Mortgage Rates..Now

Mortgage rates are at historic lows, 10 days ago even lower, but the key thing to know is they change rapidly and if your in the market to buy GO FOR IT, and if your refinanancing watch the market as every nuance affect your monthly outcome The 30-year fixed rate mortgage has dropped to 3.39% nationwide for borrowers willing to pay 0.6 discount points at closing, and the average 15-year fixed rate mortgage rate has dropped to 2.69% for borrowers with also the 0.6 discount points at closing.

This is a no-brainer, you BUYERS, mortgage rates have never been lower....YOU refinancers get on the phone NOW, what are you waiting for? I have several local mortgage people in Westchester I like to recommend for purchasers and buyers see Mortgage Reps.

This has been a great year for qualified buyers and homeowners wanting to refi, seriously advantageous on all fronts!

Who is capturing these awesome rates? A highly qualified buyer is someone whose FICO scores is 740 or better; whose home has 20 percent equity or more; and whose credit history meets conforming mortgage guidelines.

Considering FHA? Falling FHA mortgage rates have made it easier for homeowners to purchase or refi with the FHA Streamline loan. In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allows you a little extra money each month that can be put to good use elsewhere.

If you have a conventional loan and you wish to refinance with an FHA refinance loan, you'll need to apply with the usual employment verification, credit check, debt ratio requirements and other considerations. An FHA refinance loan can get you many of the same results, and you may get better rates and lower payments, and there is no need for appraisals.

Guidelines for FHA keep changing, and the fees do add up, but you cannot beat those rates.

When using an FHA mortgage loan to buy a house, you will have to make a down payment of at least 3.5. If your credit score falls below 580, you might have to make a down payment of 10%. HUD’s official policy states that “borrowers with less than a 580 FICO score will be required to put down at least 10%.” But, as you will soon see, this requirement is something of a moot point. Mortgage lenders impose their own (often stricter) requirements on top of the minimum guidelines established by the FHA.

Once again, think about your future, think about your needs, think about how you are going to take it to the next level. You need assistance? Call me...call my professionals, this is a turning point in housing.