Lewis Corcoran - Offering Reverse Mortgages, and FHA, VA, and USDA Loans

FHA, VA, and USDA Rural Development Loans in Weymouth, MA

Are you looking for a home mortgage loan in the Weymouth, MA area?

Then you've come to the right place! Northeast Community Mortgage is a mortgage broker serving Weymouth, MA, and many of the surrounding areas.

When you decide to buy a home or refinance a mortgage in Weymouth, MA or in the surrounding area, your search for a home mortgage loan should start and end here. With so many lenders to choose from in the greater Weymouth area, you should choose one you can trust to find the mortgage loan that will best meet your needs.

As a mortgage broker, we help our clients obtain a loan from the lender who has the terms that best matches their needs. In terms of mortgage programs, we specialize in FHA, VA, and USDA Rural Development loans. We also offer fixed and adjustable rate conventional and conforming jumbo loans. So, before your first house-hunting trip, whether it's in Weymouth or in any of the surrounding areas, we'll help you select the best financing program for your needs.

Sure, there are dozens of big bank mortgage lenders nationally, but you need a lender in Weymouth. Why? Because we know Weymouth and the surrounding areas. We know the local real estate agents, appraisers, inspectors, and so much more.

We also have state-of-the-art technology that makes the mortgage loan process as easy and fast as possible, all while delivering personal customer service that can't be beat. We'll also take care of all the details, and make your transaction as smooth and worry free as possible.

Our services and financial resources enable us to make loans other lenders do not. We pride ourselves on being a mortgage broker with experience. We are also well-respected within the wholesale loan community, as evidenced by our relationships with lenders such as Provident Funding, Wells Fargo, and Flagstar, to name a few.

Don't gamble your family's largest investment with a big name lender that may not know Weymouth. Choose us, the Weymouth mortgage and loan specialists!

Home mortgage loans in Weymouth:

• We'll help you find the perfect home loan or mortgage.

Refinance mortgage loans, or refinancing your current home in Weymouth:

• We help Weymouth families lower their mortgage payments and/or lock in lower interest rates for their home loans every day.

FHA Loans, VA Loans, USDA Rural Development Loans, and so much more!

• No matter what type of home loan you need, we're ready to help.

We'll give you the personal attention you deserve and treat you as a valued customer. Get the best available mortgage interest rates for your situation in Weymouth, MA!

The House Passes the Homebuyer Tax Credit Extension

The House voted 403 to 12 Thursday afternoon to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.

The legislation will also expand the tax credit to include home buyers who are buying their second or subsequent home. The tax credit for existing or past homeowners will apply only to those who have owned and lived in their primary home for at least five of the last eight years. The tax credit for these homebuyers will be capped at $6,500.

Income limits will be increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples. Diminishing tax credits will be available for those who earn more.

The Senate has already voted on and passed the measure Wednesday evening. It's expected the president will sign the measure into law Friday morning.

The Mortgage Interest Rate Lock Advisory for Weymouth MA for November 5, 2009

Here are some of the events affecting mortgage interest rates today in Weymouth, MA.

What the Mortgage Backed Securities Market is Doing Today:

The price of the FNMA 30-Year 4.5% MBS coupon opened at 100.88 this morning - up 2/32 from yesterday's close.

The chart below shows today's price trend of the FNMA 30-Year 4.5% coupon:

The FNMA 30-Year 4.5% MBS coupon is currently trading at 100.94 - up 2/32 from its opening. Remember, on mortgage backed securities (MBSs), as the price goes up, the yield comes down - and mortgage interest rates come down with it. I expect that mortgage interest rates will be about the same in price this morning as compared to yesterday.

