Mortgage Rates Move Higher

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Mortgage Rates Near Record Lows
 

Average fixed mortgage rates moved higher for the second week in a row following U.S. Treasury bond yields higher this week on signs of stronger consumer spending.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey (PMMS) average 30-year fixed rate mortgages moved up to 3.51 from 3.42 percent last week. Last year at this time the 30-year FRM averaged 3.79 percent.

15-Year Fixed Rate Mortgages

Average 15-year fixed rate mortgages rose to 2.69 percent from 2.61 last week. Last year at this time, the 15-year FRM averaged 3.04 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) moved up to 2.62  percent from 2.58 percent last week. A year ago, the 5-year ARM averaged 2.83 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is up this week to 2.55 percent from 2.53 percent last week. Last year at this time, the 1-year ARM averaged 2.78 percent.

Low mortgage rates continue to assist with the housing market recovery. Contact a licensed mortgage loan professional to take advantage of low mortgage rates. Find a loan officer near you.

 

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates followed U.S. Treasury bond yields higher this week on signs of stronger consumer spending. Advanced retail sales rose 0.1 percent in April, above the market forecast consensus of a 0.3 percent decline. Excluding such items as automobiles and gasoline, sales were up 0.5 percent for the second time in three months.

Households are also shoring up their balance sheets. Total household debt fell by about $110 billion in the first quarter. In addition, approximately 3.0 million homeowners were seriously delinquent (90 days or more delinquent or in foreclosure) on their first mortgages, down from a peak of about 5.1 million in the fourth quarter of 2009.”

Original Source: Freddie Mac Interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Mortgage Pre-Approvals Help House Hunters

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Shopping for a New Home? You Need a Pre-Approval Letter

Will you be dropping by a few open houses this weekend? Take a pre-approval letter with you! Inlanta Mortgage loan officers work quickly to assess your financial situation and provide a pre-approval for your home shopping needs. Mortgage pre-approvals provide house hunters with a number of benefits:

  • Your Realtor knows you’re serious when you present a pre-approval letter.
  • Sellers prefer to negotiate with prospective buyers with pre-approvals over simple pre-qualification letters – often times sellers won’t even consider your offer without a pre-approval letter from a licensed mortgage loan originator!
  • Your mortgage pre-approval letter takes into consideration down payment percentages, interest rates, property taxes and mortgage insurance – which makes it clearer to you (the buyer) just how much you can truly afford to borrow.
  • A solid pre-approval will help you get your loan processed faster. Getting a pre-approval could take your offer from a 60 day closing to as little as 30 days.

Pre-Approvals are Not Pre-Qualifications

Pre-qualifications will give you an idea of what kind of loan you may qualify for and can typically be completed in minutes. This informal estimate may be just fine for those in the very early stages of the home buying process.

Pre-approvals are more involved and are a better indication of your ability to fully qualify for a mortgage loan. In order to get pre-approved, we will gather all the information we need to begin the loan process. This typically involves a credit check as well as income and asset verification. Typical documents required for a pre-approval include:

  • Bank statements
  • W-2s
  • Drivers License/Identification
  • Paystubs
  • Proof of IRAs or retirement accounts and their balances

Apply Online for Your Pre-Approval

Securely submit your application online! Click here to submit an application now or use our branch locator to find a licensed mortgage loan orginator near you.

Inlanta Mortgage loan officers are dedicated to helping you achieve your dreams of homeownership. Review testimonials for Inlanta Mortgage loan officers here. All testimonials were published with the express permission of our customers. Last names have been omitted to ensure their privacy.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Buy or Rent?

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With spring in full swing, many people are trying to decide whether they should buy or rent a home. In order to make this decision, potential home buyers should consider the increasing cost of rent, the value of home equity, and the intangible benefits associated with homeownership.

Increasing Cost of Rent

Home buyers typically enjoy fixed housing expenses. Renters are consistently asked to cough up more money each year. According to the Census Bureau, median rent prices in 1988 were $350. In 2000, median rent prices approached $500 per month. Currently, the median asking rent in the United States is $717 per month. The KCM Crew discusses the rising cost of rent in their blog post today.

Building Home Equity

When you pay a mortgage, a portion of that payment goes directly toward building equity in your home. When you pay rent, you will never see that money again. It’s important to note that home equity takes time to build and during the early years of a mortgage, payments go primarily to the interest on the loan. However, the sooner you purchase a home, the sooner you will begin to reap the benefits of a reduced principal balance and higher equity.

Social Benefits of Homeownership

According to the National Association of Realtors®, research has shown that homeownership brings substantial benefits for families, communities and the country as a whole. Some of the documented social benefits to consider in your decision to buy or rent include:

  • Increased charitable activity
  • Civic participation in both local community and national issues (including voting)
  • Greater awareness of the political process
  • Higher incidence of membership in voluntary organizations and church attendance
  • Greater social capital generated
  • Greater attachment to the neighborhood and neighbors
  • Lower teen pregnancy by children’s living in owned homes
  • Higher student test scores by children’s living in owned homes
  • Higher rate of high school graduation thereby higher earnings
  • Children more likely to participate in organized activities and have less television screen time
  • Homeowners take on a greater responsibility such as home maintenance and acquiring the financial skills to handle mortgage payments and those skills transfer to their children
  • Homeowners reported higher life satisfaction, higher self-esteem, happiness, and higher perceived control over their lives
  • Better health outcomes, better physical and psychological health
  • Tremendous wealth gains for homeowners under normal housing market conditions (outside of the terrible bubble/bust housing years)
  • Homeowners not only experience a significant increase in housing satisfaction, but also obtain a higher satisfaction even in the same home in which they resided as renters
  • Family financial situation and housing tenure during childhood and adulthood, impacted one’s self-rated health (in particular, the socioeconomic disadvantaged indicated by not being able to save any money or not owning or purchasing a home are less likely to self-rate their health as excellent or very good).
  • Less likely to become crime victims
  • Homeowners better maintain their homes, and high quality structures also raise mental health -renter-occupied housing appreciates less than owner-occupied housing
  • Housing prices are higher in high-ownership neighborhoods
  • Maintenance behavior of individual homeowners is influenced by those of their neighbors

