Thinking about purchasing a new home, but unsure about the financing process? Scott Smith of Primary Residential Mortgage answers several of your FAQ including:
How do I apply for a home loan?
What do I need to apply for a loan?
How long will it take to get approved?
How are interest rates determined?
What is the difference between "locking" and "floating" an interest rate?
Showing posts with label Mortgage. Show all posts
Showing posts with label Mortgage. Show all posts
Saturday, November 12, 2011
Friday, April 15, 2011
How Does Your Real Estate Tax Bill Compare To Other Parts Of The Country?
Mortgage rates may be a function of free markets, but real estate taxes are a function of government. And, depending on where you live, your annual real estate tax bill could be high, low, or practically non-existent.
Compiling data from the 2009 American Community Survey, the Tax Foundation, a non-partisan educational organization in Washington D.C., published property taxes paid by owner-occupied households, county-by-county.
The report shows huge disparity in annual property taxes by region, and by state.
As a percentage of home valuation, Southeast homeowners tend to pay the fewest property taxes overall, while Northeast homeowners tend to pay the most. But statistics like that aren't especially helpful. What's more useful is to know how local real estate taxes stack up as compared to local, median household incomes.
Not surprisingly, real estate taxes are least affordable to homeowners in the New York Metro area. The 10 U.S. counties with the highest tax-to-income ratios physically surround New York City's 5 boroughs. The areas with the lowest tax-to-income, by contrast, are predominantly in southern Louisiana.
A sampling from the Tax Foundation list, here is how select counties rank in terms of taxes as a percentage of median income:
- #1 : Passaic County (NJ) : 9.7% of median income
- #6 : Nassau County (NY) : 8.6% of median income
- #15 : Lake County (IL) : 7.2% of median income
- #18 : Cheshire County (NH) : 7.1% of median income
- #70 : Travis County (TX) : 5.0% of median income
- #90 : Marin County (CA) : 4.6% of median income
- #110 : Middlesex County (MA) : 4.4% of median income
- #181 : Sarasota County (FL) : 3.9% of median income
- #481 : Douglas County (CO) : 2.4% of median income
- #716 : Maui County (HI) : 1.3% of median income
The complete, sortable list of U.S. counties is available at the Tax Foundation website. For specific tax information in your neighborhood or block, give me a call 801-209-3850.
Friday, January 28, 2011
Utah Housing Loans
The Utah Housing Corporation provides low cost, low down payment financing to Utah homebuyers. They are able to provide financing by utilizing tax-exempt and taxable bonds, federal and state income tax shelters, conventional lending, federal and state grants, low-interest loans, and other forms of debt and equity.
Who would use a Utah Housing Loan?
Are you a first time buyer* with a 3.5% down payment?
FIRST HOME loans are geared to first-time homebuyers who have access to personal or family financial resources to pay all of their down payment and closing costs. FirstHome loans may also be used to purchase homes in Targeted Areas of Utah.
Are you a first time buyer* with no down payment?
FIRSTHOME PLUS offers financial assistance for first-time homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Applicants can borrow up to 6% of the amount of their first mortgage to cover this 5% - 6%.
Are you a Veteran?
VEP-FirstHome PLUS offers financial assistance for Veteran homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Veterans can borrow up to 6% of the amount of their first mortgage.
Are you a single parent?
SINGLE PARENT FirstHome PLUS loans assist single parents who have previously owned or co-owned their own residence and have primary custody of at least one minor dependent. These applicants need to borrow funds from UHC to pay all or a part of their down payment and closing costs.
Not a first time buyer or single parent but still want low cost financing?
Utah Housing provides financing for move up buyers withing its targeted** areas.
Scott Smith at Academy Mortgage has been providing Utah Housing Loans for many years; helping Utah first time homebuyers to purchase new homes. If you are interested in more information or to apply today, call Scott 801-209-3850.
Here are some helpful links:
McArthur Homes Available Homes
Utah Housing Income Limits
Utah Housing Purchase Price Limits
Homebuyer Counseling and Training
*The federal government classifies a first time buyer as someone that has not owned or co-owned a home in the previous three years.
**The federal government has designated certain neighborhoods as Targeted Areas. There are two advantages to buying a home in a Targeted Area:
1) There are no restrictions on former home ownership.
2) Higher income limits are accepted.
