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Mortgage interest rates have been falling over the last few weeks. Many homeowners are wondering if now is the time to refinance their mortgage and take advantage of the lower rates. Well, now is the time to watch and be ready! Mortgage rates on Conventional, FHA and VA mortgages are around 5% or lower! Keep in mind that mortgage rates fluctuate and can change in a second. This is why it is important for homeowners considering a refinance to get the required paperwork together and call your favorite Mortgage Banker, such as Apollo Home Mortgage Group in Duluth, Minnesota.
The professionals at Apollo Home Mortgage Group will help you determine the interest rate that makes sense for you personally as well as help you plan out your mortgage ahead of time. This will allow you to be able to meet the goals you have in mind. Whether you are looking to lower your mortgage term, interest rate, or even consolidate debt, planning ahead with a mortgage professional now should be your first step. By planning ahead you can be ready to jump when the rates fall and take advantage of the downward spiral. If you wait until you hear about it on the local news, there is a good chance you waited too long. Staying ahead of the game and preparing to take advantage when the rates fall is the best way to be able to react quickly to the market we are in.
If you are considering a refinance, give me a call at Apollo Home Mortgage Group and we can go over your specific scenario to determine the exact situation that would work best for you. If it is a specific rate you are looking for you can add your name to our list of customers and their goal rate. We double check the list each day so when that rate becomes available, you the customer, have the opportunity to take advantage! You need to have a professional looking out for your best interest, as opportunities are gone as fast as they arrive – especially in this market.

For your free personal mortgage evaluation, call Mary Rich at Apollo Home Mortgage Group: (218) 725-9000

Housing Market Recovery?

The media portrays almost regularly now about the volatility of the current market, the struggling economy and the downward spiral of the stock market. The housing market has been on the chopping block so long that many people are placing the stock market and the housing market hand-in-hand down the same vicious isle. However, if you take a closer look, the housing market seems to be taking a much needed turn for the better.

Mortgage applications, according to the Mortgage Bankers Association, increased over the last few weeks by 12%. FHA mortgage applications alone rose 15.3% and conventional mortgage applications rose 6.5%. With all the negative media attention in regard to the economy, how could this possibly be?

It is really common sense if you take a close look at what is happening. There is housing demand out there, regardless of what the media may lead us to believe. The market is delivering below average home prices and mortgage interest rates are dropping, too. When you couple these incentives, ask yourself, who is going to be the first housing consumers to react? First time home buyers, of course! Why? The easy answer is that housing is now more affordable than ever. Add this to a first time home buyer not having to sell a home to purchase a home, and you really got something. When a first time home buyer sits down and does the math, they realize they can purchase a home for about the same amount they pay each month in rent. With housing deals out there and rates falling, first time home buyers have the demand the housing market supply craves.

If you look at some areas currently, they are actually seeing an increase in home sales: Florida, Phoenix, Virginia, New York, Kansas, Minnesota and Idaho. So, keep in mind that the housing market is not the stock market, and in some cases, can even react in opposite directions. The media has a way of influencing what we believe is the truth. Keep in mind that the consumer’s actions, you and me, can change the economic state we are currently in for the better and get all our housing markets back on track. Let’s all be positive, as we can see here, many other of our fellow Americans are.

**If you are a first time home buyer, or looking to purchasing a home, call Mary Rich at Apollo Home Mortgage Group for friendly, fast, professional service that will surpass your expectations and get you into your dream home fast! She can be reached at (218) 725-9000. Conventional, FHA and VA mortgage options available.**

If you have taken out a mortgage to purchase or refinance a property, you have probably made an honest attempt to try and foresee the future and predict what may happen to mortgage rates while you were in the mortgage market. This is not an easy task, even for the professionals in the industry who have their eyes on the market everyday. This is because mortgage interest rates do not rely completely on one economic indicator. I know my phone always rings when the local newscast televises the Federal Reserve lowered interest rates that day. This is because consumers mistakenly believe when the Federal Reserve lowers their interest rate, they in turn lower mortgage interest rates, and that is not necessarily true.

The Federal Reserve lowers short term rates like the Federal Funds Rate and overnight lending rates – these are the interest rates that banks charge each other. These rates do affect the prime rate, but do not typically affect the long term rates, such as mortgage interest rates. Why? Basically, mortgage rates fluctuate based on the relationship between the stock market and bonds. The stock and bond markets compete everyday for the same investment dollars. This creates weekly, daily, and even hourly fluctuations that can cause mortgage rates to increase or decrease – sometimes many times in a single day.

If you take a look historically at what happens to mortgage rates when the Federal Reserve lowers the rate it may become easier to understand. When the Federal Reserve lowers their rate the stock market usually rallies because investors feel confident company profits will grow. This takes money away from the bond market and mortgage backed securities, which causes mortgage rates to increase. So, when the mortgage consumer calls to inquire about mortgage rates looking for a decrease in rate after hearing the Federal Reserve lowered the rate, they don’t understand why they recently went up. If you look at the opposite situation where the Federal Reserve raises their rate, investors tend not invest into the stock market for fear company profits will fall. They then, typically, choose to invest in the bond market and mortgage backed securities, causing mortgage rates to fall.

