All Posts
Wed, Dec 03, 2008
BIG Rate Drop by Eric McMillan
For all of you who may be sitting on the fence about buying or refinancing a home, now may be the time to jump. Last week, the Fed announced they will insure trillions of dollars of mortgages created by Fannie Mae and Freddie Mac. Investors absolutely loved this news and there was a huge rush to buy Mortgage Backed Securities (MBS). The more money invested in MBS, the higher the yield for the banks. The higher the yields, the lower interest rates get. As a result of all of this, rates dropped down to 5.5% on a 30 year Conventional or FHA loan. We have lost a bit of steam the first part of this week, but rates are still at a historically low 5.75%. If you have followed mortgage rates over the past several months, you have noticed...
516 Views, 8 Comments.
Fri, Nov 21, 2008
Christmas comes early for some... by Eric McMillan
Well, it appears Fannie Mae and Freddie Mac are putting on their Santa suits for thousands of homeowners. It was announced yesterday that the mortgage giants have suspended foreclosure proceedings for pre-foreclosed homes for the next 6 weeks. This will allow homeowners to stay in their homes through the holidays and give them extra time to figure out how to stay in their homes beyond the hiatus. This also allows Fannie Mae and Freddie Mac to work on modifying the terms of the loans for these homeowners. Fannie and Freddie have partnered with HOPE Now, a government-organized coalition of the largest U.S. mortgage servicing companies, to offer borrowers who are at least 90 days delinquent and have high loan-to-income ratios the...
345 Views, 5 Comments.
Mon, Nov 03, 2008
Mortgage Update by Eric McMillan
Good afternoon. I hope everyone has been hanging in there during this roller coaster ride we've all been on. The best word to describe mortgage interest rates right now would be "volatile". The economic uncertainty has caused a strain on all the markets, including Mortgage Backed Securities. Over the past month, rates have been as low as 5.875% and as high as 7.0%. Timing is everything right now and you want to make sure you are working with someone who is seeing the trends and can be proactive, rather than reactive to the markets. While no one knows what the future will hold, there are signs and indicators available that I follow daily to benefit my clients. Your home will be, in all likelihood, your biggest investment and...
274 Views, 3 Comments.
Fri, Oct 10, 2008
Indianapolis Mortgages - Business As Usual by Eric McMillan
It seems you can’t turn on the T.V. without hearing how bad the economy is. I know I’ve heard about how there is a “credit freeze” and that we, as consumers, will feel the brunt of it. I’ve heard that we won’t be able to get car loans, pull money out of the ATM, get credit, or get a Mortgage on a home. I can’t speak about getting a car or applying for a credit card, but I have been able to get cash out of my ATM. Also, and more importantly to my industry, banks are still buying mortgages. As a matter of fact, Fairway Mortgage (www.fairwayindy.com) has not experienced any changes whatsoever. It’s business as usual.
You know the saying, “Believe half of what you see and nothing of what you hear”? It certainly rings true right...
313 Views, 2 Comments.
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