Procrastinating Refinance Prospects Soon to Miss the Boat

Future home buyers of America, and Americans concerned about the future of their investment, it may be time to turn your frown upside down. Top economists across America representing American Bankers Association's Economic Advisory Committee have a positive forecast for our economy, reported by USNEWS.COM. Although we have heard many other economist, top economist as well I might add, say that the recession, in definitions terms, has already ended. Many of those economist believe that we are on a slow ride in recovery at this point, but the fact is, if the remaining "top economist" in the nation are all on the same boat in regards to where the economy stands by end of the third quarter of 2010, which is what the message from the economist in the American Bankers Association's Economic Advisory Committee have forecasted, we MUST be headed toward "greener pastures" sooner rather than later, right?

Despite the Fed's attempts to keep rates as low as possible to keep the rise of the Real Estate market churning, as the economy makes it's turn to the final back stretch to the finish line of recession, the natural progression of higher rates, which is many times the byproduct of a stronger market, will likely begin it's succession. No worries though, it seems like we have been able to study the history of our economy to the extent that unless a major event occurs, we will be able to manage mortgage rates to avoid any major hikes like we saw in the 80's where rates were well over 10%.

If you have chose to "stop procrastinating tomorrow" on your home refinance and you are one of the ones that has made it through the variety of rate hike scares where rates inched up, but somehow have fallen back down to 5% or just under, your luck is surely running out.

CALL TO ACTION: If your interest rate is at or above 6% and you plan on being in your house more than 3 years, and/or you are currently in a 30yr fixed loan but could afford making about $100-$250 more on your mortgage in which would make a rate and term change to a 15 yr note possible, call your trusted mortgage advisor today! At the beginning of these low rates, I refinanced my own home from a 30 yr fixed with 5.125% rate to a 15 yr fixed around 4.25%, and it only changed my payment by $200 and I'll make up $40,000 more principle in my new plan over the next 7 years than I would have in my old if I stayed where I was at.

Extend Home Buyer Tax Credit of $8,000 for Frisco Home Buyers

The question I see as a mortgage person in Frisco Texas a lot this year is, "Do I think that the first time Home Buyer Tax Credit will be extended to 2010." My response is, "I sure should be", because it seems like it has given a lot of folks the extra steam they needed to get going in a job market and home market that isn't necessarily one that prods you toward buying a home right now.
In search of statistics to see who is doing their homework to show the government that this Tax Credit is the one stimulus that should be more permanent than any other, it seems like it's an overwhelming YES from the masses to extend it.
In a Weichart poll of around 1,000 Realtors, 71% revealed that the tax credit had the largest positive response in their business in 2009. Of that poll, 92% thought that the market would decline after November if the Tax Credit wasn't reinstated and 97% were in favor of reinstating it.
If you get the chance, vote to reinstate...it's good for the home market and what's good for the home market is good for you. Reason being, the Chief Economist of Stewart Title, the leader in the title industry in the United States, made note in a an economic forecast I attend earlier this year that every single recession that our nation has seen in it's history was turned around first by the housing market. If history defines the present as it normally does, we need to first stimulate our housing market before we expect to see any permanent positive changes in our nations overall economy, including consumer spending, decrease in unemployment, and increase in jobs, obviously.

Frisco Home Buyer Breathes Easy After Close of Home

Press Release
Frisco Home Buyer Breathes Easy at Closing

Frisco, TX - August, 18 2009 - Laura was buying in a time where, so she heard, "nobody could qualify for a home unless you had $20k or $30k to put down"...that just simply was not true and she found out the EASY way.

Brett Arends of the Wallstreet Journal said, "...the closely watched Case-Shiller Home Price Index, which tracks home prices across 20 major cities nationwide, the three-year housing slump slowed sharply in April and May." The National Association of Realtors reported that the inventory of unsold homes has come down. Like me, you ask, "how is this the case if nobody could qualify for a home loan..."?