Mortgage interest rates fluctuate due to the constant movement of money in our economy, not solely on whether or not the Federal Reserve decides to raise or lower their rate. If you are in the market to buy a home, or refinance your home, you should be mindful of the current market everyday. Certain economic indicators will help you decide when a good time to lock in an interest rate may be. You can also choose to use a mortgage professional to help guide you through this decision. If you need help or guidance with mortgage interest rates, please feel free to call me, Mary Rich at Apollo Home Mortgage Group, to answer your questions and help guide you in the right direction. I can be reached at (218) 725-9000 and will always be willing to lend a helping hand.

When I was younger I remember my Dad packing up his orange everything and heading out the door for the first weekends in November to meet his friends out at our cabin to go deer hunting. I had tagged along on many adventures with him in the woods hunting all kinds of different birds. We ate our famous “duck hunting sandwiches” which consisted of liverwurst, which still to this day, I crave in the fall. I loved driving up and down the crazy dirt roads deep in the woods and watching all the wildlife and beautiful fall colors . . . that was until I discovered the mall.

Years went by and that part of my life was left in the shadows. I never realized I missed it – until I met a boy that hunted. My boyfriend at the time, fiancé now, packed up his stuff the same way I remember my Dad did when I was little. It brought back memories of bird hunting, dirt road and those funny sandwiches. I called my Dad to see if we could go bird hunting and he laughed as he said, “of course”. I headed out to our cabin a few times that year to hunt with him again and the memories and fun came back full swing. Then, he started packing up that orange stuff again. I felt I may be missing something, but didn’t think much about it. Then my fiancé packed up his orange stuff and left me home all weekend. I wanted my own orange stuff all of a sudden.

That opening weekend of deer season I went to my local outdoor fitter and bought myself some orange stuff. Being the woman that I am I bought it all, too. I figured I needed some sort of license, and sure enough I did according to the guy who helped me at the store, which I am convinced thought I was going to kill myself that weekend. I packed myself and my black lab into my truck, placed the orange outfit I bought the dog on her, the deer head antenna ornament on the truck, and feeling a little excited and strange at the same time, drove to my father’s deer camp – unannounced.

Needless to say you can imagine his face when I stepped out of the car with bags of orange clothes with the tags still on, the dog in her finest orange Winchester attire, and myself, full grin, heading towards the front door. I didn’t make it to the front door before he was already outside to greet me. I was welcomed into deer camp with open arms and began to understand the orange.

The next morning I sat along side my Dad in our deer stand for what seemed like an eternity as I began wondering if I was completely out of my mind for coming up with this grand idea. Then, out of the corner of my eye – deer! Two deer! My heart pounded so hard I could feel it throughout my entire body. My eyes started watering so hard I dropped a tear every time I blinked. I shook like a leaf. All this and I wasn’t even shooting! My Dad rose up his gun and BOOM the deer fell . . . .

I have never felt anything like it. As the shot still rang in my ears, my Dad and I sat there smiling back and forth. It was one of the best experiences I’ve had with him. I helped him bring the deer out of the woods on the 4 wheeler I usually pass when asked to take a ride on and felt I was officially one of the camp. I did it – even though I myself really didn’t – I did it! I finally understood the orange. Needless to say, I came back for the remaining two weekends that year. I also got a chance to sit in the stand with my fiancé that year . . . another memory I won’t soon forget.

Now most of my girlfriends think I am crazy, of course. However, ever since that weekend I’ve hunted every weekend of deer season. I love it and I’ve yet to get one deer myself. There is something about sitting in that deer stand high in the trees with nothing around you but quiet and peace. The constant search for the deer is exciting, even when you don’t see one. The last weekend of last season I was graduated to my very own deer stand. This year I will start out the season in that same place.

The moral of the story, I guess, is that if you are a woman with a man in your life that enjoys hunting – birds, deer, doesn’t matter – go along once. If you are a man and leave behind a woman that a little piece of you wishes would come along – ask them along once. Hunting is something in life that should be experienced and truly is a gift. A gift to take a few hours out of your day and look around at the things we take for granted. Hopefully, what you may have taken for granted isn’t the person you are sharing the time with. Find your orange, if you will, and be thankful for what you have . . . and the next time you look over in traffic and see an orange hat, smile.

Be safe this hunting season and good luck!

FHA mortgages are commonly known to only be a mortgage program for first time home buyers. This is not the case! FHA is a strong, competitive mortgage program for anyone looking to buy or refinance a primary residence. FHA mortgages offer well rounded benefits to all consumers such as lower closing costs, smaller down payments, easier qualifying guidelines, lower rates and Mortgage Insurance, and can also offer an additional option to borrowers with less than perfect credit!

 Besides being a great program for buyers, FHA is also a good option for refinance transactions. In this market especially, FHA offers mortgage refinancing with great rates all the way to a 95% Loan-To-Value, meaning the homeowner only is required to have 5% equity remaining after the refinance. This is important in a market such as the current one where home prices are staying the same or falling – homeowners don’t have the equity position they may have had 2 – 5 years ago. This financing option allows for the opportunity to still refinance if so needed.

If you are looking into taking advantage of this market through purchasing your first home, or refinancing your current one, check out the FHA option. You may be surprised to find it is a great fit for your financial need . . . whether you are a first time home buyer or not!

*For FHA mortgage questions or help, please contact Mary Rich at Apollo Home Mortgage Group at (218) 725-9000.*

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