by Elsa Soto | Jul 9, 2018 | Blog, Homes, Villas and Condos, Local Events, Mortgages, Real Estate News
Daily Mortgage Rate
Welcome to this weeks snapshot of Orlando’s Mortgage Rate Monday! Take a look at the rates that have lowered just a bit since the last snap shot. Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Monday, July 9th 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
Source: Bankrate.com
by Elsa Soto | Jul 2, 2018 | Blog, Buyers, Local Events, Mortgages, News, Real Estate News
Daily Mortgage Rate
Welcome to this weeks snapshot of Orlando’s Mortgage Rate Monday! Take a look at the rates that have lowered just a bit since the last snap shot. Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Monday, June 25th 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
Source: Bankrate.com
by Elsa Soto | Jun 25, 2018 | Blog, Buyers, Mortgages, Real Estate News
Welcome to this weeks snapshot of Orlando’s Mortgage Rate Monday! Take a look at the rates that have lowered just a bit since the last snap shot. Now has never been a better time to invest your hard earned money into something that will continue to reward you, especially with ownership!
Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Monday, June 25th 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
Source: Bankrate.com
by Elsa Soto | Jun 14, 2018 | Blog, Investment Property in Florida, Mortgages, News, Property for Sale
Orlando Mortgage Rates Keep Steady
Mortgage rates are determined by the lender and can be either fixed, staying the same for the term of the mortgage, or variable, fluctuating with a benchmark interest rate. Mortgage rates vary for borrowers based on their credit profile. Here is a snap shot of the daily mortgages rates as of today, Thursday June 14th, 2018. While the rates shown are not guaranteed for everyone, this gives the average buyer a good idea of what their rate should look like. We always recommend you speak with your local realtor to find the best loan program for you next Orlando Home purchase. Take advantage of these mortgage rates now before it changes, contact us today!
by Elsa Soto | Jun 7, 2018 | Homes, Villas and Condos, Investment Property in Florida, Mortgages, News, Real Estate News
Mortgage rates moved lower again this week, only the second time this year that rates have fallen in back-to-back weeks.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.54 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.56 percent a week ago and 3.89 percent a year ago.
The 15-year fixed-rate average fell to 4.01 percent with an average 0.4 point. It was 4.06 percent a week ago and 3.16 percent a year ago. The five-year adjustable rate average dropped to 3.74 percent with an average 0.4 point. It was 3.80 percent a week ago and 3.11 percent a year ago.
The hangover from global events surrounding Spain and Italy lingered into this week, which moderated mortgage rates. But the pause seems short-lived. Indications are that rates will resume their upward march, particularly after the Federal Reserve meets next week when the central bank is widely expected to raise its benchmark rate.
Long-term bond yields have begun to rise again. The yield on the 10-year Treasury – one of the most closely watched indicators for mortgage rates – rebounded to 2.97 percent Wednesday. It had sunk to 2.77 percent on May 29 after rising to a high of 3.11 percent on May 17. When yields go up, home loan rates also tend to rise.
“Mortgage rates rose late last week as political uncertainty around elections in Italy and Spain waned,” said Aaron Terrazas, senior economist at Zillow. “With no major announcements or economic data releases this week, financial markets will likely focus on global political news and trade tensions following the recently announced U.S. tariffs on steel and aluminum.”
Bankrate.com, which puts out a weekly mortgage rate trend index, found that nearly two-thirds of the experts it surveyed say rates will rise in the coming week. Elizabeth Rose, sales manager at Nations Lending, is one who predicts higher rates.
“The European Central Bank has sparked some bearish concern with their inflation expectations and we are seeing that play out in the U.S. bond market,” Rose said. “Mortgage bonds have fallen below support levels and we could see some additional price volatility leading into next week’s Fed meeting and expected rate hike.”
Meanwhile, last week’s brief dip in rates caused mortgage applications to rise for the first time in more than a month, according to the latest data from the Mortgage Bankers Association. The market composite index — a measure of total loan application volume – increased 4.1 percent from a week earlier. The refinance index rose 4 percent, while the purchase index also grew 4 percent.
The refinance share of mortgage activity accounted for 35.6 percent of all applications.
“Last week, applications were up across the board as rates dropped,” said David Stevens, MBA president. “The rates were pushed down as international investors bought up U.S. Treasuries to offset concerns about global issues. Overall, though, we are still in a rising rate environment, and we do not see that changing. Purchase applications did increase and were higher than the same week one year ago. This is a good sign that, despite the head wind from tight housing inventory, 2018 remains a stronger year for home purchases than 2017.”
