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Greenville SC Mortgage Information

Mortgage Information For Greenville SC Area home buyers.

There are currently 11 blog entries related to this category.

When people start to see news articles like this one in the Washington Post, they start to ask questions about the real estate market and where it will be in a few months as some of the changes that the Federal Reserve Chairperson is announcing start to take effect. While it is common for people to want to know what is coming next, here are a few things to keep in mind.

  • No one knows what exactly will happen. There are many factors in determining the market's course and it is impossible to accurately predict the precise moves that it will make. If it could be done the person who COULD do it would be wealthy indeed.
  • Since interest rates are at Ultra-low rates now, we can surmise that eventually at some point they will rise to a point higher than they
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The following information is provided by Bert Karrer with Regions Mortgage.  

With rates currently this low, below 5% for a 30 year fixed, it’s important to understand that they won’t last. If you’re prepared to either buy or refinance, don’t balk at today’s low rates thinking that they may fall significantly lower.  

Earlier this year (2009) the U.S. Federal Reserve set a goal of buying up to $1.25 trillion of agency MBS (Mortgage Backed Securities), The Fed's purchases have helped lower mortgage rates, making homes more affordable amid the worst housing slump since the Great Depression. The $1.25 trillion will be used up in November or December of this year.

With the Fed’s downward pressure on rates fading, conforming rates may not…
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Mortgage rates continue to fall and are at historical lows. Rates being quoted in the past few days have been 5% for 30 year mortgages and 4.875% for 15 year with 1% origination and subject to credit approval. If you are in the market for a home these rates should certainly get you off the fence and into the game.

These rates also offer a great opportunity to refinance if you plan to be in your current home for at least another 2 years and your current mortgage rate is 6.5% are higher. You should contact a mortgage professional and let them run some numbers for you to determine if refinancing is in your best interest. You can click on the mortgage link on the left side of this page to request information.

Please visit my Greenville SC home search for…
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The following information is provided by Bert Karrer with Regions Mortgage.

Getting preapproved for a mortgage.
Preapproval was always an intelligent move, but given today’s market it is a must. Realtor’s that I have talked to say they don’t want to take someone home shopping who might not be able to get a mortgage in today’s tighter loan market.

Do some digging to find out where you will get the best rates. Check several lenders, including commercial banks, mortgage companies, and credit unions. Knowing only what your monthly payment or interest rate will be is not enough. Ask each lender to estimate what you’ll pay over the life of the mortgage for the same loan amount, loan term, and type of loan so you can compare properly.

Check
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Thanks to the Federal government's announcement concerning the takeover over Fannie Mae and Freddie Mac, home mortgage rates have dropped this week. The stock market was jubilant on Monday about this news but on Tuesday some of the joy had faded. Below are some national mortgage rate averages from Bankrate.com

National Mortgage Rate Averages
  Sept 9, 2008 Week of Sept. 1st
30 Year Fixed  5.88%   6.26%
15 Year Fixed  5.49%   5.77%

                                                                      

Greenville continues to be a popular relocation

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The interest rate information below is based on information obtained from various mortgage companies in the Greenville area.  These rates are based on the buyer have good credit. These are for information only and not to be construed as a quote.

  • 30 Year Fixed - 5.75%
  • 15 Year Fixed - 5.25%

Are you considering purchasing a home in the Greenville area? Please contact me and let's work together to find the home of your dreams.

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The following is provided by Bert Karrer with Countrywide Home Loans

 

PRESIDENT'S ECONOMIC GROWTH PACKAGE TO MAKE NEARLY A QUARTER OF A MILLION FAMILIES ELIGIBLE FOR FHA-INSURED MORTGAGES
FHA implements temporary higher loan limits to help families keep their homes

 

Nearly a quarter of a million more families could be eligible this year to purchase or refinance their homes using affordable, FHA-insured mortgages, thanks to the economic growth package signed into law by President Bush last month. The Economic Stimulus Act of 2008 will allow HUD's Federal Housing Administration (FHA) to temporarily increase its loan limits and insure larger mortgages at a more affordable price in high cost areas of the country.

 

"The stimulus…
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The following article is provided by Bert Karrer with Countrywide       Wow! I have heard this question a few times in my career. Well here is the answer from my perspective.                   Chairman Bernacke and his friends at the Federal Reserve are doing all they can to avert a possible recession in the US economy. On January 30th, the FED cut US short term rates anther .50% taking their benchmark rate to 3%. The FED has now cut rates by 1.25% in just 9 days and this represents the most aggressive FED rate cut since 1990. This did have a shock effect on the stock market and artificially kept stocks from plunging.                   The FED’s move to the lower short term rates does not effect mortgage rate but is intended to keep us from…
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This information is provided by Bert Karrer with Countrywide In a surprise move Monday January 22, 2008, the Federal Reserve cut the benchmark Fed Funds Rate by three-quarters of a percent.  Mortgage rates fell only slightly as the surprise quickly wore off. To understand how the element of surprise works in mortgage markets, think about a Jack-in-the-Box.  Everybod y knows that the clown is coming, they just don't know how many turns of the crank it will take.  When it pops out, there's an immediate shock.  Then it's back to business. Rates did drop down on Tuesday and Wednesday after The Fed’s announcement but the stock market quickly rallied and mortgage rates went back up slightly. This simplified analogy is similar to what happened this…
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Following is information from Bert Karrer with Countrywide Home Loans of Greenville South Carolina. This morning’s jobs report provided a higher figure of 94,000 new jobs over the anticipated 70,000 helping to erase the improvements to the 30 year fixed conforming rates that we’ve seen during this week.  This illustrates how much bonds react negatively to inflation.  Considering rates were at 15.75% for a 30 year fixed mortgage in November of 1981, we are still way below historical averages. December 2007 has brought in the lowest rates of year. The next major influence on mortgage bonds will be Tuesday’s FOMC meeting…will the Fed cut rates by 0.25 or 0.50?  Current mortgage rates are priced factoring in a rate cute of 0.25%; any other move may impact…
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