Current Mortgage Rates for Tuesday, May 21, 2013

By Michael Kraus on May 21, 2013

Mortgage rates were volatile yesterday – again. Mortgage bonds rallied to begin the day, but those gains were erased by mid-morning, and by lunch we were in the red. Mortgage backed securities finished the day somewhat down, and mortgage rates continued to rise, as they have for basically all of May. Rates are now at their highest levels since March, and are close to hitting levels not seen since last August.

Want to save on your monthly mortgage payment? Click here for today’s rates or call us today at 866-896-5826.

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Advantages of No Closing Cost Loans

By Staff on May 20, 2013

When obtaining a no closing cost loan, the obvious advantage is savings. Although, the savings will take longer to accumulate on a no closing cost loan than if closing costs are paid upfront. Regardless of time, however, borrowers should nonetheless carefully consider two vital variables when determining if a no closing cost loan is suitable for them. Two of the more essential variables when considering opting for a no closing cost loan are:

Borrower’s financial situation
How long the borrowers will remain in the home

Ultimately, a borrower’s financial situation is certainly the most crucial element in determining if a no closing cost loan is appropriate or not. If a borrower has the wherewithal to pay for the closing costs upfront, the lower the likelihood of the mortgage rate.

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Current Mortgage Rates for Monday, May 20, 2013

By Michael Kraus on

Last week was a rough one for mortgage rates. Mortgage backed securities (from which mortgage rates are largely derived) started selling off in earnest two Fridays ago (May 10). The sell-off continued almost uninterrupted until last Thursday, when a significant rally occurred. Unfortunately, the entire rally was wiped out on Friday. According to Freddie Mac’s Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage rate has jumped from 3.35% on May 2 to 3.51% on May 16. We’re rallying this morning, but things have been so volatile of late that I’m loath to guess what will happen.

Want to save on your monthly mortgage payment? Click here for today’s rates or call us today at 866-896-5826.

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Total Mortgage Services Opens New Ridgefield, CT Office

By Staff on May 17, 2013

Last night’s ribbon cutting ceremony: from left to right: Ridgefield First Selectman Rudy Marconi, Total Mortgage President John Walsh, Total Mortgage executive Bill Schettler, Ridgefield Chamber of Commerce Chairman Nancy O’Donnell, and Lou-Ann Daprato.

As part of its ongoing expansion efforts, Total Mortgage Services officially opened its new branch office in Ridgefield, Connecticut last night. The office is located at 23 Catoonah Street.

Total Mortgage Services has been expanding exponentially over the past three years, and has been on the Inc 5000 list for the fasting-growing privately held companies in the United States for three consecutive years.

Total Mortgage believes that the satellite office will be able to better serve the Fairfield County area.

Lou-Ann Daprato is heading up the Ridgefield branch. Lou-Ann has over twenty five years experience in the mortgage industry, and can be reached at 203-244-2227.

Current Mortgage Rates for Friday, May 17, 2013

By Michael Kraus on

Mortgage rates improved significantly yesterday when mortgage bonds rallied following a raft of poor economic data. This morning we’re giving back some of the ground that we made up yesterday after the highest Consumer Sentiment reading in nearly six years. I would be surprised if all of yesterday’s gains end up being erased, but MBS have been real volatile of late, making it exceptionally difficult to guess what will happen in the short term.

Want to save on your monthly mortgage payment? Click here for today’s rates or call us today at 866-896-5826.

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FHA to Change Annual MIP Cancellation Policy on June 3

By Steve Viuker on

It’s impossible to mention mortgages and the Federal government in the same sentence without provoking emotions. So when the FHA announced major changes to it’s MIP cancellation policy, reaction was not muted.

In a recent column by real estate journalist Ken Harney, one comment was clear: “That stinks,” said Steve Stamets, a mortgage officer with Apex Home Loans in Rockville, Md. “It’s just a money grab” that will cause creditworthy borrowers to avoid FHA loans and seek out low-down-payment alternatives through Fannie Mae and Freddie Mac, using private mortgage insurance.

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FHA 203k Loans Help Make Home Renovations Possible

By Staff on May 16, 2013

While home values are on the rise in many parts of the country, people hoping to purchase homes that need work or those homeowners looking to do some renovations on their existing home are still fairly limited in their financing options to pay for renovations.

Fortunately, the Federal Housing Administration (FHA) offers a program called Section 203(k). Section 203(k) is an FHA program designed for borrowers who would like to rehabilitate or repair a single-family property. The Section 203(k) program is not new, however, it is not as recognizable as other forms of financing homeowners across the county have utilized in the past to renovate their homes. The more conventional method of making repairs to a home came in the form of cash-out refinancing. These loans became far less prevalent given the decline in home equity when the housing bubble burst.

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Mortgage Rates for Thursday, May 16, 2013

By Michael Kraus on

Mortgage backed securities continued to be volatile yesterday. An early rally was erased in the afternoon, and mortgage rates were essentially flat on the day. This morning MBS are trading higher following a raft of disappointing economic data. Over the past two weeks or so, we’ve seen a lot of morning rallies wiped out in the afternoon. If the rally persists, we’ll likely see better mortgage pricing today.

Want to save on your monthly mortgage payment? Click here for today’s rates or call us today at 866-896-5826.

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New Challenges Face Home Buyers This Summer

By Steve Viuker on

Spring has sprung and home buyers are at the starting gate. But this race to buy might be different than in past years.

A fairly new player on the scene are institutional investors; many ready to pay with cash. The primary strategy is to turn property into rental homes. “There are many markets across the country where it makes sense to do that. The average rent will allow you to cash flow single family homes and that’s what these investors are looking at,” explained said Daren Blomquist, vice president of RealtyTrac. “You have many displaced families who still want to live in a single family home but are not qualified to buy yet. Interest rates are low and they’re getting out of the bond market and are looking for places to invest their money. Some of the best markets are showing a 10% return by renting out the property. And that’s just for the rental. The value of the property is going up as well.”

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Underwater? Refinance With HARP and Save

By Staff on May 15, 2013

Would you like to refinance but are underwater on your mortgage? We may be able to help you out with the Home Affordable Refinance Program (HARP). HARP is a government program that was designed to let people with negative equity take advantage of today’s historically low mortgage rates.

Many homes declined in value greatly after the housing bubble burst, leaving many home owners owing more on their mortgage than their home is worth (this is known as being underwater, upside down, or having negative equity). In the past, most lenders would not underwrite a new mortgage if a borrower was underwater, which kept people from refinancing.

Thankfully for millions of underwater homeowners, this is no longer the case. At Total Mortgage we are now able to refinance eligible borrowers with underwater homes through HARP with loan-to-value (LTV) ratios up to 150%*.

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