Mortgage Rates Fall In 2013
Posted by Larry Tollen on
Whether you are thinking of buying or selling a home in Durham, the current mortgage rates affect you. Why? Because a rise in interest rates will make it harder for buyers to afford your home!
With all of the talk about Ben Bernanke (Fed Chief) leaving the office, and the tapering of the Fed policy to buy mortgages by the end of the year - the Mortgage Bond Market is nervous.
Mortgage rates, previously at record lows, are consistently trending upwards. We've had over a 1.375% rise in mortgage rates since the beginning of June.
Don't get me wrong - mortgage interest rates are still remarkably low! Mortgage rates under 5%? That's a BARGAIN!
However, especially for homes in the "First Time Home Buyer" price range - mortgage interest rates are an…
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There isn't a week that goes by that I don't find myself sitting down and having a preliminary meeting with a would be home buyers in Durham, Chapel Hill or Cary. I generally enjoy these meetings, their low key and give both they and I a chance to meet one another and simply have a low key conversation about what it is their ideally looking for.
One of the most common terms I see negotiated in contracts for a home in Durham today is for the seller to contribute money to the Buyer to cover all, or part of the Buyer’s Closing Costs. Seller paid closing costs can, with certain limits, be paid by the seller to the buyer without any problems…if you know the rules. Ignorance of the Underwriting Guidelines for the program and Bank that the Buyer is applying for a mortgage from, can turn a seller contribution of closing costs into a real problem!
Most of us who wish to buy a home will do so by getting a mortgage. The first requirement is that we manage to save up enough money for a down payment. In addition, there are many other costs when purchasing a home — collectively referred to as “closing costs” which may include: mortgage application fees, attorney fees, inspection fees, home owners and title insurance, property tax and possibly homeowner association pro-rations, filing fees, and others. Equally important is having a good enough credit score to qualify for a mortgage and, unlike saving up your money which everyone understands, very often many people don't really understand how this works and what it will mean and how to improve their scores. If you are one of these folks, this is the…
I feel like the William Tell Overture should be blasting over my sound system as I look at the cover of this months Fortune Magazine trumpeting the return of real estate. Forget stocks, forget gold, and put your money where it's bound to grow over time good old real estate.