Is 2015 A Good Time To Get a Mortgage?

When Is The Right Time To Get a Mortgage?

Every year people who seek to move into their own house meet this dilemma, at the beginning of 2015, many of them struggle with the same question.. is it the right time now to get a mortgage? Some experts will say that the ever low mortgage rates are over, others will say not to wait until they become high again. We have collected information to help you get a clearer picture about the timing of a 2015 home loan.

2015 Mortgages Will Rise

The experts of Mortgage Reports believe that the rates will rise:

But can low interest rates last? Consumers say no.

According to a monthly survey conducted by government-backed Fannie Mae, 93% of U.S. consumers think mortgage rates have stopped dropping. Rising rates would close the refinance window for many U.S. homeowners while increasing the cost of homeownership for todays active buyers

Today, mortgage lenders quote rates and APRs in the 3s. By 2016, consumers say, prices will be worse. See more..

 2015 Mortgage Rates Hit Rock Bottom

As mentioned KHQA Newsdesk experts see the present as an opportunity..

Rates have dropped to their lowest level since May 2012.
 
“They are at a historical low right now. The average for the United States is about 3.81-percent for a 30-year fixed mortgage, which is really low. So if you’re in the market to buy or looking to refinance your home, now would be a good time to get in on that,” Lindsey Kramer, loan officer at Members First Community Credit Union in Quincy, said.
 
Mortgage rates have fallen for the fourth straight week, hitting a 20-month low.
 
According to Freddie Mac, just one year ago, the average 30-year mortgage rate stood at 4.39-percent and a 15-year mortgage at 3.44-percent. Check more here..

 

 

What Is The Mortgage Loan Forecast For 2015

2015 Home Loans Rate Forecast

Well no one can really know what the future is planning for us, but here is a forecast analysis for the home loans markets.

Wall Street is predicting 2015 mortgage rates to move higher and 96% of consumers believe mortgage rates have bottomed.

Forbes bring 11 experts to add their forecast on the 2015 mortgage and housing markets:

Forecasts predict a boost in 2015 on groundbreakings of new single-family homes (NAHB: 837,000Fannie Mae: 783,000, and Wells Fargo: 770,000), as well as new home sales (NAR: 620,000; NAHB: 547,000). read more..

The mortgage reports experts believe that the rates will plunge down some more:

There are several reasons to expect lower interest rates.

The first reason why mortgage rates will drop in 2015 is that there’s continued economic weakness abroad. The economies of China, Japan, Russia have been lackluster, at best; and the Eurozone has failed to show meaningful growth. An uncertain 2015 will drive investment dollars toward the U.S., benefitting the broader mortgage-backed securities (MBS) market. See more..

2015 Mortgage Rate Prediction

 

McBride expects the 30-year fixed-rate mortgage to stay below 5 percent in 2015, but it could experience some volatility.

“We’ll see rates near 4 percent on the low side if there’s an economic stumble or geopolitical crisis, and rates as high as 4.8 or 4.9 percent if the Fed missteps or misspeaks,” McBride says.

A misstep or misspeak would involve the Fed raising its rates too much or too quickly or accidentally signaling an intention to do so.

Will The Rates Rise This Year?

The home loans rates prediction of Investopedia are that the rates will eventually rise. Not as steep as they fell, but they are on the way up.

Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015. If they do jump to the 5% range it will be a modest hike when compared to historical averages. Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them. Rates averaged 6% in the years leading up to the recession. See more..

 

How Do Upcoming 2013 FHA Changes Affect Your Mortgage

FHA Mortgages Changing Fees and Terms 2013

Some changes are expected for the FHA terms and conditions at mid 2013. Some of the changes have already took place at April 2013 (increase in PMI) now more changes are expected. Read below and watch the clip to see how the 2013 changes affect your mortgage.

We have gathers items to sum up the upcoming FHA changes. Here is Courant example of PMI increase:

How does this price increase stack up to private mortgage insurance? On a $200,000 mortgage, borrowers who put at least five percent down and use private mortgage insurance can save more than $120 per month over FHA. This equates to thousands saved over the life of the loan, with lower monthly mortgage payments and higher equity from closing day forward. Read more..