Recent Activity in Mortgage Backed Securities:

The chart below shows the price trend of the FNMA 30-Year 4.5% coupon over the past 30 days:

Economic Reports, News, and Events Affecting Mortgage Interest Rates Today:

• 3rd Quarter Productivity Reading - there was a 9.5% increase in productivity in the 3^rd quarter, up from 6.6% increase in the previous quarter, and is much stronger than expected. Analysts expected to see a 6.3% increase. There was a 5.2% decline in labor costs, much more than the 3.9% decline that was expected, and follows a 5.9% decline in the previous quarter. Productivity measures the growth of labor efficiency in producing non-farm goods and services. Unit labor costs reflect the labor costs of producing each unit of output. A larger increase in productivity without an increase in labor costs is considered good news for the mortgage market because higher levels of productivity without an increase in labor costs allows the economy to expand without concerns of inflation. However, this date appears to have had no impact on mortgage interest rates this morning.
  
  
• Jobless Claims - the Labor Dept. reported that 512,000 new claims for unemployment were filed last week, down 18,000 from the previous week, and the lowest since January of this year. Analysts predicted that 523,000 new claims would have been filed.
  
  The four-week average fell by 3,000 to 523,750, and continuing claims fell by 68,000 to 5.886 million. However, continuing claims fell largely due to the expiration of unemployment benefits. With a decreasing trend in the filing of new claims for unemployment, this suggests that the labor market is improving. However, this data is usually not considered to be very important to the mortgage market.
  
  
• Fed's MBS Purchase Program - The results of this week's purchases of mortgage backed securities by the Feds will be released in the afternoon. As of last Thursday, the Feds have purchased over $977 billion in mortgage backed securities this year. The Feds plan on purchasing up to $1.25 trillion in mortgage backed securities through March 31st.

In other news, the Federal Open Market Committee (FOMC) adjourned yesterday with no change in the short-term interest rate (or federal funds rate). The Fed stated that "economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period."

The Treasury Dept. announced that $40 billion in 3-Year Notes, $25 billion 10-Year Notes, and $16 billion in 30-Year Bonds will be auctioned next week.

What's Happening With Mortgage Interest Rates Today:

Moderate to High Volatility. Overall, the single most important day this week will be Friday with the release of the Employment Situation Report. Activity in the stock markets will continue to be volatile which in will have an impact on trading of mortgage backed securities. If you have not yet locked in your mortgage interest rate, please proceed with caution and maintain contact with your mortgage professional.

My Mortgage Interest Rate Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

• Lock if my closing was taking place within the next 7 days
• Float if my closing was taking place between 8 and 30 days
• Float if my closing was taking place between 31 and 45 days
• Float if my closing was taking place between 46 and 60 days

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

Get today's mortgage interest rates for your situation in Weymouth, MA.

The Senate Passes the Homebuyer Tax Credit Extension

The Senate voted 98 to 0 Wednesday night to extend the $8,000 first-time homebuyer tax credit until April 30, 2010.

The legislation will also expand the tax credit to include home buyers who are buying their second or subsequent home. The tax credit for existing or past homeowners will apply only to those who have owned and lived in their primary home for at least five of the last eight years. The tax credit for these homebuyers will be capped at $6,500.

Income limits will be increased from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 for a single purchaser and $225,000 for couples. Diminishing tax credits will be available for those who earn more.

It's important to note that the revised and expanded homebuyer tax credit is not yet available. The House still has to vote on and pass the measure, and the president will have to sign the legislation before it is enacted. The House is expected to vote on the bill before the end of this week.

Home Value Update for Lebanon NH Through September 2009

According to Zillow.com, the listing prices of single family homes have fallen 9.4% in the last 3 months through September 2009. The current mean listing price of homes for sale on the market in Lebanon, NH, is $225,600. Below is a chart of the trend of listing prices of homes for sale in Lebanon, NH, in the past year through September 2009:

If you're looking for a home or condo to purchase in Lebanon, NH, or in the surrounding area, then try this home search.

You can still buy a home with no money down with the USDA Rural Development Home Loan program. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. When you're ready to buy a home, find out how much home or condo you can afford to purchase in Lebanon, NH, or in the surrounding area.