Kentucky

Mortgage Rates Move Lower Last Week - Look at Rates Today

03-06-12

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Office: (910) 547-6910

ForTheBestRate.com Savings Ahead Fixed mortgage rate averages headed lower last week according to Freddie Mac's most recent market survey. The 30 year fixed rate average moved down .05% to 3.90% and the 15 year fixed rate average inched lower sliding from 3.19% to 3.17% (both with .8 pts). The 5 year treasury index ARM average increased from 2.80% to 2.83% (.7 pts).

Below is a snapshot of current mortgage rates pulled from ForTheBestRate.com this morning. We used Kentucky mortgage refinance rates for the report. Please visit the site for the criteria used in the survey. Rates are subject to change without notice. Please contact the various lenders and brokers directly for more information.

30 Year Mortgage Rates
Quicken Loans - 4.375% Note Rate - 0 pts - $2057 Fees in APR - 4.463% APR
Stonegate Mortgage - 4.000% Note Rate - 0 pts - $805 Fees in APR - 4.034% APR
AimLoan.com - 3.625% Note Rate - 0 pts - $1995 Fees in APR - 3.707% APR
First Choice Bank - 3.875% Note Rate - 0 pts - $1050 Fees in APR - 3.918% APR

20 Year Mortgage Rates
Quicken Loans - 4.125% Note Rate - 0 pts - $2057 Fees in APR - 4.245% APR
Stonegate Mortgage - 3.875% Note Rate - 0 pts - $805 Fees in APR - 3.921% APR
AimLoan.com - 3.500% Note Rate - 0 pts - $1995 Fees in APR - 3.613% APR

15 Year Mortgage Rates
Quicken Loans - 3.750% Note Rate - 0 pts - $1557 Fees in APR - 3.865% APR
Stonegate Mortgage - 3.125% Note Rate - 0 pts - $805 Fees in APR - 3.183% APR
AimLoan.com - 2.875% Note Rate - 0 pts - $1995 Fees in APR - 3.019% APR
First Choice Bank - 3.000% Note Rate - 0 pts - $1050 Fees in APR - 3.076% APR

10 Year Mortgage Rates
Quicken Loans - 3.500% Note Rate - 0 pts - $1807 Fees in APR - 3.692% APR
Stonegate Mortgage - 3.000% Note Rate - 0 pts - $805 Fees in APR - 3.085% APR
AimLoan.com - 2.750% Note Rate - 0 pts - $1995 Fees in APR - 2.959% APR

About Us:
ForTheBestRate.com is a mortgage rate research web site that consumers can use to compare interest rates, fees, and APR information from some of the nation's leading mortgage companies. We also run BurlingtonMortgage.biz and multiple other mortgage and real estate related online properties.

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Points To Consider When Looking At A Home To Purchase In The Tri State Area.

03-06-12

Herb Johnson Northern Kentucky Realtor, Remax

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Office: (859) 372-8019

Mobile: (859) 372-8019
Secondary: (859) 372-6000

Good buyers know that once you're truly interested in purchasing a home an inspection needs to be done by a professional inspector. This important step can keep you from making a big mistake on one of the largest purchases of your life. Yet did you know there are things you can look for before a professional inspection that can clue you into the condition of a home? Listed below are things that home buyers should be on the lookout for when viewing a home for a possible purchase.

Be on the lookout for water damage, leaks, or mold. Look beneath counters and around sinks. Do you see evidence of leaks or of moisture build-up? Are there tiles rotting off walls or dampness under sinks? Look closely in the basement. These spaces are notorious for harboring mold, leaks, and moisture. This is also a great way to inspect joists for rot or termite issues as well as basement walls for damage, which could indicate foundation problems. Don't forget to use your nose. You can smell moisture as soon as you enter some homes.

Next, make your way to the top of the house and view the attic. You can tell a lot about a house by looking at the attic. Is the house properly insulated? If not, what are the average heating and cooling bills? Does the wiring look safely installed? Any evidence of squirrels or other rodents?

Mechanical items to look at are the age and state of the furnace, appliances and water heater. Knowing when you'll need to replace these items can help you negotiate a fair price as comparable sales don't address most of these issues. Also look at the paint or siding if the home is not brick. Will it need replaced or painted soon?

Next walk around the perimeter of the house. You want to be able to see the foundation and look visible cracks and where the landscaping dirt line is to be sure it's not too high on the house, which can cause moisture issues. Trees too close to the home can also cause root issues for both plumbing and foundations.

Last point is to take a good look at the neighborhood and walk around it. What state are the neighboring houses in? Some will have been built in the same period as the home you are considering. How do they look? Are people taking care of their yards? Is the neighborhood noisy or quiet?