FHA Insurance Cancellation June 2013

Note that FHA insurance guidelines changed for new (2013) FHA purchase and refinance loans.

Free Rate Update brings the FHA Cancellation changes and how they will affect mortgage borrowers.

Effective June 3, 2013, the annual mortgage insurance premium for FHA mortgages will no longer be based on a loan to value criteria of 78%. Cancellation of FHA MIP will be eliminated for loans that have a beginning LTV of 90% or more. For these loans, MIP must be paid for the entire term of the loan, in other words, forever. For loans that have a beginning LTV of 90% or less, the annual mortgage insurance premium will be required for 11 years. See more..

 

Taking Responsibility Of Your Financial Status

Going for three years of financial education may be too expensive or time consuming for most people, but what if you could get a no-brainer credit repair university education which will save you time and money raising your score, and lowering your credit and mortgage interests? 

Most people don’t know they can overcome damaged credit, remove bad credit tradelines, correct mistakes on their credit reports and improve credit scores in the shortest amount of time possible, you can learn how to do it too, I promise you that you will find nothing more effective than this solution!

Read More On Mortgages:

 

Is NOW a Good Time to Buy a Home?

Is Now a Good Time to Buy?

 

With the housing market appearing to rebound over the past year, many buyers are wondering if now the is the time to purchase that new home they’ve had their eye on, or if it is time to shop around for what might be available in the area. The good news for buyers is that the mortgages rates have been declining and aren’t expected to get much higher in the coming months. The bad news, however, is that pricing values have begun to steadily rise up the charts and are expected to continue to increase in the foreseeable future.

With that said, you must decide whether you would like to risk waiting in hopes of getting a lower mortgage rate and hope the prices go down, or you can take action knowing what you now know.

Depending on where you buy, now is definitely the right time to purchase a new home. According to the New York Times, “Economists in recent interviews agreed that the rate for a 30-year fixed mortgage was unlikely to rise much above 4 percent this year. House prices, however, are rising nearly everywhere, and nowhere as rapidly as in the Sunbelt states.”

Good Time To Buy and Sell Houses

After seeing mortgage rates dip to a low in April, it would be hard to think that it will continue to get even better before rebounding, and with housing prices starting to climb, then you have to think that now is the time to buy. You may also wonder if now is the time to sell your property if you were thinking about it, but you may want to hold off until prices increase even more.

 

The median price of homes is increasing much faster than the mortgage rates have been dropping, and even if mortgage rates do start to rise, they won’t rise nearly at the rate seen over the last year.

The growth rates aren’t as high in the east and Midwest as they are on the west coast, but nationally, the prices are climbing. San Francisco has seen home values increase 14% in the last year, and Phoenix has seen a meteoric rise of 23%. Both of these numbers should cause a sense of urgency for buyers that now is the time to pull the trigger instead of waiting for prices and mortgage rates to go back into territories that will be hard to afford.

Better Position to Put Down the Down Payment

“When rates are rising, it’s because the economy is improving,” Jed Kolko, the chief economist of Trulia.com said, “so buyers are in a better position to put down the down payment and qualify for a mortgage.”

According to the New York Times, “Despite an upward trend over the last few months, the 30-year rate is unlikely to rise beyond 3.75 percent “for the foreseeable future,” said Keith T. Gumbinger, the vice president of HSH.com, a financial publisher, Stan Humphries, the chief economist of Zillow.com, agreed.” However, it is better to take advantage of the low rates now instead of taking the chance. The national average for a 30-year fixed-rate mortgage was 3.52 percent, according to Freddie Mac’s weekly survey released on Thursday, up from 3.51 percent the previous week. Expect these numbers to continue in that direction.

 Remember, a positive impact takes months to reflect on the market, while a negative impact can be felt right away. Don’t wait for another negative surge in the market, strike while the iron is hot or you might regret your decision a few years down the road if anything negative were to happen.

