Market Update

Freddie Mac reported in June that the commitment rate for a 30 year fixed rate loan hovered in the high four-percent range, the lowest rate on record since 1971, and comparable to mortgage rates in the 1950s. These low rates have made housing even more affordable, creating savings opportunities that rival and surpass those from the expired tax credit.

Although existing-home sales remained strong through the month of May, the number of pending homes sales were down for the same period. The National Association of REALTORS (NAR) reported that 46 percent of all existing home-sales were generated by first time buyers, while investors accounted for 14 percent, and repeat home buyers represented 40 percent of the buyers. The combination of low mortgage rates and healthy inventory levels has created a strong buyers market throughout much of the country. Whether you are looking to buy or refinance, today's low rates provide extended borrowing power. Contact us for more information on today's best programs.

Q: What can I do to make sure my mortgage closes on time?

A: All banks are concerned about the money they lend, and want to be sure that their borrowers are credit worthy right up through the day of closing. For this reason, it is important for borrowers to look their best and maintain impeccable credit through the lending process. This means buyers should avoid taking out new lines of credit or applying for other loans until after the mortgage closes. Responsible borrowers shouldn't have a problem, the key is to be responsible!

With today's competitive housing market, it is now more important than ever that home borrowers get their financial house in order when applying for a loan. Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home. A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home. Contact us today to get the right loan for your current needs.