Weekly interest rate comment from Mickey, 1.29.08

Happy voting day here in Orlando!

Boy, I cannot believe it has been a while since I have posted anything on my blog....I have been so busy! I have talked to other agents in the office, and we are encouraged by the number of people that are interested in selling and buying homes. It has definitely picked up since last fall!

Ok, back to work....Here is the weekly interest rate comment from sage Mickey Carlton:

Weekly Interest Rate Comment for 1/29/08:

Mortgage rates have risen with the recovery in stock prices. We experienced rates in the low “5’s” last week at the depth of the stock plunge. Mortgage interest rates are currently priced at 5.75% to 6.25% with no origination fee or discount points for conforming (<$417K) loan amounts. An actual borrower’s rate will be determined by loan size and the borrower’s creditworthiness.

If you need any assistance or have questions, I'm never too busy! www.audreybutlerhomes.com

Weekly mortgage interest rate comment, 1.15.08

The weekly interest rate comment from Mickey Carlton, mortgage guru:

Mortgage interest rates continue their (painstakingly) slow decline. This week we are originating conforming (<$417K) 30 yr fixed rate loans in the 5.75% to 6.5% range (no discount points). An individual borrower's rate depends upon his or her loan amount and creditworthiness.

Now is a good time to buy! If you are interested in purchasing a home, contact me at audrey@audreybutlerhomes.com

Realtor Mythbuster

Some people hold the caricature of a Realtor, always talking on their telephone, driving a big, nice car, and making money by showing a couple of people a few houses and showing up at the closing to get a big, fat check.....

OK, time to debunk some of these myths....

1. Yes, Realtors are always on their telephone, hopefully working.....with contradicts the fact that we do little work...While it can appear that the agent only showed up to show a few houses and fill in a contract, there are many hours and a lot of hard work that went into those meetings. Through a transaction, your Realtor will have read hundreds of pages, talked to numerous people, and navigated you through dozens of difficult questions and issues.

2. Not all Realtors drive big, nice, cars! I have a Volkswagen, but I am learning that if someone doesn't follow in their own vehicle, then you need a nice size car to drive your clients around!

3. Average Realtors make only about $48,000 a year! Yes, there are some "power agents" that make more, but we are NOT paid a salary....we work for a broker as a INDEPENDENT CONTRACTOR meaning that if a buyer does not buy a house, WE DO NOT GET PAID. We are a service industry, so your agent should be responsive to your needs, but understand that we have to work very strategically. No only do we not have a salary, but we have to pay office fees, association fees, continuing education classes, all supplies (including signs, supra keys, lock boxes, advertising, etc.). Now I am not complaining----all small business owners have their costs. It is all part of doing business.

I wanted to let you into the world of a real estate agent to understand our perspective----It is best that a potential buyer be pre-qualified for a loan amount so that your Realtor is not driving you all over town only to find out you can't buy a house. Why list a home for a client to only have it priced so high that it cannot get any showings, (i.e. no contract)?

For some people they have had a bad Realtor experience....I am sorry to hear that. Before using a Realtor, ask for referrals, as you would with most contractors. Talk to your friends for referrals, and ask your Realtor the hard questions to make sure you trust them.

If you have any questions or comments, write me at audrey@audreybutlerhomes.com~

Countrywide is saved

It has been said by many experts familiar with the mortgage market that Bank of America has prevented Countrywide from impending bankruptcy (Check out my last blog entry on my concern about the company). The bank announced that they would be purchasing Countrywide with 4 billion in stock.

Although it does not have much effect on the average home buyer, it does possibly prevent further downfall of the mortgage market. May 2008 see the market stabilize, and purchasers with good credit scores enter back into the home buying market.

If you are interested in buying this year, be sure to check out my website: www.audreybutlerhomes.com

Is Countrywide in trouble?

Amid rumors on Wall Street, it looks like Countrywide could be in trouble. I had a friend predict that the company would not be in business by the summer of 2008.....unfortunately, she may be right.

I believe part of the problem started when they refused to work with their clients. Many got into a fix when their loans readjusted. I know that they have investors to answer to, but what was wrong with readjusting their loans, either out a few extra years, or earning a little less so someone could stay in their home?

Make sure when you are working with a Realtor that they are able to help you understand what kind of loan you are getting into when you buy a house. I had some clients a couple of months ago that wanted a loan, but with their credit they interest rate would have been unreal. I recommended that they wait about a year and repair their credit, before trying to purchase a home. No need to cause additional stress.....

If you are interested in talking about your credit situation, I can put you in touch with some great people, with no obligation. E-mail me at audrey@audreybutlerhomes.com

Mickey's weekly mortgage rate comment, 1.8.08

This week's mortgage interest rate comment from Mickey Carlton, mortgage specialist:

Mortgage rates improved somewhat after last Friday's employment figures. The report indicated a dismal number of new hires for the month of December. Investors sold stocks and bought bonds after the numbers were released. As is usually the case, their actions caused rates to drop. Mortgage applicants can now find 30 yr fixed rate mortgages (loan amounts <$417K) in a range of 5.75% to 6.5% without paying discount points. An applicant's actual rate will depend upon creditworthiness and loan size.

If you have additional questions, contact me at www.audreybutlerhomes.com

Thanks!

Happy New Year! Weekly mortgage update from Mickey, 1.2.08

Happy New Year!

I hope you had a great holiday. I know I did! I am back and renewed with new ideas for 2008.

Here is the latest update from Mickey, Mortgage Extraordinaire, for this week:

A disappointing report on the level of US manufacturing activity sent stocks lower and bonds higher on the first trading day of the new year. This has resulted in an improvement in mortgage rates. Currently, 30 year fixed rate conforming (<$417K) mortgages can be had for 6.00% to 6.5% without points. A borrower's actual rate depends upon loan size and creditworthiness.

Mickey also notes:

New and more restrictive loan-to-value guidelines continue to flow from Fannie Mae and Freddie Mac. This means higher down payments in many instances. These new rules are going to come into play in areas marked as "declining markets" by the appraisal and on all condos.

If you have any questions, contact me at: www.audreybutlerhomes.com