Saturday, December 17, 2011

Rates Always Stable during last 2 Weeks of the Year

I don't know whether all of the economists and government employees go on vacation for the last 2 weeks of each year, but the interest rates always stay flat for the remainder of the year. Perhaps they are enjoying their families and getting ready for the holidays. Maybe they are taking in a few office parties and spending their year-end bonuses. Whatever the reason, it is safe to say that the Mortgage rates on 30 year Fixed Rate products will not change until after January 1st. For those buyers who aren't closing until the end of February, but are concerned that their interest rates will rise before they get a chance to lock them in, have nothing to fear by waiting until the beginning of January to lock. Rest easy and enjoy the holidays knowing that interest rates aren't going up.

Andy Williams PA. NMLS License no. 118317
Abacus Regional Mortgage License no. 113984
484 695 5972

Monday, December 12, 2011

Is this another positive trend for the housing market?

Lenders have been talking for a year that they offer 95% conventional financing. Lets face it, we all said we have it, but now we really can say that it is possible to get it approved. The previous guidelines stated that it is only available in geographical areas where the housing market isn't in decline. Where in the United States can you find an area where the prices aren't falling? Until recently, buyers applied for 95% financing only to be switched in mid-stream to 90% or converted over to FHA at 3.5% down payment. Since I have had multiple 95% financed properties approved and closed, I can guarantee you that this program is alive and well and offered to buyers with 680 credit scores. As many reports have come out pointing to our economy going into another recession, this is one of many positive signs that we've had showing a boost to the housing industry.

Andy Williams
Abacus Regional Mortgage NMLS # 113984
484 695 5972
Pa. license NMLS # 118317