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Rates Lowest since WWII.

Mortgage rates had tested the 3.75% mark 4 previous times but just could not breach below this mark until today. For the first time since WWII, 30 year fixed rate mortgages reached the 3.625% mark and there are signs that 3.50% could be the next milestone.

Rates moved lower this morning on employment news that showed that job creation may be once again slowing. Non-farm payrolls increased by 115,000 in April which is okay and was somewhat expected but it is a far cry from the 200,000+ number shown in February. Despite the unemployment rate dropping to 8.1%, its lowest level since 2009, Wall Street is having fears that the “recovery” may be slowing down once again. The 10 year treasury once again fell below the 1.90% mark and is now standing at 1.87% as of this report. If the 10 year can move below the 1.75% mark, look for 30 year fixed rates to land around 3.5%.

Purchase activity in the metro Atlanta Area has picked up quite a bit over the past two weeks with the hot purchase range being in the $150K to $250K range. Despite the recent rise in the FHA Mortgage Insurance Premium and up front Mortgage Insurance, FHA continues to be the hot product.

Worth Taking A Look AT….FNMA 7 year ARM is currently running in the 2.625% range…If you know you won’t be in the home for 7 years, this is an option to consider.

How soon after bankruptcy can you buy?

Here’s a great forum that I think may help answer this question.

http://www.203kforum.com/showthread.php/1366-How-Soon-Can-a-First-Time-Home-Buyer-Buy-After-Bankruptcy

Of course, nothing can replace the advice of a good lender / mortgage broker.  Programs changes all the time and vary from lender to lender and state to state.  Find someone who will work with you and get educated.

2012 is the Housing Bottom?

You’re going to start hearing that we’ve hit bottom, just like this article in Realty Biz News.  Of course, we’ll never know until after the bottom has been hit and the rise has started, which won’t be too late to buy, but it won’t be the very best of the opportunities a market like this has to offer.

If you’re in the market for a 2nd home, first home, vacation property or investment / income-producing property; just give me a call.  I would love to help you out.

Basic Buying Steps

There are only a few steps to buying a home.  At each step along the way, you will need various experts to help you, including a real estate agent, a mortgage officer (if financing), a closing attorney, an appraiser and a home inspector, among others.  Here are the basic steps:

  1. Determine how you will pay for the home (cash or financing) and your budget
  2. Scout out the general area you would like to live, taking into account commute times, school systems, etc.
  3. Start searching for a home online
  4. Contact your real estate agent once you’ve determined what kind of home you want to buy
  5. Start looking at properties
  6. Narrow down to the one you want to purchase, or build if that’s the case
  7. Make an offer
  8. If you get the home under contract, start the paperwork for financing and due diligence (inspection)
  9. Once you’ve satisfied the requirement of the mortgage officer, you’ll be given a loan package and clear to close
  10. If the home inspection is satisfactory, or the seller agrees to make repairs, continue towards closing
  11. Set up moving into the new home
  12. Go to closing at the attorney’s or title company’s office
  13. Move in and ENJOY, remember to plan for utilities to be turned on or transferred into your name

Buying Tip – Great Prices