So Far So Good…
April 1st, 2010 Categories: Mortgage News
April 1st is here… We were expecting interest rates to jump by now due to mortgage backed securities no longer being purchased by the government. So far, we have seen nothing too scary.
April 4th is almost here when FHA mortgage insurance premiums will go from 1.75% to 2.25%. If you have a contract ratified by tomorrow you better let your lender know ASAP!!! if you are going to using FHA financing. They will assign you an FHA case number that will stay with the home until settlement. This will even work with short sales or new construction if they settle within 120 days.
April 30th will be here before you know it when the first time buyer tax credit will lock its doors to those not under contract.
Nevertheless, so far things are much better than we would have expected. Keep in mind, mortgage insurance used to be 2.25% and rates at 6% are still great. There is your update.
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Funny MLS Photos… The Bathroom / Kitchen
March 31st, 2010 Categories: Worst MLS Photos
I see a lot of terrible MLS photos that I would love to share… However, I try to use ones that are not locally so that I don’t ruffle any feathers. Nevertheless, I was sent this great photo by a site reader (thanks!).
This is a great one! Not many homes are able to offer a bathroom / kitchen in one. This one does.
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Short Sale Certification And Designation
March 29th, 2010 Categories: Short Sales & Foreclosures
Would you trust a doctor without an education? How about one with no experience?
Nevertheless, many real estate agents claim to be short sale specialists… Some have sold short sales with no training. Others have training with no experience. However, when you work with me you are working with a agent that has both.
I have experience closing short sales on both sides and have the National Association Of Realtors Certification known as the Short Sale And Foreclosure Resource Certification. You can trust my knowledge and experience to get the job done. Learn more about short sales on my site… Dulles Short Sales.
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Is ARM Financing Back???
March 26th, 2010 Categories: Mortgage News
We all remember the liquidity crunch in the capital markets that first appeared in August of 2007. The impact to our financial system set in motion dramatic changes that rippled through that of the US as well as all major globally interconnected economies.
In retrospect the ironic thing is that the equity (stock) markets actually traded up throughout the end of the 2007. If I had any musical talent I suppose my feelings that month would have lead me to pen a song with a similar sentiment to Don McLean’s “American Pie.” Unfortunately I have no discernable musical talents beyond being able to download songs from iTunes to my MP3 player. What I did do was sell my fancy car, reduce my cable TV package and brace for the economic storm that eventually followed late in the 1st Quarter of 2008.
Toxic mortgages were blamed and ARMs were unilaterally lumped into this category. Pricing reflected that as no investor wanted to touch a mortgage backed security (MBS) composed of them. The flight to “Quality” priced ARMs out of the market and underwriting guidelines for these products made them very difficult to have approved.
There is no doubt with the FED’s MBS (mortgage backed security) purchase program set to expire at month’s-end that there is upward pressure on rates. This program has pumped $1.25 trillion into the MBS market and helped artificially lower long term rates. However, despite the slow down of new unemployment claims little job creation exists and short-term rates will likely remain low.
The Local Effect…
DC is a unique metropolitan and transient area insulated somewhat by many well paying Federal jobs. We have a lot of Veterans who are VA eligible moving to and fro for discrete periods of time and do not need a long term mortgage and can benefit from a VA ARM. Non-Veterans are not excluded as government backed FHA ARMs are priced quite well and provide adjustment protections.
Adding up savings on a 5yr ARM at approximately 1% lower in rate over that of a 30yr Fixed Rate Mortgage can be quite substantial and this spread is likely to expand. If you know you are only going to be in a home for a discrete period of time perhaps it is best to evaluate both scenarios. Both FHA and VA ARMs are capped at only increasing 1% per year after expiration so if a sixth or seventh year is needed on the home financing you still will be ahead because of the savings earned during the first five years.
Written By Thad Musser At First Savings Mortgage
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Puccio’s Deli In Downtown Leesburg…
March 25th, 2010 Categories: Down Town Leesburg
Downtown Leesburg is a great area for mom-n-pop restaurants. Since spring is here, and you can now sit outside and eat I decided to share with you one of my favorite stops. Puccio’s is a New York style deli offering fantastic subs, salads, soups, etc.. Here are a few pics I took from my visit on Saturday.
Visit their site here.
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