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Delaware Mortgage Rates for Week of July 12, 2010

John Thomas July 12, 2010 Tags:

This week brings us the release of six important economic reports for the bond market to digest in addition to the minutes from the last FOMC meeting and two relevant Treasury auctions. Several of the economic reports are considered to be of high importance, meaning we will likely see volatility in the financial markets and mortgage pricing over the next several days. There are also some heavily watched corporate earnings releases scheduled for the stock markets this week that can influence bond trading and therefore, mortgage pricing. Keep Reading...

Delaware VA IRRRL Guidelines – (VA Streamline Refinance)

John Thomas July 9, 2010 Tags: , ,
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Delaware Veterans Administration IRRRL Refinance Loan Guidelines (VA Streamline Refinance)

If you currently have a Veterans Administration Home Loan, commonly called a VA Loan, then you have the option to do a streamline refinance to lower your interest rate called a Delaware VA IRRRL.  This is called a Delaware VA IRRRL Refinance, which stands for Interest Rate Reduction Refinance Loan.  You must currently have a VA loan on the property you want to refinance in order to qualify for a VA IRRL.

VA doesn’t require an appraisal on the property or any kind of credit check but most lenders will require a credit check to verify a minimum of 600 middle FICO score.  Some lenders may also require a conventional exterior appraisal on form 2055 but this is NOT a requirement of the Department of Veteran Affairs, it is a lender overlay. Keep Reading...

Delaware First Time Home Buyer Tips – What Banks Look For

John Thomas July 8, 2010 Tags:

Delaware First Time Home Buyer Tips – What Banks Look for in Home Loan Applications

Once your loan application is filled out and sent to the lender for review, the first thing they will look for is your ability to pay back the loan you are requesting. My team and I at Primary Residential Mortgage have a streamlined loan process to help you get your ducks in a row prior to this review. A grand slam loan package is in perfect order and answers all the important questions up front. We know what the lenders are looking for, based on long-term relationships with them and extensive knowledge of guidelines for a multitude of loan programs that are available today. Keep Reading...

Delaware Mortgage Rates – Wednesday July 7, 2010

John Thomas July 7, 2010 Tags: ,

I have issued an alert to lock your Delaware Mortgage Interest Rate before rates move higher. The stock market has rallied causing money to move out of the Bond Market causing Mortgage Lenders to reprice their rates for the worse. This is the second day the stock market has continued to rally. Rates have been at all-time lows so really have nowhere to go but up.

So if you are planning on refinancing your Delaware Mortgage Loan, now is the time. Call me to lock in a rate ASAP on your Delaware FHA Loan Refinance, your Delaware VA Loan Refinance, or even on a Delaware Conventional Loan Refinance. Keep Reading...

Delaware Bans Cell Phone While Driving 01/02/2011

John Thomas July 7, 2010 Tags: ,

The State of Delaware has passed a bill that will make it illegal to talk on your cell phone in your car unless you are using a hands-free device. When Gov. Jack Markell signed the bill, it made Delaware the eighth state to ban hand-held mobile devices.

The ban goes into effect on January 2, 2011. The bill exempts police, firefighters and emergency personnel. The violation is $50 fine and another $50 rise on each subsequent offense but cannot exceed $200. The good news is there are no points for these violations and they are not put onto your driving record. Keep Reading...

Delaware First Time Home Buyer Tips – Protect Your Personal Data

John Thomas July 7, 2010 Tags:

Delaware First Time Home Buyer Tips – Protect Your Personal Data

Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional. Keep Reading...

Delaware First Time Home Buyer Tips – Credit Tips

John Thomas July 7, 2010 Tags: ,

Delaware First Time Home Buyer Tips – Credit Tips That Will Score Lower Interest Rates

A good credit score translates into lower interest rates for home-shopping borrowers. In a mortgage lender’s eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher interest rates on their loans.

If this is you, don’t panic. There are a number of things you can do to adjust your credit score to receive a favorable review from the underwriter. Here are a few suggestions: Keep Reading...

MacGray Matter – Financial News Update – July 5, 2010

John Thomas July 5, 2010 Tags: ,
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MacGray Matter – July 5, 2010

UNEMPLOYMENT NUMBERS ADD TO A NEGATIVE WEEK:  On Friday, the Department of Labor reported that non-farm payrolls dropped by 125,000 jobs due largely to the Census Bureau laying off 225,000 temporary workers.

Private sector job growth was positive by 83,000 jobs, but that was less than “expected” and not near enough to make up for the loss of government jobs. Manufacturing jobs fell by 8,000 after a three-month positive streak. I continue to find this particular graph found on calculatedrisk.com (and used with permission) to be a key one to follow:
Keep Reading...