Home Loan & Mortgage Information Blog...

Fall Mortgage Strategy for 2008

2008-08-07T16:31:00.004-06:00

The central bank, which left its benchmark rate at 2 percent yesterday, said "downside risks to growth remain,'' dropping a reference in June's statement to "diminished'' dangers. The Fed also said price increases are of "significant concern.''

"What this means; Lock your HELOC 2nds before end of year" ~Erick Strobel

Major FHA Lending Changes:
It is almost certain that ALL 100% purchase programs will END on October 1st! There less than two months for buyers to purchase new homes taking advantage of home buyer programs. It is important to move quickly if this is what you or someone you know is looking to do.

Tax Credits:
First-time home buyers who purchase their primary residence between April 9, 2008 and July 1, 2009 are eligible for up to $7,500 in tax credit, as long as they haven't owned a home in the last three years. The credit is actually a generous interest-free loan, so we'll have to talk about some income parameters and payback terms. But if you're a new home buyer – or know someone who is renting or in the market to buy – this is a huge benefit that we should discuss.

Lower rates for larger loans:
In the past, mortgages of $417,000 or more have been considered "jumbo" loans that were more expensive to finance. Thanks to recent provisions, however, those jumbo loans were able to qualify for better financing rates in some parts of the country. Although those provisions were set to expire, they are being extended–with a minor change to the maximum amount eligible. This is great news that may save you a ton of cash, so call me to find out how this impacts our area, and if it could help you.

By Erick Strobel
www.HomeLoansOnline.tv

Safe Havens in Risky Waters

2008-07-09T14:34:00.007-06:00

THE PROBLEM:
I will come out and say it, we are in uncharted waters! No, this is not like 1980 …and no, not even 1929. We are in a completely unmapped market with different economics than that of prior generations. The only point I need to make in regards to 1929 is that the value of the Dollar was relatively stable and backed by metals. We are entering a time of hyper inflation and deflating economy. Because many nations have recently determined they will no longer trade in Dollars and hence not buy our Nation’s debt; we will become flooded in more Dollars. This will decrease the value further.

ANSWER:
Invest in tangible assets such Homes, Land and Business. Real items will keep value despite a possible initial decrease in value. Homes have come down dome in value; however the dollar has lost greater than 50% of its purchasing power worldwide. Real property is a greater asset by far for the future, compounded by the huge increase in inflation that will continue until we correct our fiscal policies. I’m not going to hold my breath on those policies. Soon one will not be able to build a home for less than $500,000+. The shipping and material costs will have tripled. Not because gas is expensive, but because the Dollar is weak and inflationary.

Move forward with a sense of urgency and take action.
~by Erick Strobel

Apply online today with local lenders at www.HomeLoansOnline.TV

Fixed Rate vs. Adjustable Rate Mortgages

2007-12-04T14:51:00.001-07:00

With a Fixed Rate Mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15 or 30 years. Whereas, with the Adjustable Rate Mortgage (ARM), the interest rate will fluctuate according to the interest rate. The initial interest rate of an ARM is typically offered at a discounted interest rate, or "teaser rate", that is lower than the typical rate for a fixed rate mortgage. However, over time when the initial discounts have expired, the ARM rates will fluctuate as interest rates go up and down. Different ARM's are adjusted based upon different financial indexes - COFI, LIBOR, etc. For your protection to avoid constant and drastic changes, ARM's typically have a "rate cap" of how much and how often the interest rate and/or payments can change in a given year, and over the life of the loan. Some ARM products may include hybrids that change from a fixed to an adjustable rate after a period of years, or "option ARM's" that allow you to choose, on a monthly basis whether to pay a minimum payment, or an interest-only payment, or an ordinary principal plus interest payment, or an accelerated payment amount.

Apply online today with local lenders at www.HomeLoansOnline.TV

Residential Home Loan Blog Welcome

2007-12-02T14:55:00.000-07:00

Welcome to www.HomeLoansOnline.TV "Residential Home Loan Blog". This Blog has been created as a forum to help provide important home loan information for you the consumer. We hope that the basic information provided will help you in the selection of your home mortgage product and services.

Please note that the information provided herein is provided for its basic informational value only, and that it should not be considered legal advice or a recommendation in anyway. If you the reader is in doubt, we advise that you verify said information with the appropriate qualified professional, etc. Moreover, HomeLoansOnline.TV , it’s owners, or managers is not responsible for any actions taken based upon information provided herein at any time. Use at your own risk!