Mortgage Advice » Uncategorized

Mortgage News – Home Builder Confidence

Joshua Bucio — Mon, 17 Aug 2009 20:51:51 +0000

I have built a new page tab called “Mortgage News” at the top of this blog. I will continue to post mortgage news that’s important and entertaining for those who like to read about these things. Click here to go directly to the Mortgage News page.

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Builder confidence in the market for newly built, single-family homes rose one point in August to its highest level in more than a year, according to the latest reading of the National Association of Home Builders Housing Market Index (HMI), released today.

Do You Think A 6.0% Interest Rate Is Too High?

Joshua Bucio — Sat, 13 Sep 2008 16:11:19 +0000

A reality check perhaps? This chart shows the trend of the 30 year fixed interest rate for the last 37 years. Let’s say it’s the 1980′s and you are looking for a home. You give me a call about getting yourself pre-approved for a new home loan and I share with you how the rates are currently doing.

18% for a 30 year fixed rate? With 20% as a down payment on a $200,000 sales price, that’s a mortgage payment of $2411.34. That’s just the principal and interest payment.

Now, the current 30 year fixed rate is about 6.0%. With a 20% down payment on a $200,000 sales price, that’s a mortgage payment of $959.28! That’s a difference of 1452.08 every month!

Here an even better way to look at it. Let’s assume the first mortgage payment of $2411.34 was affordable for you. That same payment with today’s interest rates will buy you a home in the price range of $500,000! Yes, that’s half a million dollar home!

Now, perhaps a half a million dollar home is too much, (it would be too much for me at the moment) but you can see how today’s mortgage rates are still at a historical low.

Home Sales Are Getting Better???

Joshua Bucio — Tue, 03 Jun 2008 20:10:00 +0000

Below is the link to an article I recently read about home sales in the month of April.

Finally, some good news, since all everyone has been reading or hearing is negative things about the real estate market.

If you have positive information about the real estate market or mortgage financing, feel free to comment or let me know. I’d be happy to post other positive news to keep this going!

Who said the news is always negative…

Home sales are getting better???

Mortgage Refinance In Wisconsin

Joshua Bucio — Wed, 27 Feb 2008 04:46:00 +0000

Let me start by saying I’m licensed in 20 different states across the nation, but I’m going to stick with my state, Wisconsin, in explaining the importance of refinancing your Wisconsin mortgage.

It has been written (isn’t that a somewhat famous quote) many times about interest rates now at a 3 year low! What does this mean? It means if you bought a home or refinanced your Wisconsin mortgage in 2005 or 2006, it could be beneficial to refinance into a lower interest rate. Heck, just eliminating the PMI saves people $100 every month!

Don’t think of this as a sales pitch to earn your business, because I want to see people save as much money as possible when it comes to the largest transaction in their life. Whether you get a quote from me or anyone else, don’t wait yourself out of the low interest rate market.

Don’t believe me that it is a good time to refinance your current mortgage in Wisconsin?

How about this MSN article…

How about refinance mortgage advice.

Now, for those people in adjustable rate loans. Is your interest rate about to adjust and increase your mortgage payment? Or has your payment already adjusted and not sure what to do?

Wisconsin FHA loans are so popular with homeowners like yourself its crazy! Crazy meaning most banks underwriting times are 5 to 10 business days! For those of you that don’t think this is very long, well, it is especially long when you compare it to your conforming loan…where underwriting is 24 hours!

Why such a delay in getting these Wisconsin FHA loans through underwriting?

Answer: Subprime loans are extinct.

Most people that are in adjustable rate loans need to take advantage of the Wisconsin FHA loan program. Not sure how FHA can help your mortgage situation? Click here to see how the Wisconsin FHA loan helped my most recent client.

Bottom line, if it makes sense to refinance today, don’t hesitate and hope rates will get much better. We are at a 3 year low and still historically at an all time low. Refinance your Wisconsin mortgage when the opportunity arises and makes sense for you!

Have additional questions or wondering how good my rates are? Please email or call me today!

What most people don’t know about Wisconsin FHA mortgage loans.

Joshua Bucio — Tue, 19 Feb 2008 04:57:00 +0000

Kory, a recent client of mine, was referred to me by her father, Jerry. Thanks again Jerry for referring your daughter over to me! She was extremely hesitant about even looking into getting pre-approved by a lender. She knew her credit situation wasn’t good and didn’t want to feel embarrassed if she was denied.

I could tell she felt this way by the tone of her voice and the specific words she chose to use, like, “I don’t know if I want to go through this process again.” and “I don’t see myself getting approved”.

Here’s a short part of our initial conversation…

“Kory, I said, did you know your credit score doesn’t matter when applying for a FHA mortgage loan?”

“No, not at all.” said Kory.

“The Federal Government, yes…the government, has insured mortgage financing for lenders to approve loans that are not credit score driven. This type of loan program is mostly concerned that you can afford the mortgage payment.” I said.

“Really!? Sharing my embarrassing credit score is what has been keeping me from even looking into mortgage financing. I mean, seriously, my husband and I can afford this mortgage payment, but our past medical collections and late payments have made us think it will be awhile before we could get approved for mortgage financing,” said Kory.

“This loan program is meant for a person like yourself with the “not so good credit” and “first time home buyers”. We get them approved very often.” I said.

Well Josh, said Kory, this seems to give me another opportunity in getting approved for a mortgage loan. Let’s go through what you need from me. Heck, worse case scenario, you will let me know what I need to improve and we can try again when I improve those things.

“Sounds good Kory.” I said.

Credit score, credit score, credit score! It seems that’s mostly what is being advertised these days. One lender says you need THIS credit score to get approved and the next lender is THAT credit score to get approved. Don’t feel embarrassed about your credit score, your information is not shared or sold. I, myself, once had really bad credit. The feeling you get once you can be approved again is wonderful to hear!

Take the time to see if the FHA program works for you. Yes, the government, has made it easier for you to get approved for mortgage financing.

Are you or someone you know in a FHA loan now?

Joshua Bucio — Fri, 15 Feb 2008 19:36:00 +0000

You can easily refinance your current FHA loan to a lower interest rate, since interest rates are much lower than the last 2-3 years. Today’s 30 year fixed rate on an FHA loan is about 5.875%. FHA allows you to do a streamline FHA refinance that makes it so easy people ask…”what’s the catch!?”

Ha! No catch. Below are the two things we need to verify in order to refinance your existing FHA loan into today’s lower rates:

1. You must currently be employed.
2. We have to verify your mortgage history had no 30 day lates in the last 12 months. It is still possible to approve you with one 30 day late!

These are the things we DO NOT verify, so don’t worry!

- Appraisal
- Credit Report
- Income
- Assets

Yes, it is that easy! So, if you or someone you know can benefit from the lower FHA interest rates in their Wisconsin mortgage loan, have them contact me today!

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What is an FHA loan? Click HERE to find out!