HFN Partners with Kathy Lamb at Union Saving Bank to make financing this attractive and this easy.
4.875% 30-YEAR FIXED
LIMITED TIME ONLY
NEW BORROWERS ONLY
PURCHASE OR REFINANCE
Closing Costs As Low As $250 Refinance* / $500 Purchase*
*Costs vary based on LTV, credit score and cash out
CLOSE WITHIN 30 DAYS!!!
Call Me Today To Discuss Details!
Kathy Lamb
Mortgage Consultant
Union Savings Bank
8534 E. Kemper Rd
Cincinnati, OH 45245
(513) 310-3301 Direct
(866) 871-1907 Fax
Mortgage rates continue to remain at record levels…30 year fixed rates averaging 4.875% at week’s end!
Product of the week…FHA 7 Year ARM @ 4.125%
Purchase with as little as 3.5% down payment and lock into a rate for 7 years at 4.125%…great product for first time home buyers or those looking to move up with minimal down payment!
Have a great holiday weekend.
We can all breathe a bit easier going into the weekend after we saw the stock market bounce back late Friday and end on a positive note after watching the market sell off dramatically all week! The good news to us in the Real Estate profession when the stock market sells off, investors look for safety in treasuries which allows for mortgage rates to improve.
30 year fixed rates were averaging 4.75 to 4.875%, on Friday (average because final rates are based upon loan program, loan to value and credit scores).
With the senate passing there version of financial reform…it looks like we could see a bounce in equities this week which could push rates back to those 5.00% levels once again.
One thing that is very clear with the senate’s version are the days of qualifying for mortgage loans with little to no documentation could be over for good. They made it very clear that lenders must consider an applicant’s income, assets and credit history when determining whether someone can qualify for a mortgage loan! Seems to make sense, however this was clearly stated in the bill.
Over-all rates continue to remain low and do not look to increase dramatically anytime soon…so this will allow for buyers to purchase homes at historically low rates, even though the tax credit has expired!
Have a great weekend.
Keeping a close eye on the ever moving Mortgage Rates:
See the rates from all the local banks here in Cincinnati
In addition Union Saving is offering rates that look like this:
30 YR FIXED RATE IS AT A 2010 LOW – BACK TO 2009 LOWS!!!
4.875% – 0 points
20 YR FIXED – 4.75% – 0 points
15 YR FIXED – 4.375% – 0 points
Closing costs as low as $250* for refinance and $500* for purchases
(plus, $100 recording fee)
*Costs may vary based on credit, LTV & cash-out
These rates are below 5% for the first time since 2009. These rates are a welcome gift to all current buyers looking to move up or move out.
How about 5% 30 yr fixed with closing costs as low as $500 on a purchase
($250 refinance)?
Or, 4.875% on an FHA loan??
Rate sheet is here Rates_Union_Savings_0510[1]for your reference over the weekend! I will be
available and accessible all weekend long, so never hesitate to call or
email me! ENJOY!
HFN partners with Kathy Lamb at Union Savings for these type of deals!
Kathy Lamb
Mortgage Consultant
Union Savings Bank
8534 E. Kemper Rd
Cincinnati, OH 45245
(513) 310-3301 Direct
(866) 871-1907 Fax
Just a quick weekly update from your Mortgage Partners:
Rates
30 year fixed 5.125%
15 year fixed 4.50%
7/1 ARM 4.25%
5/1 ARM 3.75%
FHA 5.125%
Jumbo Fixed 5.85%
Jumbo 5/1 ARM 4.15%
Market News
Stocks are trading higher this morning based on last Friday’s positive Jobs Report, which was released when the market was closed for the Easter holiday. The boost in Stocks is applying selling pressure to Mortgage Bonds.
In today’s news, Pending Home Sales saw an 8.2% jump during February, which is a good sign for the housing market.
With Mortgage Bonds already under selling pressure and with another Treasury auction due this afternoon, I recommend locking loans at this time.
Reminder…
Another reason for buyers to purchase and take advantage of the tax credits!
Beginning on April 5th Upfront Mortgage Insurance Premiums for FHA loans will increase from 1.75% to 2.25%.
Example on a $150,000 purchase price utilizing maximum FHA financing the financeable UFMIP will increase by $723.00 (again this is a financeable expense). This will increase the loan amount for all borrowers going forward (premium is calculated based upon the actual base loan amount with a minimum 3.5% down payment).
IMPORTANT INFORMATION FOR ANY FHA QUALIFIED BUYER …
If you have buyers looking purchase a home soon, or anyone on the fence
about buying sooner than later, let them know that the UPFRONT MORTGAGE
INSURANCE PREMIUM (UMIP) on FHA loans is increasing as of April 5th!
Currently, there is a 1.75% premium added to the base loan amount … As of
April 5th, that will increase to 2.25% on all loans registered beginning
April 5th.
What does this mean for your buyer? On a $150,000 base loan amount, the
increase equates to an additional $750 (from $2250 to $3375) financed into
the total loan amount!!
In order for FHA loans to be registered with an FHA case number, they need a
fully executed contract and full loan application. It can close after that
date, but HAS to be registered by April 4th!!
And, don’t forget, we have WELCOME HOME FUNDS available for first time home
buyers!~
Courtesy of Kathy Lamb-Union Savings Bank
Homebuyer Tax Credits and slow closings.
As we all know, contracts must close by June 30, 2010 for the buyer to qualify for the tax credit.
At the same time, we know that some closings take longer than others, like short sales and bank owned properties. This delay may cause the closing to take place after the deadline, costing the buyer $6,500 or $8,000.
So if you have a buyer who is looking at a short sale property, you may want to warn them that the closing could be delayed past the deadline. You could even suggest a different property.
If they remain intent on buying the short sale property, then you should try to protect yourself. An easy way to do this is to have something in writing stating that you have warned them of the potential problem. This will keep you and REMAX out of hot water if and when the client tries to say you didn’t tell them this could happen. We already know how much they will want from you.
The properties showing the most delays are;
Short Sales
Bank owned REO (especially those that do not have a deed recorded yet.)
Condominiums
There are certainly others that will sound alarms for you, like property with tremendous amounts of work to be done, or estate sales. You just need to keep the dates in mind, and try to bring up the issue as early as possible so you can get the buyer to another property before the April 30th deadline.
ATTACHED is a sample form you could have the buyer sign showing you have advised them of the possible delayed closing.
Nick
