The average rate on a 30-year fixed-rate mortgage was 5.07 percent this week, down from 5.21 percent a week earlier, mortgage company Freddie Mac said Thursday. Last week's average rate for a 30-year fixed mortgage had been the highest since mid-August, when it was 5.29 percent.
This week, the average rate on a 15-year fixed-rate mortgage was 4.40 percent, down from 4.52 percent. Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.
http://ping.fm/NqTcm
Monday, May 3, 2010
Thursday, April 29, 2010
Mortgage Rates on 30-Year U.S. Loans Fall
U.S. mortgage rates were little changed as the Federal Reserve restated its plan to keep interest rates low for an “extended period.”
Rates for 30-year fixed loans slipped to 5.06 percent in the week ended today from 5.07 percent last week, Freddie Mac said in a statement. The average 15-year rate was 4.39 percent, the McLean, Virginia-based mortgage finance company said.
Read full article: http://www.businessweek.com/news/2010-04-29/mortgage-rates-on-30-year-u-s-loans-fall-to-5-06-update2-.html
Rates for 30-year fixed loans slipped to 5.06 percent in the week ended today from 5.07 percent last week, Freddie Mac said in a statement. The average 15-year rate was 4.39 percent, the McLean, Virginia-based mortgage finance company said.
Read full article: http://www.businessweek.com/news/2010-04-29/mortgage-rates-on-30-year-u-s-loans-fall-to-5-06-update2-.html
Monday, April 12, 2010
By now, you’ve undoubtedly heard the varying perspectives on mortgage rates from a number of mortgage analysts. The predictions range from mortgage rates remaining stable to mortgage rates skyrocketing. Each prediction is nothing more than an educated guess based on market stability. While some perspectives vary greatly, each argument as to where mortgage rates will be in 2011 do indeed incorporate some very convincing evidence. Let’s take a look at an example.
http://ping.fm/14MhQ
http://ping.fm/14MhQ
Friday, April 9, 2010
Blowing bubbles again?
When Alan Greenspan stepped down as chairman of the Federal Reserve in 2006, his reputation had reached iconic status in some circles. With the nickname "Maestro," he was hailed as the architect of the booming, low-inflation economy of the 1990s and early 2000s. "We think he has a legitimate claim," said Princeton University economists Alan Blinder and Ricardo Reis in 2005, "to being the greatest central banker who ever lived." http://ping.fm/ETxUS
When Alan Greenspan stepped down as chairman of the Federal Reserve in 2006, his reputation had reached iconic status in some circles. With the nickname "Maestro," he was hailed as the architect of the booming, low-inflation economy of the 1990s and early 2000s. "We think he has a legitimate claim," said Princeton University economists Alan Blinder and Ricardo Reis in 2005, "to being the greatest central banker who ever lived." http://ping.fm/ETxUS
Monday, March 29, 2010
reBlog from lillianwong: Mortgage and Real Estate News: Commercial Real Estate 2010 - A Decade of Extremes
I found this fascinating quote today:
lillianwong, Mortgage and Real Estate News: Commercial Real Estate 2010 - A Decade of Extremes, Mar 2010
You should read the whole article.
Tuesday, March 2, 2010
Housing Market News: What Does it All Mean?
If you are currently thinking about purchasing a home, chances are high that you have your ears perked to all the news coming out about the housing market and mortgage changes. How can you be sure you understand all of it and that you won’t end up in a potentially disastrous situation? Even if this is not your first time, hearing how tumultuous the conditions are currently can be intimidating. Education is great, but working with someone knowledgeable and trustworthy is paramount.
In getting started finding the right mortgage professional to work with, here are some items to think about to keep yourself current on the changes:
• Tax credits are still available. Talk to your lender or your accountant to learn how to best negotiate the rules and guidelines to make sure you get any credit you may be eligible for and plan your move accordingly.
• Learn the basics about loans and loan changes to make sure your decisions are sound. FHA has changed their guidelines and is more stringent about credit and PMI requirements. Some mortgages are or will be eliminated, such as interest only loans. Appraisal guidelines are becoming tighter.
• Rate is not the only cost of getting a mortgage. Get a Good Faith Estimate and learn about all of the fees—which are due at closing and which are due upfront and compare pricing.
Bottom line? There is too much information and it changes too often for you to be 100% certain of all the facts. Choose a lender or mortgage broker that has expertise on the current guideline and news; and one that you can trust. They will help you make the right decision, based on your situation in particular.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
In getting started finding the right mortgage professional to work with, here are some items to think about to keep yourself current on the changes:
• Tax credits are still available. Talk to your lender or your accountant to learn how to best negotiate the rules and guidelines to make sure you get any credit you may be eligible for and plan your move accordingly.
• Learn the basics about loans and loan changes to make sure your decisions are sound. FHA has changed their guidelines and is more stringent about credit and PMI requirements. Some mortgages are or will be eliminated, such as interest only loans. Appraisal guidelines are becoming tighter.
• Rate is not the only cost of getting a mortgage. Get a Good Faith Estimate and learn about all of the fees—which are due at closing and which are due upfront and compare pricing.
Bottom line? There is too much information and it changes too often for you to be 100% certain of all the facts. Choose a lender or mortgage broker that has expertise on the current guideline and news; and one that you can trust. They will help you make the right decision, based on your situation in particular.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
Monday, March 1, 2010
Increasing Defaults: Federal Housing Administration Responds
FHA loans were created to offer the dream of homeownership to low and middle income borrowers and those in underserved communities. This dream has become a reality for many. However, with the credit crunch affecting all sectors of lending, the Federal Housing Administration has had to tighten their guidelines, as well.
