Posted on Friday, 3rd September 2010 by Mortgage Helper
Tina Greer, center, cries after learning her family has won the CP Federal Credit Union’s “Wish Upon A Home” giveaway today at the credit union in Jackson.
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Posted on Friday, 3rd September 2010 by Mortgage Helper
Don’t miss these top stories: Driving somewhere this weekend? If so, there’s good news for you at the gas pump.
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Posted on Friday, 3rd September 2010 by Mortgage Helper
Is the global economy out of the woods? Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook – especially for the United States and much of the industrialized world.
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Posted on Friday, 3rd September 2010 by Mortgage Helper
Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy.
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Posted on Friday, 3rd September 2010 by Mortgage Helper
Tiger Woods has spared no expense making the most of life since his divorce.
Fresh from his split with former Swedish model Elin Nordegren, the star golfer signed on to a $54 million mortgage for his in-progress mansion on Jupiter Island, Florida. When finished, Tiger’s beautiful bachelor pad is predicted to be worth somewhere around $100 million.
I’ll be honest, I work at a mortgage company and I had no idea that such a large loan even existed! Better yet, they’re called Super-Jumbo loans.
What is a Super-Jumbo Loan?
When loans rise above the million-dollar mark, they are called Super-Jumbo loans. A standard Jumbo loan is any mortgage beyond the conforming loan limit of $417,000.
Interest rates on jumbo loans generally run about one-half percentage point higher than conforming loan rates. By contrast, rates on Super-Jumbo loans can run as much as two full percentage points higher than conforming loans to compensate the lender for the extra risk they’re taking by offering that much cash. Also, Super-Jumbo loans like Tiger’s only allow 40% or 50% of the home’s value whereas a standard loan would usually allow 90% to 100% of the total value.
Is this massive mortgage due to financial straits for the pro golfer? Not so. With borrowing becoming super cheap due to the downed economy, the Super-Jumbo loan seems to be an astute business move to finance the home and its completion.
What is Cheap Mortgage Money?
There’s no such thing as “cheap money,” but Tiger realized that interest rates are at historic lows. And you should, too. Really, rates haven’t been this low since Eisenhower was President in the 50’s! Whether you have a San Francisco home mortgage or San Jose home mortgage, refinancing your home could potentially save hundreds with a lower mortgage payment. And you don’t even need a Super-Jumbo loan!
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Posted on Friday, 3rd September 2010 by Mortgage Helper
Bonds took a nose dive after the non-farm payroll number came in better than expected. The prior month’s number was also revised to show that companies added more jobs than originally reported. This is easing concern that the economic recovery is stalling. The unemployment rate stayed flat month over month at 9.6%.
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Posted on Friday, 3rd September 2010 by Mortgage Helper
It’s tempting to bargain hunt for a home in today’s buyers market. The times when a seller would get an offer before their “for sale” sign was pounded into the front yard is, for the moment, a thing of the past. This leaves many homeowners to decide whether to grab their dream home at a bargain price before or after they sell their current home.
A bridge loan used to be the first through to cross most people’s minds when they considered two mortgages. In today’s market many homeowners do not have as much equity in their homes so a bridge loan may no longer be a viable option. Homeowners without equity do have a couple alternatives:
The bottom line: it’s usually better to sell first in softer market conditions. Once you’ve closed the sale, you should still have plenty of good deals to choose from. If you decide that you can’t wait to buy a new house because you want to take advantage of today’s record low mortgage rates – it’s good to know that there are options out there for you.
Like most home questions, each situation is unique and should be evaluated on a case-by-case basis. Your Home Loan Expert can help you determine which options are best for your situation.
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Posted on Friday, 3rd September 2010 by Mortgage Helper
Consumer bankruptcy filings during August fell 8 percent from July, the American Bankruptcy Institute reported.
The decline followed a bounce in July.
Year-to-date Aug. 31, 2010, filings totaled 1,034,843.
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