Your Home Financing Options

Inlanta Mortgage offers a variety of loan programs for new home buyers. Use our branch locator to find an Inlanta Mortgage loan officer near you. Our loan officers can review your financial situation and help you determine which program is best for your unique financing needs.

Review more about our Loan Programs, read First Time Home Buyer Tips, or check out recent Testimonials for Inlanta Mortgage loan officers.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award

Homebuyers Clueless?

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Are Homebuyers Clueless?

According to a recently released study by Zillow and published on CNNMoney, many homebuyers are clueless when it comes to mortgages. We want to help correct some of the misconceptions!

Minimum Down Payments Vary

Among Zillow’s survey findings, 31% of buyers don’t think it’s possible to get a mortgage for less than 5% down. Inlanta Mortgage offers a number of loan programs that require less than 5% down payment. FHA loans require as little as 3.5% down and USDA and VA loans have no down payment options. Inlanta Mortgage also offers traditional conventional mortgage loans with a low as a 3% down payment. In every situation, credit and underwriting requirements must be met. Contact a licensed Inlanta Mortgage loan officer to discuss which loan program is best for your specific needs.

Underwater Mortgages – Help is Available

Some 20% of homeowners surveyed didn’t know that underwater mortgages — those in which borrowers owe more than their homes are worth — can be refinanced into lower rate loans. Contact an Inlanta Mortgage loan officer to discuss your financial situation and to learn about your home refinancing options. Use our branch locator to find a loan officer is your area.

Bankruptcy, Foreclosures, and Short Sales

The Zillow survey found that nearly a third of homeowners are unaware that if they go through a foreclosure or short sale, they may not have to wait the full seven years before they can purchase a home again. Each loan program has specific requirements regarding past foreclosures, bankruptcies, and short sales. Contact a licensed Inlanta Mortgage loan officer to discuss your options – even if you have experienced a bankruptcy, foreclosure, or short sale. You may be pleasantly surprised by your options. Use our branch locator to find a loan officer near you.

Borrower Education

We understand that the decision to purchase or refinance a home comes with many questions. While no substitute for a licensed mortgage loan officer, our blog regularly includes home buyer tips,  industry news, and specific loan program information to support borrowers during this important time. Visit our blog regularly or visit us on Facebook, Twitter, LinkedIn, or Google+ for current news, events, and more.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating its 20th Anniversary. Read more about our 20 year journey here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Testimonials for Overland Park Kansas Mortgage Loan Officers

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At Inlanta Mortgage, we strive to provide our customers with the best service available. Our loan officers in the Kansas City area continually go above and beyond to ensure that they provide the kind of service that our customers expect and deserve. Here are some great testimonials from our branch in Overland Park, Kansas.

Testimonials for Cindy Laffey - Loan Officer

“Great working with Cindy. She was wonderful.” – Sandra D.

“Things couldn’t have gone better! We were so pleased that we went with you. Every step of the way we knew that you had everything under control. It took a lot of the worry out of the process. And the cookies were amazing! :) Thanks!” – Elizabeth M.

“All the staff members were really friendly and seemed like they cared about us getting in our home.” – Steven K. Jr.

“Cindy made what can be a complicated and stressful transaction simple and easy. She is a true professional and a pleasure to deal with.” – Anonymous

“Very helpful and professional!” – Anonymous

“Inlanta Mortgage by far has been one of the best organizations I’ve ever worked with. Their customer service, response time, and superior knowledge made our home buying process extremely easy. Thank you for everything you did for us!” – Luis B.

“Cindy actually went above and beyond to make sure my closing happened on our scheduled day. There was a snowstorm and everything was shut down but she made sure we closed that day regardless of the situation.” – Anonymous

“Everything just went well.” – Harvey J.

“Cindy was VERY helpful!! We had a couple of unique obstacles with our loan and Cindy was very patient with my questions, as well as very knowledgable with the answers. By the time we closed, I was very confident with the financing decisions that were made. Thank you for all of your assistance!!” – Mark A.

Testimonials for Tom Rosberg & Lois Sterling

“Tom Rosberg and Lois Sterling have made this loan process seamless. I can’t express my appreciation enough!” – Melinda S.

“Everything went as scheduled, we felt the personnel were working for us and everything happened in a timely, efficient and professional manner.” – Michael S.

“Tom is great. I cannot imagine using anyone else. He is knowledgable and always has catered to our needs. He is an excellent listener and he delivers!” – Jeff W.

The Inlanta Mortgage branch office in Overland Park is located at 6300 West 143rd Street, Suite 100. Visit them online at www.inlanta.com/overland-park or call 913-322-4422 for more information on current loan programs and pre-approvals.

About Inlanta Mortgage

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.