Mortgage Rates Newsletter - Market Analysis

Provided courtesy of: http://www.mortgagenewsdaily.com/reports/mortgage_rates/archive

Mortgage Rates Stay Flat, But Risks Will Increase From Here
Mon, 17 Jun 2019 22:13:48 GMT - Mortgage rates were only modestly higher today. Most lenders were still quoting the same rates compared to Friday with the only difference being slightly higher upfront costs. This means the rate at the top of the average mortgage quote is still within striking distance of the lowest levels since September 2017. Rather than focus on the journey that has already occurred for rates, it's quickly becoming important to focus on the path ahead . Reason being: rates have generally been flat for more than 2 weeks now. This is incredibly uncommon given the pace of improvements in the several weeks before that. With the Federal Reserve releasing a policy announcement and updated forecasts on Wednesday (both hotly anticipated by financial markets), it seems clear that the sideways momentum in rates is
Mortgage Rates Just Had Another Awesome Week
Fri, 14 Jun 2019 22:27:23 GMT - While we can't say that this week's best mortgage rate offerings were quite as good as last week's best, they were pretty darn close. In fact, quite a few lenders have simply been quoting the same rates for the entire 2-week period. That happens from time to time, but it never happens after rates make a strong run to the lowest levels in nearly 2 years. Seriously, I can't find any past examples of a similar turn of events. Therefore, it's safe to declare this to be yet another awesome week for rates, even though it's not an awesome week for the average mortgage originator to have much time to sleep, eat, or chill with the fam! Rather than cry for your friendly neighborhood originator, it makes more sense to add to their workload (if you haven't already). With a very important Fed announcement
Mortgage Rates Continue Easing Back Toward Long-Term Lows
Thu, 13 Jun 2019 21:04:11 GMT - Mortgage rates moved lower for the 2nd straight day, which brings them back in line with Monday's levels. While these aren't quite the lowest rates of the past 2 weeks, they're much closer than they were on Tuesday morning. That means the average lender is nearly able to offer the lowest rates since September 2017! In the slightly bigger picture, underlying bond markets seem to be consolidating after the aggressive move to lower rates 2 weeks ago. In other words, if we can look past some of the recent volatility, the general trend has been sideways for nearly 2 weeks now. This is a good thing because, again, the "sideways" is happening at long-term lows for rates. All things being equal, that's a sign that the market is at least willing to see rates move even lower. Whether or not rates do
Veterans Affairs Loan

Veterans Affairs Loan

DEFINITION of 'VA Loan'

A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default.

BREAKING DOWN 'VA Loan'

VA loans offer up to 100% financing on the value of a home. To qualify for a VA loan, borrowers must present a certificate of eligibility, which establishes their record of military service, to the lender. VA loans, FHA loans and other loans insured by departments of the United States government are securitized by the Government National Mortgage Association (Ginnie Mae). These securities carry the guarantee against default of the United States government.

If you are stationed in the United States, you may want to consider a VA loan instead of living in base housing.

The advantages of VA loans are that they do not require a down payment and that they are easier to get than conventional loans.

In addition to this, VA loans limit the buyers closing costs. Things like escrow fees and photo inspection fees are not allowed to be paid for by the buyer. The seller can pay for these. In fact, the seller will usually agree to pay for all of the buyers closing costs (if the deal is fair to the seller).

A VA home loan is guaranteed with no money down for as much as $1,094,625.00!

Before you apply for a VA loan, you should determine if you are eligible for a VA loan.

If you are active duty and have served for 181 days (or 90 days in a war), or are the spouse of a veteran who is MIA or has died as a result of duty, or if you are former military and have been honorably discharged, you are eligible.

Conventional loans require a down payment of 5% minimum. A 20% down payment is required to avoid mortgage insurance. The VA loans do not have a mortgage insurance requirement.

VA loans also feature a special government inspection of the home to ensure you are getting a fair deal.

Another great thing about VA loans is that the interest rates are 0.5% to 1% lower than those of conventional house mortgages.

A VA loan can be used to buy a new home or existing construction. Regardless if you chose to buy a new home or an older home, you can also add energy efficient improvements (up to $6,000). The only requirement is that the improvements must save the borrower money on their electric or other utility bill.

For example, if you live in San Diego and you get a VA loan, you can install a tank-less water heater in your home. By adding the installation to the loan amount, you may be able to receive California Stat tax incentives, San Diego County tax incentives and federal tax incentives for residential energy efficiency in conjunction with your San Diego VA mortgage.

Depending on the overall property condition and land rights, you can also use your VA loan to buy a manufactured home and land.

To get more information on possible uses for your VA loan, consult with a VA Counselor before you submit your VA house loan application.

Before you apply for a VA loan you should realize that you are not automatically approved. Each VA loan has a private funder / or investors that will still require you to show an acceptable credit record (no late payments in the last 12 months) before they approve your loan application.

 

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