You like me, hear the nightmare stories on the news and in the paper, but major media is selling their news and over dramatizing it and Laura, one of my recent clients found that out after they brought under $10,000 cash to closing on her $166,000 home. The fact of the matter is, today's loans aren't that hard to qualify for if you have decent credit and a job, it's just that there are so few experienced Loan Officers that know how to utilize the tools and opportunities banks are offering.

Service First Mortgage strives to live up to its name as it provides a full range of mortgage financing services to its clients and the real estate community through the execution of excellent customer service via a highly knowledgeable staff and professional business environment.# # #

Daily Mortgage Rate Commentary

Wow, got here today fired up to work and tightened up some "business bolts", and submitted some refinance files, all the while checking on my always reliable Mortgage Interest Commentary Site for advice, and I'm thinking now here at 10:47am, he took off early for New Years. Maybe I should be home with the family...except they have stomach viruses and I better enjoy my coming hours because with a 3 year old and a 1 year old, it's gonna pass it's way to me for sure and only in time will I be on bed rest too. YUCK!
So here is today's commentary, straight from the horse's (Brad's) mouth.
At the time that I looked at our stock market ticker, the DOW was up 140.5 and the NASDAQ was also up 31.39. Typically that would mean that Bonds are probably not as strong at first blush. On the other hand, I would have expected the stock market to be very shaky today with the December Consumer Confidence Index report coming back so poorly. Read it here on Forbes...it's well written and you don't have to be a stock broker to understand it here, so do it. You'll be glad you took the extra 1.5 mintues. The expectations were much worse than expected. Yesterday, Moving.com said, "Current forecasts are calling for a minor increase confidence from November's reading of 44.9. Analysts are expecting tomorrow's release to show a reading of 45.2," but instead of a small rise, it sank to 29.4. Friends, as I continue to read these reports and stay close to the market conditions in hopes to better advise my clients, I become more and more afraid of what our country and it's economy is running into.
Rates worsened a little bit today and the 30 year fixed conventional is sitting at 5.125% today, while the FHA 30 year fixed is at an even 5%.
If you are looking to close on a home loan in 1 week to 60 or even 90 days, DON'T BE GREEDY, lock your loan and be done with it...is my advice. If you have further to wait, make today's mark a note on your calendar to refer back to and if you get .375% better between now and the next 90 days, figure a way out to lock it.

100% Financing, Zero Down Payment, Texas Home Buyers

If you would like to see what your AMI (Average Median Income) per your location is to see if you qualify for this loan, please click on the following Hyper Link. Most cities in and around the Dallas Area are $68,000.
For more questions, call me at 469-450-(BRAD)2723
Median Income Eligibility Indicator site.

Zero Down Payment 100% Financing: Frisco, Plano, and Surrounding Dallas Cities in Texas

Did you think 100% financing was gone for good?

One of the major local banks in the cities of Dallas, Frisco, Plano, McKinney, and other surrounding cities has done some risk analysis and decided on a safe target market for 100% financing options. In addition, they have chosen Service First Mortgage as one of the only lenders in North Texas to offer the loans.

Why is it you haven't heard anyother lenders or banks offering this?

Remember, Service First Mortgage was number 11 in top 25 lenders for loans originated in Dallas Fort Worth last year, and with the collapse of a couple of them, we are more near #9 on that list. Loan volume coupled with the high integrity and high level of experience SFMC has a track record for, we are privileged to be in such a situation to be hand picked for this opportunity.

Is there a "mission impossible" type qualification necessary?

NO! Credit Scores as low as 620 may be accepted within this new program. Debt ratios between 41% and 45% are accepted. You DO NOT have to be a first time home buyer. The income can be 140% of AMI (Average Median Income), but they do not have to use the "household income". This means that if the wife and husband make more than the 100% median income, but just one of the borrowers can approve for the home on just their income, we only have to use that income to determine if they are under the median income.

What kind of loan is it?
30 year fixed fully amortized loans

Conventional Programs

MyCommunityMortgage 97

MyCommunityMortgage 2-unit

HomePossible 97

Flex 97 ₁

Flex w/subordinate financing ₁



That means that the interest rate will be that of what the market is today for other minimum down payment loans.