FHA Mortgage Rates Remain Below 4%...For Now...
1-30-12
FHA loan rates have stayed relatively steady, and below 4.00% on average last week, though fees on these government backed loans are set to increase later this year, according to a mortgage rate research website. In December 2011, Congress voted to offset the expense of a payroll tax extention with an increase in mortgage fees for conventional loans sold to Fannie Mae and Freddie Mac, and for FHA loans backed by the Federal Housing Administration.
For FHA mortgages the additional fee will be in the form of a 0.1 percentage point increase in the mortgage insurance premium paid by mortgage holders. The FHA has yet to release information on when the fee increase will take place.
Though the fee increase is small, it will mean a slightly higher payment for new FHA borrowers after it goes into affect. Current FHA mortgage holders will not be impacted, nor with those who close their loans before the implementation of the increase. If an existing FHA loan is refinanced into a new Fannie Mae, Freddie Mac, or FHA mortgage after the fee rises it will be in place on the new loan.
An increase of $10 to $20 per month probably isn't going to make the difference of someone qualifying for a loan, or change whether it's affordable, but with rates as low, or close to as low as they have ever been, and some additional costs on the horizon, it is certainly advisable to consider an FHA refinance or purchase loan now rather than waiting.
If I can help in any way or answer questions, please don't hesitate to contact me. Getting pre-approved for a home loan doesn't cost anything but your time.
Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS™
NMLS 333739
NV Lic 24392
Residential Mortgage Services
Cell (702) 326-7866
Ofc (702) 796-3453 xt. 3047
eFax (888) 738-5188
Toll Free ( 877) AUNDREA
info@aundreabeach.com
www.AundreaBeach.com
www.TailorMyMortgage.com
Doctors, lawyers, even beauticians adhere to strict education requirements and licensing. Do you want someone who is not bound to those standards looking at your credit and finances? Consult a CMPS™ today!
Monday, January 30, 2012
USE YOUR TAX REFUND TO MAKE A DOWN PAYMENT ON A NEW HOME
1-30-2012
IT’S TAX TIME! Many of you have begun to file your taxes, and if that is the case, then good for you! On the other hand, thousands of others have not! Tax returns will be in the mail or deposited into millions of bank accounts over the next couple of weeks and months. Why not use your tax return as a down payment for the home that you’ve been wanting!
Due to limited options for 100% financing, buyers often find they are unable to purchase a home due to unavailable resources for a down-payment. However, many people overlook the fact that their tax refund can be used.
Now is the time, stop waiting to see if you can qualify for a home, you most likely can. The market is moving and the pattern is clearly showing signs of recovery. If you look at the homes that have been sold in the last few months, it is clear that buyers are finding amazing deals.
These are historically low interest rates. Ask your parents or grandparents about interest rates. They will tell you horror stories of high interest rates throughout their lifetime. Don’t wait on the fence any longer, now is the time to find a great deal.
Today there are many homes that cost $100,000 or less in the Las Vegas Area. You have choices... something that many potential homebuyers throughout history have lacked. No lottery, no pressure, resale or new homes AND you will have a tax advantage next year when you file your taxes.
If you don’t believe me, ask someone!
If you have any further questions, please don't hesitate to contact me. Let's get you pre-approved today and into that new house.
Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS™
NMLS 333739
NV Lic 24392
Residential Mortgage Services
Cell (702) 326-7866
Ofc (702) 796-3453 xt. 3047
eFax (888) 738-5188
Toll Free ( 877) AUNDREA
info@aundreabeach.com
www.AundreaBeach.com
www.TailorMyMortgage.com
Doctors, lawyers, even beauticians adhere to strict education requirements and licensing. Do you want someone who is not bound to those standards looking at your credit and finances? Consult a CMPS™ today!
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