Property Devastation – Don’t Let It Mean Financial Devastation
April 8, 2011 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Last month, the world watched in horror as another tsunami brought immense devastation, this time to Japan. In light of the tragic earthquake and subsequent tsunami, I wanted to discuss a topic that’s important to all homeowners: homeowners insurance. Let’s start with some important questions: Do you know what a typical homeowner’s insurance policy [...]
More FHA Changes Are On The Way!
February 16, 2011 by Jeff Thomas · Leave a Comment
FHA Refinance Changes Fairfax, Virginia: With Mortgagee Letter 11-11, FHA announces changes to refinance transactions. This ML provides guidance on the changes as well as clarification on existing refinance guides and it will be worthwhile to read this ML in its entirety as a refresher. Here are the 8 things you need to know about [...]
More FHA Changes Coming Soon!
February 15, 2011 by Jeff Thomas · Leave a Comment
Annual MIP Increases February 15, 2011Fairfax, Virginia: With Mortgagee Letter 11-10, FHA announces an increase to the Annual Mortgage Insurance Premium on standard FHA loan programs and a change that affects case numbers.Here are the 7 things you need to know about these changes: 1. These changes are effective April 18th, 2011. 2. The Annual [...]
What’s Happening With Rates?
February 11, 2011 by Jeff Thomas · Leave a Comment
Fairfax, Virginia: Mortgage Rates Return To April 2010 Levels Mortgage rates are surging. Over the last week or two, interest rates on 30-year fixed mortgages have increased roughly a .25 percent. This is according to Freddie Mac’s weekly Primary Mortgage Market Survey. It is the largest one week jump in recent history. The national rate for [...]
Google Drops Real Estate Listings
January 28, 2011 by Jeff Thomas · Leave a Comment
Google doesn’t give up on much. But it did with this product. http://www.inman.com/news/2011/01/26/google-drops-real-estate-listings
Interest Rate Update – January 28, 2011
January 28, 2011 by Jeff Thomas · Leave a Comment
Interest Rate Update – January 28, 2011 Closing within 5-7 days: LOCK. Closing within 7-15 days: FLOAT, BUT LOCK LOANS THAT ARE CRITICAL; STILL BEARISH OUTLOOK. Closing within 15-30 days: FLOAT WITH CAUTION. Closing within 30+ days: FLOAT WITH CAUTION. (I realize the advice is redundant, but rates are static so advice doesn’t change) Fairfax, [...]
What’s Ahead For Mortgage Rates This Week : January 24, 2011
January 24, 2011 by Jeff Thomas · Leave a Comment
What’s Ahead For Mortgage Rates This Week : January 24, 2011 Fairfax, Virginia: Mortgage markets worsened last week in a holiday-shortened trading week. As the body of U.S. economic data continues to show slow, steady improvement, Wall Street is becoming a net-seller of mortgage-backed bonds. As a result, conforming mortgages rates in Virginia are rising. This [...]
Interest Rate Update – January 5, 2011
January 5, 2011 by Jeff Thomas · Leave a Comment
5-7 days: LOCK. 7-15 days: FLOAT, BUT BE CAUTIOUS; WE WILL HOLD TO OUR FLOAT UNTIL FRIDAY’S EMPLOYMENT REPORT BUT IT ISN’T LOOKING GOOD; CRITICAL DEALS SHOULD BE LOCKED NOW. 15-30 days: FLOAT. 30+ days: FLOAT WITH CAUTION. This morning’s ADP December jobs report really hit the bond market hard, 100,000 jobs expected but 297,000 [...]
An Affordable Mortgage Program for Underserved Markets
January 4, 2011 by Jeff Thomas · Leave a Comment
An Affordable Mortgage for Underserved Markets MyCommunityMortgage® (MCM) is a conventional, community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic location eligibility criteria (FannieNeighbors®). MCM also permits additional eligibility-based options: Community Solutions™ for public safety, education, military and health care professionals, and Community HomeChoice™ [...]
Interest Rate Update – January 4, 2011
January 4, 2011 by Jeff Thomas · Leave a Comment
ECONOMIC OUTLOOK. 5-7 days: LOCK. 7-15 days: FLOAT, BUT BE CAUTIOUS; NOT LIKELY RATES WILL DECLINE MUCH WITH BULLISH 15-30 days: FLOAT. 30+ days: FLOAT WITH CAUTION. Treasuries opened flat this morning, mortgages bonds are up 4/32 (.12 BP – basis points) at 9:00. Mortgage bonds are still trading in a 25 basis point yield range. [...]
Housing Inventory Snapshot December 28, 2010
January 3, 2011 by Jeff Thomas · Leave a Comment
Housing Inventory Snapshot December 28, 2010 Average List Price Median List Price Average Days On Market District of Columbia (DC), DC Single Family under $1M $367,934 $315,000 126 Single Family over $1M $3,180,091 $2,295,000 149 Condo/Townhome under $600K $286,070 $269,900 125 Condo/Townhome over $600K $1,351,996 $939,500 140 Arlington County, VA Single Family under $1M $660,087 [...]
Interest Rate Update – January 3, 2011
January 3, 2011 by Jeff Thomas · Leave a Comment
If closing is in: 5-7 days: LOCK 7-15 days: FLOAT, BUT BE CAUTIOUS; NOT LIKELY RATES WILL DECLINE MUCH WITH BULLISH ECONOMIC OUTLOOK 15-30 days: FLOAT 30+ days: FLOAT WITH CAUTION <><><><><><><><><><><><><> Last Friday in thin trading the bond and mortgage markets had a nice end of the year with good price gains (lower interest [...]
Rates Have Hit All-Time Low Levels Again
May 26, 2010 by Jeff Thomas · Leave a Comment
Interest rates have rallied and improved dramatically on the heels of the recent European debt concerns…and what is most important is that due to the highly unusual set of circumstances that exist in the market, those who are acting quickly are saving. In fact, Freddie Mac reported last week that rates have met either all-time [...]
Age Old Debate: Payoff Your Mortgage or Invest?
March 23, 2010 by Jeff Thomas · Leave a Comment
Why Payoff Your Mortgage Fairfax, Virginia: Homeowners have been arguing this point since the invention of mortgages many years ago. Should a homeowner payoff their mortgage faster in order to save interest? Or should the homeowner invest that money into 401-K and other retirement vehicles to accumulate more money for retirement? The true answer lies [...]
FHA Streamline Loan Program Changes
November 20, 2009 by Jeff Thomas · Leave a Comment
Federal Housing Administration (FHA) has implemented significant changes for streamline refinances . These changes will affect all FHA streamline loans across the country and in the northern Virginia area, Vienna, Virginia, Alexandria, VA, Fairfax and the surrounding cities and county’s. These changes take place on all FHA case numbers ordered on Wednesday, November 18, 2009 [...]
