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Raleigh Mortgage Blog- Jim Enright

Pay Less and Save More

By Jim Enright | Mortgage Broker
or Lender in Chapel Hill, NC

30 year fixed rate mortgage in Raleigh Cary Durham Chapel Hill, NC

Update May 22,2013  After Ben Bernanke's Joint Economic Hearing -
How the mortgage market responded today and why mortgage rates are going up.

May 22, 2013 Mortgage rates increased in rate from .125% to .25% depending upon program. Pricing worsened by .625-100 basis points, depending upon program.

As a comparison fixed 30 year mortgage rates on May 21, 2013
were 3.5% @100.00. Today, May 22, 2013-3.5% was at 99.375%.

That is, 3.5% 0+1 then, today, 3.5% 0 + 1.625%

On a $100,000.00 loan, that is an additional $625.00 in price.
Or, you could choose a slightly higher rate of 3.625%, and reduce
the origination fee.

Kapish?

Notice that the latest mortgage market downtrend began May 3, 2013, and
we've been on that slow slip slide of increasing rates and prices.

May 22, 2013 After Ben Bernanke's Joint Economic Hearing

Color Codes: Green is good. Red is bad. Direction: Up is good. Down is bad.

Are you still waiting for mortgage rates to go down? We should talk about my "Ratchet Down Strategy."

Today's sharp decline was fueled by Fed Chairmen Ben Bernanke's comments about tapering off QE as soon as next month.

Be interesting to see Thursday May 23, 2013 mortgage rates and prices.

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Up Date: May 16, 2013 Are You Average?

*Are You Average? *Ellie Mae's April Mortgage Origination Insight reported Home Purchases up 42% of total mortgage origination's.

Are You Average?

The average interest rate on 30 year fixed rate mortgage in April, 2012 was 3.809%, compared to 3.908 for all loans closed in 2012.

FHA loans made up 22% or mortgage loan
applications while conventional mortgages
made up 68%.

How long did your loan take to close?
Ellie Mae says the average time from
application to mortgage loan closing was:
Average of   46 days.
Purchases -  44 days
Refinances - 47 days

How Does Your FICO score Compare?
The average Fico for Q1, 2013  was 746.
The average for April, 2013 was 742.

How Much Home Equity Do You Have?
The average Loan to Value was 81%. This
means there was 19% equity in the average
home.

*Enough of the averages. Let's be....exceptional...
or at least above average.*

Mortgage Calculator with taxes, insurance, and mortgage insurance here.

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By Jim Enright- May 2, 2013

In home buying or mortgage refinancing the 30 year fixed mortgage
and 15 year fixed rate mortgage are the well known choices.

Did you know that you can also get a 25 year fixed mortgage?

You can.

the 25 year fixed mortgage will pay off your mortgage faster.

the 25 year fixed mortgage will pay off your mortgage faster.

Why would you want a Fixed 25 mortgage?
-You’ve refinanced your mortgage multiple times in
the last few years and don’t want to set the timer back to 30 years.
- You build home equity faster.
- You reduce your total borrowing costs.
- It’s an enforced savings.
- It is a happy medium between a 20 year mortgage
and a fixed 30 year mortgage.

Typically there is not a rate or price advantage over the
30 year fixed rate.

The Down side—your monthly mortgage payment will
increase.

The example above  is with a $320,000.00 loan amount.

Use this Mortgage Calculator for a side by side comparison
of payments for your loan amount.

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