Going for three years of financial education may be too expensive or time consuming for most people, but what if you could get a credit repair university which will save you time and money raising your score, and lowering your interests?  Most people don’t know they can overcome damaged credit, remove bad credit tradelines, correct mistakes on their credit reports and improve credit scores in the shortest amount of time possible, you can learn how to do it too, I promise you that you will find nothing more effective than this solution!

Angie Picardo is a writer for NerdWallet, a personal finance website that offers advice on how to navigate financial decisions from purchasing a new house to finding the best options for Miami airport parking.

 

Fact: No Money Down Home Loans 2013

True No Money Down Home Loans 2013

Once upon a time.. No Money Down Home Loans were a very common way to buy a home, but then can the 2008 depression and swept of these No Money Down Home Loans away. Today at 2013 there are no more such mortgages offered to the public. But there are some gems worth searching for and if qualified can be as close as you may ever be to No Money Down Home Loans at 2013.

MSN has placed the FHA as the first place to look for low to no money down home loans:

The Federal Housing Administration is the first place most new homebuyers should look when contemplating a low-down-payment mortgage. The FHA requires a down payment of as little as 3.5% — with attractive mortgage rates and credit requirements that are fairly generous as well.

The downside of an FHA mortgage is that the fees — actually FHA mortgage insurance — can add up. Currently, borrowers pay a one-time fee of 1.75% of the amount borrowed as an upfront mortgage insurance premium at the time they take out the loan. In addition, there’s an annual insurance premium of 1.20% to 1.25% on 30-year mortgages.

So in the first year, you can end up paying nearly as much in mortgage insurance as you paid for a down payment. However, you can roll the cost of insurance into the loan, so you’re paying it on a monthly basis over time, rather than having to come up with it all at once, as you would with a down payment. Check more here..

Army and Navy No Money Down Home Loans

Navy Federal Credit Union has ‘no money down home loans’ programs.

The Navy Federal Credit Union 100% Financing

BankRate brought Navy Federal Credit Union 100% Financing as one of the lowest down payment mortgage offers for 2013:

Navy Federal Credit Union, the nation’s largest in assets and membership, offers 100 percent financing to qualified members for buying primary homes. Credit union eligibility is restricted to members of the military, some civilian employees of the military and U.S. Department of Defense, and family members.

Navy Federal resumed zero-down financing in 2010 after a hiatus of a couple of years. Barbara Sheehan, Navy Federal’s assistant vice president for mortgage products, says when members of the military are transferred, they sometimes own houses whose values have fallen, wiping out equity.

“Some people had to take losses to sell their houses, so to have to start over and save the money again for a down payment is really difficult,” she says.

The credit union’s zero-down program is similar to the VA’s. One difference is cost: Navy Federal’s funding fee of 1.75 percent is less than the VA’s funding fees. See source..

Here are some of Navy Federal Credit Union services which serve Navy, Army and others:

 Fixed-Rate Mortgage Options

We offer a variety of affordable fixed-rate mortgage options designed to fit your needs (see tabs above).

  • Special mortgages for military personnel
  • 100% financing
  • Federal Housing Administration (FHA) Mortgage

Our fixed-rate mortgages offer:

  • 15- and 30-year terms with fixed monthly payments
  • No Private Mortgage Insurance (PMI) on many conventional loans, including 15- and 30-year jumbos
  • Loans available nationwide
  • Personal guidance from first call to closing, 7 days a week
  • Navy Federal servicing for the life of your loan

 

Taking Responsibility Of Your Financial Status

Going for three years of financial education may be too expensive or time consuming for most people, but what if you could get a no-brainer credit repair university education which will save you time and money raising your score, and lowering your credit and mortgage interests?

Most people don’t know they can overcome damaged credit, remove bad credit tradelines, correct mistakes on their credit reports and improve credit scores in the shortest amount of time possible, you can learn how to do it too, I promise you that you will find nothing more effective than this solution!