This is encouraging news for the Real Estate market in the Four Corners! Not only for local realtors but also for our local home buyers that are looking to lock in their mortgage rates. Maybe you have not gotten far enough to find yourself a reputable lender who is willing to help you achieve your ultimate goal. Contact our office today and our experienced agents can help walk you through this process, every step of the way!
by Elsa Soto | Jun 5, 2018 | Buyers, Homes, Villas and Condos, Investment Property in Florida, Mortgages, News, Real Estate News
The 3 Most Boring Parts of the Home-Buying Process—and How to Deal
When all is said and done, buying a home is exciting—and a milestone to be celebrated. But if you expect each step of the process to be a thrill ride, we’re here to tell you you’re sorely mistaken. In fact, between the rush of the hunt for the perfect place and the extreme satisfaction of crossing your threshold as a new homeowner, the rest of the home-buying process can be a bit of a slog.
There are many unglamorous parts of buying a home—some of which many consider downright boring. Do the words “financial due diligence” make your eyelids feel heavy? Yeah, ours too.
But when you know what to expect and why, it’s a whole lot easier to deal. So pay attention to these three very mundane—but very important—parts of the home-buying process. We’ve outlined why they matter and how to get through them without losing your sanity.
1. Raising your credit score
Savvy home buyers know that a good credit score will allow them to lock in a good interest rate. But what if your credit score is in the gutter? Raising it can take some time—a year, if not more—but there are some strategies you can take to get it where it needs to be.
One of the easiest and most effective ways to bump up that credit score(besides paying all your bills on time, which you already do anyway, right?) is to avoid applying for any new credit—including personal loans, car loans or leases, and credit cards—for about one year before starting the home-buying process, says Shayan Jalali, an agent with Berkshire Hathaway HomeServices, in Boston.
“Your credit gets pulled each time you apply for a loan of any type, which negatively impacts your credit score,” he says. And that can translate to a less favorable rate when it comes time to get a mortgage.
2. Securing a mortgage pre-approval
Once you’re satisfied with your credit, it’s time to shop for a mortgage lender who will ultimately help you buy a home. We won’t lie: Shopping for a mortgage lender is not fun. It requires a number of steps and a lot of paperwork.
First, you’re going to want to inquire with different lenders to learn about their rates, programs, fees, and specials. You’ll also want to consider if you want to work with a mortgage broker, who will essentially shop home loans for you.
It’s important to take the time to discuss the ins and outs of the loan programs that are available, from conventional 30-year loans to adjustable-rate mortgages, to FHA loans.
Once you’ve settled on where you want your loan to come from, it’s time to get that all-important pre-approval, which is a commitment from your lender to provide you with a home loan up to a certain amount. That will set your home-buying budget, and also show sellers that you are serious about buying when it comes time to put an offer in.
But the pre-approval process takes patience.
“Lenders require a host of documents to get you fully pre-approved, and often it comes down to minutiae such as explanations of small transactions in or out of your account,” says Luke Loiselle, a real estate agent at Keller Williams, in Portland, OR. The plus side is that once you have your pre-approval, you can largely check tedious mortgage tasks off the list.
3. Reading the fine print
Spoiler alert: You are going to be bombarded with financial, legal, and technical documents during the home-buying process—and unfortunately, it’s your job to read through all of it. Even if that sounds about as exciting as trudging through “War and Peace,” don’t skimp on the time it takes to understand the contracts you’re signing.
The best way to get through all the painful paperwork is to know what to expect. Here are the three most important documents that are going to come your way:
- Your offer: Once you and your real estate agent have put together an offer, you have to look over the contract and make sure its accurate. In the age of digital signature technology, buyers often click to add their initials or signature without fully reading contract documents. This is especially common for buyers who have made multiple offers, as they all start to blur together. Its important to read every document for each offer to ensure that the contracts were completed correctly, including the offer price, earnest money deposit, and any contingencies, says Andi Costello, a real estate agent with Keller Williams Premiere Properties, in Vancouver, WA.
- Inspection report: Soffits. Fascia. Ductwork. We get it, the inspection report can be a snooze. In fact, if the roof isnt falling off and the sellers are not planning to remove that orange shag carpet, then you may decide you can just ignore the whole thing. But that would be a mistake. Even if youve received a verbal update after the inspection, you should actually read the report you paid for to ensure the inspector didn’t inadvertently forget to share any areas of concern,” Costello says.
- Closing documents: Get ready for a pile of closing documents about 2 inches thick. Its in your best interest to master all the intricacies of your mortgage and understand your closing fees, so make sure to look over your closing documents and have your lender explain any issues that you’re concerned about so you know what you’re signing.
While these few tips can help keep you in line when thinking of your home-buying process, we hope you do not go into this journey alone! Our agents specialize in retirement, vacation and investment properties in the Central Florida area close to Disney and all of the attractions Orlando has to offer. Do not let these tips talk you down from making your dream purchase. We are here to help you, every step of the way!
Source: Realtor.com
