Friday, February 2, 2018 / by Shane Anderson
With the economy doing better we have notices that the interest rates are slowly on the rise. As of January 31 2018 here are the rates you can expect when you buy a home. These interest rates can change daily.
30 Year Fixed: 4.375-4.5%
FHA/VA 4.0 - 4.25%
15 Year Fixed 3.625 - 3.75%
5 Year Arms 3.0 - 3.5% Depending on the lending
With that being said now is a good time to buy before the interest rates go any higher. I have a chart to help explain what happens when the interest rates go up.
If you are interested in learning more or want to know what programs are out there that can help just give me a call or shoot me an email. I have lenders on my team that can help answer any questions you may have. To understand more about what has been going on with mortgages you can go to http://www.mortgagenewsdaily.com/consumer_rates/832564.aspx
Friday, January 26, 2018 / by Shane Anderson
Recently I have had people ask me "What if I find a home, but it needs repairs?". There is a loan program out there that allows you to add money to your loan for repairs or additions. For example, you found a home and you want to update the kitchen, or maybe you want to add an extra bedroom to the home. The house is selling for $200,000. This would be a good opportunity to get a 203K Loan. Your loan would be for $200,000 + the cost of the estimated repairs. Once your home goes under contract the next step would be to get a contractor out to the home ASAP and to give you an estimate of how much it would cost to do what you want to do. Let's say the cost will be $30,000. The next step is to have the appraiser look at the house and appraise the home as if the updates were complete. The total amount of the loan would be $230,000.
If you would like more information please let me know. I have lenders that can still get ...
Monday, January 1, 2018 / by Shane Anderson
The stock market posted modest losses during the holiday-shortened trading week while bond yields moved slightly lower. The 10-year treasury yield moved lower to 2.4054% after touching 2.50% in the prior week and ended 2017 nearly unchanged from the 2.45% mark where it ended in 2016.
There was a smattering of mostly positive economic news released during week. Initial Jobless Claims were unchanged from the previous week at 245,000 and remained near historically low levels. Although the Consumer Confidence Index for December was lower than expected at 122.1, it followed November’s 17-year high reading of 128.6. Meanwhile, the Chicago Purchasing Managers Index for December had its best reading (67.6) since March 2011 while its New Orders Index reached a three-and-a-half year high and the Production Index hit a 34-year high.
Pending Home Sales for November were better than forecast, rising 0.2% to push the
Friday, December 15, 2017 / by Shane Anderson
I recently ran a report on Anne Arundel County to see how the market was doing and I included the report below. We are down 9% from last year of houses being put on the Market. The unemployment rate for Anne Arundel County has gone down to 3.52% and the medium household income has gone up as well. If you need more information for Anne Arundel county or the surrounding counties please send me an email or give me a ring.