market price by not taking any other offers to the bank. The same thing has been happening on REO properties that have been sold by agents that sell them to a partner at below market value by not taking any other offers to the bank that is selling the property. Keep Reading...