Welcome to HouseHangout! Specializing in Relocation, Move Up
and First Time Home Buyers Find Homes in Scottsdale, Rio Verde Foothills, North Phoenix, Fountain Hills,
Paradise Valley, Carefree, and Cave Creek Phoenix/Scottsdale FHA Loans to Tighten in 2010!!!! Phoenix Mortgage Update - 2010 Outlook! Phoenix/Scottsdale Mortgage Report and Rate Update... February 6, 2010 PLEASE NOTE THAT WE WILL BE IN OUR NEW AND BEAUTIFUL OFFICE SPACE THIS MONDAY, FEBRUARY 8TH. WE ARE STILL LOCATED AT THE NORTHEAST CORNER OF RAINTREE AND THE 101, IN WITH THE LASER SPINE INSTITUTE. OUR NEW PHYSICAL ADDRESS IS NOW: 8888 E. RAINTREE DRIVE, SUITE 250. SCOTTSDALE, 85260. OUR MAIN PHONE NUMBER REMAINS THE SAME: (480) 614-NOVA. PLEASE FEEL FREE TO DROP BY FOR A VISIT AND A CUP OF COFFEE! Manufacturing continues to lead the economy away from recession, but the recovery continues to be a slow process, one which doesn't appear to be broadening or deepening very quickly. On the other hand, a troubled, sluggish economy is good news for mortgage borrowers in the sense that interest rates will continue to remain low while soft economic conditions persist. The latest Senior Loan Officer survey of lending conditions, released this week, revealed some fair signals that the tightening of credit conditions were starting to come to an end. For the first time since the downturn began, a net percentage of banks eased borrowing terms for Commercial and Industrial loan clients, suggesting that market conditions for these kinds of borrowers has improved considerably. Four quarters ago, over 64% of banks were still tightening, so this is a fairly rapid - and welcome - improvement. That's not quite the case for mortgage borrowers, at least just yet. Conditions are still tightening, according to the survey, but the 13.2% of respondents reporting tougher terms was the smallest such increase since the third quarter of 2007. Since underwriting conditions need to stop getting tighter before they can be loosened, this is a good sign that in the not-too-distant future more potential homebuyers will be able to (re)join the marketplace, at least at the margins. With plenty of unsold inventory available and lots more expected to hit the markets in 2010 in the form of short sales and foreclosures, the market will need every potential borrower it can get just to produce stability in housing markets. Mortgage rates appear to be holding at what seems to be their new bottoms. Even difficult stock markets at times this week failed to produce lower rates, and with a sort of "floor" in place, there seems to be little room for improvement. That being the case, rates have more likelihood of rising slightly than falling next week. Thanks for your business! ~ Rob |
Know Your Credit Score
In the past, it wasn't out of the question to obtain a mortgage with a FICO score in the low 500 range. In fact, if you were willing to accept the payment, you could even do so with little money down.
Today, however, if you have a low FICO score, you may not be able to get a mortgage. In fact, depending on how much of a down payment you can afford and the mortgage program you are applying for, you're probably looking at a minimum score of 680 to obtain a mortgage.
The point is, your credit score is more crucial than ever–not just for getting a low rate, but for qualifying for a mortgage at all.
So, before you sign a purchase contract or apply for financing, take the time to have your credit profile checked out. Often, there are steps you can take to help correct and improve your credit score. But doing so, requires the insight and advice of a professional who knows what to look for and what to do to achieve the desired results.
If you think your credit score and credit profile could use even a little improvement, contact me to discuss your situation. With a short conversation, we can discuss what your credit score looks like and what options you have. | Mortgage Interest Rates for Fixed Rate Mortgages* |
Rates as of Saturday, February 6, 2010:
| | Term | Conforming | APR | Payment per
$1,000 | Jumbo | APR | Payment per
$1,000 | 30 YEAR FIXED | 360 | 4.875% | 4.991% | $5.29 | 5.500% | 5.601% | $5.68 | 3O YEAR FIXED, I/O | 360 | 5.250% | 5.428% | $4.38 | N/A% | 0.000% | $0.00 | 15 YEAR FIXED | 180 | 4.250% | 4.411% | $7.52 | 5.375% | 5.476% | $8.10 | 5/1 ARM | 360 | 3.875% | 3.529% | $4.70 | 4.000% | 4.101% | $4.77 | 7/1 ARM | 360 | 3.875% | 4.029% | $4.70 | 4.250% | 4.400% | $4.92 | 5/1 ARM, I/O | 360 | 3.875% | 3.988% | $3.23 | 4.375% | 4.476% | $3.65 | 30 YEAR FHA | 360 | 5.000% | 5.252% | $5.37 | N/A% | 0.000% | $0.00 | USDA 30 YR | 360 | 5.500% | 5.461% | $5.68 | N/A% | 0.000% | $0.00 |
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| *Rates are subject to change due to market fluctuations and borrower's eligibility. | RATES BASED ON PURCHASE MONEY, PRIMARY RESIDENCE, 30-DAY LOCK, CURRENT INVESTOR GUIDELINES. AT LEAST 1.250% POINTS MAY APPLY, RATES BASED ON LOAN AMTS >$300K,<500K, MIN FICO 750, SUFFICIENTLY DOC'D INCOME & ASSETS REQUIRED. PREPAY PENALTY MAY APPLY. INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED. RECIPIENT TO VERIFY ALL INFORMATION. ROB KANYUR AT NOVA HOME LOANS. BK 0902429 |
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