The new FHA guidelines include:
• A rise in upfront PMI, mortgage insurance, requiring from 1.75% to 2.25% of the loan amount
• Borrowers with lower credit scores (below 580) will be required to provide a ten percent down payment, nearly triple the previous requirement
While FHA loans will still be largely accessible to many individuals that may not qualify for conventional financing, these new guidelines will make it a bit tougher for some to realize homeownership.
At Vanguard Funding, we underwrite and fund FHA loans. We stay up to date on all loan guidelines, particularly with FHA, and strive to match every borrower with the home financing option that is best for their situation. We make the process a pleasant one, with fees and costs disclosed up front and smooth, stress-free closings.
A good mortgage professional will be well versed on loan guidelines and available products. They will offer competitive pricing and streamlined closing. But an outstanding originator will educate you on your options and have a vested interest in making sure you make solid financial decisions for now and looking toward the future. Defaults are not in anyone’s best interest—not that of the lender, the borrower, or the market at large.
We will be happy to tell you more about the general guidelines for FHA loans, such as maximum loan amount, inspection requirements, and appraisal parameters. We can also let you know what other options may be available.
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
The new FHA guidelines include:
• A rise in upfront PMI, mortgage insurance, requiring from 1.75% to 2.25% of the loan amount
• Borrowers with lower credit scores (below 580) will be required to provide a ten percent down payment, nearly triple the previous requirement
While FHA loans will still be largely accessible to many individuals that may not qualify for conventional financing, these new guidelines will make it a bit tougher for some to realize homeownership.
At Vanguard Funding, we underwrite and fund FHA loans. We stay up to date on all loan guidelines, particularly with FHA, and strive to match every borrower with the home financing option that is best for their situation. We make the process a pleasant one, with fees and costs disclosed up front and smooth, stress-free closings.
A good mortgage professional will be well versed on loan guidelines and available products. They will offer competitive pricing and streamlined closing. But an outstanding originator will educate you on your options and have a vested interest in making sure you make solid financial decisions for now and looking toward the future. Defaults are not in anyone’s best interest—not that of the lender, the borrower, or the market at large.
We will be happy to tell you more about the general guidelines for FHA loans, such as maximum loan amount, inspection requirements, and appraisal parameters. We can also let you know what other options may be available.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
Monday, February 22, 2010
Choosing the Right Loan Officer: Mortgage Rates and Loan Costs
Loans just got a bit cheaper this week: 30-year fixed rates decreased, as did 15-year rates and adjustable rates. They were lower this week than last week, and at this same time in 2009. This is generally good news for those hunting for a house or looking to refinance—but other factors weigh into the total picture of a loan.
Lower rates mean lower monthly payments; and everyone is looking to pinch a few pennies these days. But, don’t be fooled into thinking that the best rate is always the best or cheapest loan. The fees associated with obtaining a mortgage and the process of paying on it for the foreseeable future determines total loan cost. Ask the following questions of those lenders you are considering:
• What are your fees? Which are paid upfront and which will be collected at closing? Standard fees may include appraisals, origination fees, credit reporting cost, underwriting fees, wire transfer, and more. These should not only be competitive; they should also be disclosed up front (within several days of application) in a Good Faith Estimate.
• Are you paying any points for this rate?
• Who will service the loan? Who will you call when issues arise or for general customer service concerns?
• Do you generally trust the loan officer or consultant you are working with? Are they easy to get in touch with? Have they clearly explained your options? Will they be there every step of the way, when you have questions about inspections or at closing?
• What is their level of experience and capability? Do they write VA and FHA loans in addition to conventional mortgages?
• How fast can they close your loan? Is time of the essence? Can they work with your timeline?
Don’t just rate shop. Ask the hard questions and choose a mortgage professional that can get the job done right, and has the knowledge and experience to walk you through this significant undertaking.
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
Lower rates mean lower monthly payments; and everyone is looking to pinch a few pennies these days. But, don’t be fooled into thinking that the best rate is always the best or cheapest loan. The fees associated with obtaining a mortgage and the process of paying on it for the foreseeable future determines total loan cost. Ask the following questions of those lenders you are considering:
• What are your fees? Which are paid upfront and which will be collected at closing? Standard fees may include appraisals, origination fees, credit reporting cost, underwriting fees, wire transfer, and more. These should not only be competitive; they should also be disclosed up front (within several days of application) in a Good Faith Estimate.
• Are you paying any points for this rate?
• Who will service the loan? Who will you call when issues arise or for general customer service concerns?
• Do you generally trust the loan officer or consultant you are working with? Are they easy to get in touch with? Have they clearly explained your options? Will they be there every step of the way, when you have questions about inspections or at closing?
• What is their level of experience and capability? Do they write VA and FHA loans in addition to conventional mortgages?
• How fast can they close your loan? Is time of the essence? Can they work with your timeline?
Don’t just rate shop. Ask the hard questions and choose a mortgage professional that can get the job done right, and has the knowledge and experience to walk you through this significant undertaking.
About Brian Ofsie and Vanguard Funding:
Focusing on a wealth of industry knowledge and set squarely on providing a superior customer experience, Vanguard Funding works with every client from application to closing to help them meet their financial goals, now and in the future.
Customers can count on:
• Low fees
• Low rates
• Fast closings
• Honest and upfront advice
• Superior service every step of the way
Come get the facts yourself and decide if Brian Ofsie is right for you. Give us a call today.
Tuesday, February 2, 2010
Welcome to the Blog of Brian Ofsie
Waiting to hear more about Brian Ofsie and his financial services? Don't worry, we'll have more information posted soon.
In the meantime, if you are in the New York Area and have questions about mortgages, please call me 877-658-7867 or (516) 403-9100.
You can also find more information at my sites:
In the meantime, if you are in the New York Area and have questions about mortgages, please call me 877-658-7867 or (516) 403-9100.
You can also find more information at my sites:
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