Of course the tips above are no substitute for a professional inspection, yet they can give you some real clues as to whether this home is what you're looking for.

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Tornado, East Bernstadt, Ky

03-05-12

Barbara REALTOR® CRS GRI London Kentucky Homes Farms

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Office: (606) 878-9006

Mobile: (606) 521-0671
Secondary: (606) 521-0025

It’s been a very sad Weekend in London, Ky. Most of us spent Friday night in front of the TV or radio listening to the reports of all the devastation in our town. Five precious Lives were lost and many homes were destroyed.
Please Remember all the People that have been affected by the Tornadoes this weekend.
May God give them peace that passes all understanding and may we be a help and a blessing to those left behind to pick up the pieces.

East Bernstadt, Ky

Above photos was taken by Barbara Flannery

East Bernstadt, Ky

This was taken by our Local Sheriff's Dept.

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THINK TWICE ABOUT LPMI (LENDER PAID MORTGAGE INSURANCE)

03-05-12

Dora Griffin NMLS 6380

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Office: (859) 442-9700

THINK TWICE ABOUT LPMI (LENDER PAID MORTGAGE INSURANCE)

I would say this exact same thing about ANY loan product before accepting it!

I've run into several borrowers who want to refinance and now is a great time, but they have LPMI - lender paid mortgage insurance. LPMI was offered to borrowers who wanted to do 100% financing. The interest rate was about .750% higher, but the lender paid the PMI (private mortgage insurance) from the higher rate.

LPMI was touted as a good idea because PMI was not a tax deduction whereas interest was, so many borrowers signed up for it for that reason. I personally did not utilize this product because I had better products for zero down.

Fannie and Freddie bought the LPMI loans in their portfolio and most people are aware that if a loan is owned by Fannie or Freddie, HARP II may be available for refinancing even when borrowers are upside down.

But, wait a minute! LPMI is a special case for these borrowers. Many may be left out in the cold still because of the LPMI. It is not easily transferable it seems.

PMI became a tax deduction in 2007 greatly reducing the need for choosing LPMI. As is the case with all loan programs, know all the facts and compare products. The PMI deduction was not a permanent change but Congress can extend it.

Clearly the pro in a normal market for having LPMI would be if the tax deduction is not available for PMI along with the fact one may not stay in the home very long. The con is that you have it for the life of the loan vs regular PMI when you can drop it when you get at least 20 - 22% equity. Lenders still offer LPMI and in come case it may be a good fit. Sadly, many borrowers have lost so much equity LPMI may be adding to their woes.

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[Charts] Louisville Market Reports by MLS Area: Through February 2012

03-05-12

Tre Pryor, Louisville Realtor® e-PRO

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Office: (502) 291-7406

Mobile: (502) 291-7406
Secondary: (502) 245-0525

We saw a few huge improvements in home sales during February 2012, most notably Areas 2 & 3. Transactions are on the upswing! That’s music to many home seller’s ears.

The counter is that many are further reducing their home’s asking price to make these deals happen. We can see it in the change in average home sold values compared to 12 months ago. Even still, this does appear to be a positive situation for the Louisville housing market.

Below you’ll find our monthly reports for the following Louisville housing markets. These charts display Louisville home sales and Louisville median home values with a trend-line. This Louisville real estate area map defines the MLS areas.

Monthly Reports: Period Ending February 2012

Huge months for Area 2 in home sales, with 61 homes sold in February compared to the previous year’s 34. Unfortunately, home prices have continued to drop bringing the 1-year trend line about $13,000 lower than this time last year.

Like MLS Area 2, Louisville’s Area 3 saw a big jump in homes sold while home prices dropped a bit. From 29 homes sold last February, to 51 this February; that’s big! You have to go back to September to find a month where more homes were sold.

Big jump in homes sold in Area 6 from the previous year and prices move up slightly. For an area that’s seen home prices all over the board, it’s difficult to predict where they might go next.

Ten more homes were sold this February than last and home prices have most likely leveled out, after an average $8,000 drop from the previous year. Still a great deal of room for improvement.

After a stellar month in January, home sales in February have dropped off for Area 8. But unlike other areas, home prices have held steady, if not slight improved the trend.

For the third straight months home sales are up in Area 9, with a 65% increase over the previous February. Home prices continue to disappoint but that could change as we enter the real estate selling season.

Area 20 saw 20 homes sold in February, just like last year. Homes are also holding their value better than many areas in Louisville.

Whenever the number of homes sold is lower, the average of homes sold can vary greatly. Just look at chart above, where the average in January was $145,000 but jumped to $224,300 the following month. Homes sold fell 2 short of the previous February.