Denver Mortgage Rates
August 13, 2008 by Bob Schenkenberger · Leave a Comment
The long term outlook for rates in the Denver Real Estate market, is so unstable it is tough to predict what we may be in for. The US Dollar has strengthened lately, oil prices are coming down (which is good, but stability is more important) I’m still worried that the price is too easily manipulated, [...]
Fed Stands Still – Time to Move?
August 10, 2008 by Bob Schenkenberger · Leave a Comment
The Federal Reserve held the line on Tuesday–leaving the Fed Funds Rate at 2.00% for the third straight meeting. The decision, however, was anything but cut-and-dry. Earlier in the week, the Personal Consumption Expenditure data indicated that inflation climbed 0.8% overall in June, which is the highest inflation jump in 27 years. In addition, the [...]
Get Your $7500 Tax Credit!
August 1, 2008 by Bob Schenkenberger · 2 Comments
The Housing and Economic Recovery Act of 2008, includes many positives for homebuyer’s. None greater than the $7500 in Tax Credits for First Time Buyer’s. Here’s the Lowdown. Any property, including condo’s and co-op’s, that will be used as a principal residence are eligible. Tax liability for the year of purchase is reduced by 10% [...]
FHA Seller Funded Down Payment Assistance Going Away
August 1, 2008 by Bob Schenkenberger · 15 Comments
The housing bill that was signed this week included two major changes for FHA lending guidelines. The changes are scheduled to kick in on October 1, 2008. The first change is the minimum down payment requirement. Currently FHA loans require 3% down. On a $200,000 purchase this would be $6,000. The housing bill will increase this minimum [...]
The “Housing and Economic Recovery Act of 2008” signed by President Bush
July 31, 2008 by Bob Schenkenberger · 7 Comments
This week President Bush signed the $300 billion housing bill aimed at helping homeowners avoid foreclosure and it’s estimated that roughly 400,000 families will benefit. The changes are scheduled to begin October 1, 2008. It’s a very detailed bill but some of the highlights include: FHA Changes Mortgage limits for high cost areas will be [...]
Closing Costs vs. Interest Rate…How to Choose?
July 1, 2008 by Bob Schenkenberger · 1 Comment
photo credit: TW Collins Once you feel comfortable that you have a mortgage professional who can advise you, here are some secrets for shopping effectively. First, just like anything else IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS. No one has a commodity on rates- interest rates all come from the same [...]
Shopping effectively for a Mortgage Lender…
June 20, 2008 by Bob Schenkenberger · 1 Comment
photo credit: sosico First and foremost in order to shop effectively you need to make sure you are working with a professional, someone who is interested in your goals and plans for the future. This is very likely your largest asset as well as your largest debt. Ultimately what we are talking about here is [...]
“THE CREDIT CRUNCH”- what are investors looking for these days???
June 9, 2008 by Bob Schenkenberger · 1 Comment
photo credit: amishsteve There’s no simple answer to how the housing market got into this mess but the bottom line on the credit crunch is you do NOT have to have 720 fico with 20% down to get a loan. What are Investors (Mortgage Lenders) looking for these days- credit, income and equity. These criteria [...]
Denver Mortgage Rate Update 5-22-2008
May 22, 2008 by Bob Schenkenberger · Leave a Comment
photo credit: EverySpoon Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically. Conventional 30 year fixed: 5.875% FHA 30 year fixed: 5.75% VA 30 year fixed: 5.75% 5 year interest only [...]
Denver Mortgage Rate Update 5-15-2008
May 15, 2008 by Bob Schenkenberger · Leave a Comment
Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically. Conventional 30 year fixed: 5.875% FHA 30 year fixed: 5.875% VA 30 year fixed: 5.875% 5 year interest only ARM: 5.375% Jumbo [...]