Mortgage Rates Are on the Rise!
We said it would happen and soon. Average rates have just passed 5%
What we don't know is how far or how fast this Mortgage Rate rise will be. Recent positive indicators for the economy have caused rates to rise. Mortgage Rates parallel Long-Terms Bond Rates and those always rise on positive economic news. It is more important than ever to have your Refinance or Purchase file in the hands of a competent Mortgage Professional! At Valley West Mortgage, we keep a very close watch on rates for our clients. While rates are clearly on the rise, they still have their ups and downs. We watch all of the rate change indicators for potential changes so we can lock rates at the best possible advantage for our clients.
The key to being ready to lock is having a complete file which is ready in every respect. With our clients help, and help from our Realtors on Puchase files, we do everything within our control to make sure that your file is complete, as quickly as possible. In this way, we won't miss any opportunity to secure the best terms possible! Give us a call today so we can help you to succeed even in this unstable market. Remember, Las Vegas is still one of the best buying opportunities in the entire country regardless of current rate fluctuations.
Call (702) 696-9900 or (888) 931-0007 and let Valley West Mortgage get you ready to close!
It Really is Better to Buy than Rent in Las Vegas!
On the upside...
A study was published today by Trulia, a major Real Estate watch site, and Las Vegas is #2 behind only Miami as the best place to buy rather than rent. I'm sure that this will be on most of our Local News stations by this evening. They love to cover the latest Las Vegas Real Estate news.
As we have said before, this is the best opportunity in years to buy a home in Las Vegas! Currently, rates have been fluctuating quite a bit due to market uncertainty. For the past two weeks, rates have finished slightly highger. Don't wait for home prices to "drop a little more" and then find yourself out of position because rates have gone up too much.
Call our professional staff and get the ball rolling today! That way, you will already have provided everything needed in order for us to lock your rate as soon as you have an accepted offer on a property.
Call (702) 696-9900 or (888) 931-0007 and let Valley West Mortgage get you ready to close!
If You Have Appreciated Our Service...
Please let us know!
Your positive responses to our Professional Mortgage Services have always helped us to improve and to be here when you, your family and your friends need a Mortgage Professional that you can trust. We invite you to drop us a note on your experience with our company and we'd like to ask one small favor...
Would you also copy your note to Angieslist.com? In this electronic age, it is more important than ever for us to maintain "electronic" reputations and Angieslist.com is proving to be a trustworthy resource for all consumers. We recommend that you use them before you shop for anything truly important to you. We truly appreciate your taking the time to post a review comment at Angieslist.com and we are providing this link for your convenience:
Thank you for your trust in us!
FHA - Mortgage Insurance Premium Update...
Implementation of the new plan is delayed until October 1st.
After announcing last week that it was lowering upfront insurance premiums
from 2.25% to 1.0% on Sept. 7, the Federal Housing Administration said it’s pushing back implementation until October.
“Based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4, 2010,” said Vicki Bott, Deputy Assistant Secretary for the Housing and Urban Development.
For details on the upcoming changes, see our earlier post, "Congress has passed H.R. 5981 – FHA Mortgage Insurance Changes…" Posted on August 5th, 2010
Congress has passed H.R. 5981 - FHA Mortgage Insurance Changes...
This bill gives FHA the authority to adjust its annual mortgage insurance premiums.
While there is both good news and bad news for FHA mortgage applicants, this premium restructuring will help to keep FHA stable in the long run. The up-front mortgage insurance has been lowered considerably. This will mean a smaller bite out of consumer wallets in order to close the loan they have applied for. With todays stricter underwriting to qualify, there is less risk of default by new mortgage holders so this move makes sense. Now for the trade-off...
On the other side of the equation, the cost of the monthly amount of mortgage insurance will increase. This could be interpreted as FHA reserves being replenished at a slower rate than before passage of this bill. With the more stable underwriting lowering the risks, consumers can save some of that money that was needed just to close their loan. You will still end up spending that money but, it will be as a slightly higher monthly payment amount. While this is a fair trade off for many, some folks who are right at the limit for the maximum monthly payment they can qualify for, will have to find a way to lower their loan amount to offset the impact of the higher monthly mortgage insurance premium. This change will be effective for all FHA loan applications started on or after September 7th, 2010. While President Obama has not officially signed the bill into law, no veto is expected.
