Mortgage Rates Are Low, If You Can Get Them That Is
This week mortgage rates dropped .02% to 5.10%, down from a year ago when mortgage rates were at %5.68. While the rates were lower still a couple of weeks ago, they do not appear to be rising significantly any time in the near future. The increase in home sales in December appears to be due to a combination of a decline in home prices and the drop in mortgage rates. The fact that many homes are at 2004 prices makes real estate more appealing to many potential buyers who may not have been able to buy a particular home during the housing bubble. The tricky thing is whether or you can secure a loan or not.
Only people who have solid credit scores, stable income and solid assets seem to be able to acquire loans these days. Half of the housing trouble lies on this fact. When Obama’s economic stimulus package and money hits the banks, lending should loosen somewhat. However, for now, if you can get the money then you can get the house that you’ve had your eye on.
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Check out what others are saying about this post...[...] It is very important to save money for a down payment. 95-100% mortgages are much less common these days, if not a thing of the past. Having a 20% down payment to put [...]
[...] for first-time home buyers are better than ever. With home values at dropping dramatically, mortgage rates at historic lows and an $8,000 tax credit, it’s hard for first-time home buyers not to take the [...]
[...] Mortgage help is out there, exactly where is the question. Obama may have signed a housing bill this week in Arizona but the details are not completely clear to most of us, yet. The old adage “patience is a virtue” just might come in handy. The focus seems to be on those facing foreclosure but there are many other people wanting help. There are a great deal of people out there who are still paying their mortgages but whose home values have dropped enough that they are unable to re-finance and acquire the low rates. Mortgage companies simply don’t want to secure a new loan on a home that no longer has any equity. What ensues is frustration on the part of the borrower. If all this money has become available why can’t they get a piece of the pie too? The answer has simply been “wait”. Everyone has to wait and see what is going to happen with Obama’s plan, what money will be available and who will be able to have access to it. Hopefully everyone who needs the help will truly be able to get the help. Tags: housing bill, mortgage assistance, Mortgage help, mortgages, Obama’s housing plan, re-finance [...]