Mortgage Rates Newsletter - Market Analysis

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

Mortgage Rates Snap Back to 3-Week Highs
Thu, 05 Dec 2019 22:41:04 GMT - Mortgage rates have seen a fair amount of volatility so far this week, dropping quickly on Tuesday and moving in the opposite direction since then. Between yesterday and today, that big drop from earlier in the week has been completely erased. The result is an average conventional 30yr fixed rate that's right in line with those seen on Monday. Unfortunately, that also means today's rates are in line with their highest levels of the past 3 weeks. You'd have to go back to November 14th to see anything higher. The broader, relative range continues to offer good perspective . The average lender is still easily under 4% for top tier 30yr fixed scenarios. Perhaps even more reassuring is the fact that the gap between the highs and lows over this 3 week period is an eighth of a percentage point at
Mortgage Rates Near Recent Lows Despite Moving Up Today
Wed, 04 Dec 2019 20:59:18 GMT - Mortgage rates dropped sharply yesterday after having risen to the highest levels in 2 weeks the day before. Yesterday's culprit was trade war related, but today had a more robust calendar of potentially market moving data. So did the data end up moving the market? If the title didn't give it away, let's make it clear: no! This market is at the whim of trade-related headlines first and foremost. In today's example a news story simply pushed back on the conclusions implied by yesterday's trade-related headlines. Specifically, yesterday's news left markets with the impression that a US/China trade deal could be delayed for more than a year while today's headlines said 'nah, it's not that bad, and in fact, it's actually pretty good.' With that, the underlying bond market lost ground, thus pushing
Mortgage Rates Reverse Course, Falling Quickly
Tue, 03 Dec 2019 22:36:16 GMT - Mortgage rates were up to the highest levels in 2 weeks yesterday, but that was then and this is now. In the wee hours of the morning, trade-related headlines rocked financial markets. This sent stock prices and bond yields (aka "rates") lower at a rapid pace. Mortgage lenders began the day in much better territory. By the middle of the day, they'd seen enough improvement to reissue rate sheets with even better terms. The average lender is now close to the lowest rates since October 9th. Interest rates are in an interesting spot right now. They're willing (and compelled) to pay attention to headlines like those seen today, as well as the economic data that typically provides guidance. The data adheres to a schedule whereas the headlines usually don't. With that in mind, there's no way to say
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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