Friday, July 9, 2010
Interest Rates as Low as 4.375%
Interest rates as low as 4.375% have been announced by several of McArthur Homes' preferred lenders, but will they stay this low for long? Here's what Pierre Alley had to say about current interest rates:
Okay, so everyone was holding their breath anticipating where LeBron James would end up playing basketball. This topic has been discussed for months. But, the more important question for all of us is have we seen the bottom for interest rates? My guess is YES. The week started out with the European Banks showing a stronger position. French Finance Minister Christine Lagarde stated that after “stress” tests, European Banks are “solid and healthy. You may recall after the U.S. Banks went through their tests, the positive results helped boost stocks nearly 40%. A jump in our stock prices will most likely cause bond prices to fall. Claims for unemployment benefits were lower this week as well. Bonds have been priced for perfection and so any misstep in economic news provides a good reason to take out profits, which we have seen the last couple of days. I believe bonds have been overbought and so there could be a dark cloud hovering in the near future. This morning an executive board member on the European Central Bank stated, “the worst of the sovereign debt crisis seems to be over.” The jury is still out as Italy might be the next country to reveal debt problems. But for now enjoy these historic low interest rates.
Pierre Alley
Utah Mortgage
Work: 801-561-4700 Fax: 801-561-8585 Cell: 706-9763
Pierre@utahmortgageloan.net / www.utahmortgageloan.net
Okay, so everyone was holding their breath anticipating where LeBron James would end up playing basketball. This topic has been discussed for months. But, the more important question for all of us is have we seen the bottom for interest rates? My guess is YES. The week started out with the European Banks showing a stronger position. French Finance Minister Christine Lagarde stated that after “stress” tests, European Banks are “solid and healthy. You may recall after the U.S. Banks went through their tests, the positive results helped boost stocks nearly 40%. A jump in our stock prices will most likely cause bond prices to fall. Claims for unemployment benefits were lower this week as well. Bonds have been priced for perfection and so any misstep in economic news provides a good reason to take out profits, which we have seen the last couple of days. I believe bonds have been overbought and so there could be a dark cloud hovering in the near future. This morning an executive board member on the European Central Bank stated, “the worst of the sovereign debt crisis seems to be over.” The jury is still out as Italy might be the next country to reveal debt problems. But for now enjoy these historic low interest rates.
Pierre Alley
Utah Mortgage
Work: 801-561-4700 Fax: 801-561-8585 Cell: 706-9763
Pierre@utahmortgageloan.net / www.utahmortgageloan.net
Tuesday, January 27, 2009
Mortgage Calculators
Lately I have heard from a lot of people that they don't know if they can qualify for a loan, or they want to know what their payment would be for a new home or refi. Well, I found a handy tool that features many different mortgage calculators. The best answers will always come from a professional loan officer, but this can get you started:
For more answers on financing, contact Scott Smith.
Saturday, January 24, 2009
The Scoop on Interest Rates
With so many changes in interest rates, goverment and the economy lately, I sought out some information on what is really going on with mortgage rates. Here is the scoop from Scott Smith of Flagstar Bank:
"As many of you know, mortgage rates have improved significantly over the past 45 days. We saw extreme volatility in rates during the fourth quarter of 2008, where 30 year fixed rates ranged from 5.75% to nearly 7% within a short period of time. Thankfully they are now in the 5% range, largely due to actions by Ben Bernanke and the Federal Reserve.
On December 30 the Fed announced that they would invest nearly $500 Billion dollars between January and June of 2009 to purchase Mortgage Backed Securities from Fannie Mae, Freddie Mac, and Ginnie Mae. Banks and mortgage companies issue loans to home owners, they then pool multiple loans together, securitize them, and resell these Mortgage Backed Securites (MBS) as investments that most of us own through our 401k's and other investment accounts. The demand and purchase of these MBS dictate what home loan rates are. So the Fed's commitment to purchase these MBS has is a direct way for the government to lower mortgage rates and make housing more affordable and stimulate further selling of new and existing homes."
Feel free to call Scott if you have any questions about interest rates, what's going on with the Fed, how to qualify for a loan, or anything else that is mortgage related.
Scott Smith
Loan Officer
Office: (801) 676-5531
Cell: (801) 209-3850
Scott.Smith@flagstar.com
"As many of you know, mortgage rates have improved significantly over the past 45 days. We saw extreme volatility in rates during the fourth quarter of 2008, where 30 year fixed rates ranged from 5.75% to nearly 7% within a short period of time. Thankfully they are now in the 5% range, largely due to actions by Ben Bernanke and the Federal Reserve.
On December 30 the Fed announced that they would invest nearly $500 Billion dollars between January and June of 2009 to purchase Mortgage Backed Securities from Fannie Mae, Freddie Mac, and Ginnie Mae. Banks and mortgage companies issue loans to home owners, they then pool multiple loans together, securitize them, and resell these Mortgage Backed Securites (MBS) as investments that most of us own through our 401k's and other investment accounts. The demand and purchase of these MBS dictate what home loan rates are. So the Fed's commitment to purchase these MBS has is a direct way for the government to lower mortgage rates and make housing more affordable and stimulate further selling of new and existing homes."
Feel free to call Scott if you have any questions about interest rates, what's going on with the Fed, how to qualify for a loan, or anything else that is mortgage related.
Scott Smith
Loan Officer
Office: (801) 676-5531
Cell: (801) 209-3850
Scott.Smith@flagstar.com
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