Rates Fell to Earth Today! If EVER you wanted to buy or refinance a home today the time has come! The mixed financial news hitting Wall Street has resulted in amazingly low rates and lenders eager to fund! A flight to Bonds has this effect. Today we are quoting Conventional 30 year fixed terms from 4.875-5.0% for purchases or rate and term refinances with 680 FICO scores.
Lower Rate Promises? Refinances are very unlikely to be on the low rate priority list the Fed is promising in the new year. We 'hear' that the lower rates will apply to distressed borrowers in modification mode and first time buyers as an incentive to get (and keep) more folks into homes.
The Kicker is Timing. Before Christmas we are careful to place loans that will either close NOW (streamline low hassle files) or time them for the New Year when underwriting teams are running skeleton crews...and patience is the name of the game. If you have a purchase contract on the table, allow those holidays and add a week or so to your closing dates.
Foreclosures Are Hot! Most private investors are buying with cash on the courthouse steps these days. There are hard money Capital Funds for short term cash to help out...again at a price. If you find a home that needs a little work you could accomplish inside 60 days the terms are quite good. Plan to refinance once you have improved the deficiencies. We go for a conventional loan to hold for six months or more. Our new Washington State contractor law adds a few twists --have a licensed and bonded contractor perform the work if you intend to sell within 2 years.
Construction Loans Better! The LIBOR and other short term rates are making construction loans look pretty sweet especially if you can lock your final mortgage 12 months later...need I say...don't wait!
Practice credit wellness: check out my ad-free info blog: www.netcredit.blogspot.com
Click this Credit Linkto order your tri merge lender report on our secure site. Our agency report is about $30 compared to $50 on MyFico.com for a retail version. I'll be happy to discuss your report in person or over the phone at your convenience, no strings attached.
susan templeton www.loannetter.com 360.220.2997
washington loan officer license 510-LO-31434 branch license: 510-MB-24707-50145
Loannetter offers you the personal attention of an independent local Mortgage Planner. We take the time to get to know you and help you manage your real estate investments to suit your lifestyle.
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