First Time Home Buyers can couple $7500 Tax Credit and Low Interest Rates to buy Longwood Real Estate

Okay, so the subject line is long – but, believe it or not I cut it short. It could have been, “First Time Home Buyers can couple $7500 Tax Credit and Low Interest Rates and high inventories to buy Longwood Real Estate” We are seeing an unbelievable ‘perfect storm’ for buyers! Beware though – when it comes to mortgage rates, sometimes it’s better to “act now”… and no, that isn’t just salesmanship – its the difference between a rate in the 4% range and the 5% range.

Last Tuesday, mortgage rates plummeted to their lowest levels in four years. Now, I love when mortgage hacks are right for the wrong reasons – don’t you? Many have pontificated that it was because…

Read more at:

First Time Home Buyers can couple $7500 Tax Credit and Low Interest Rates to buy Longwood Real Estate

Chris Brown All Around Good Guy Trinity Mortgage 153 Parliament Loop #1001 Lake Mary, Florida, 32746	Work: 407 377 0500 x 210 Chris@OrlMtgPro.com www.MortgageChiliBlog.com
Visit OrlandoMortgagePro.com and watch the cool video!

Lowest Lake Mary Mortgage Refinance and Purchase Rates in over 2 years!? If you move quick…

Well Good News for Lake Mary mortgage rates! The Federal Open Market Committee [maybe we will just call them the FED] voted to cut the Fed Funds Rate by at least three-quarters percent Tuesday.
The benchmark rate now rests in a range of 0.000-0.250%… and no, that doesn’t mean your mortgage will be at 0%. [Typically you will add 3% to that number to attain the PRIME Rate – which is what many Home Equity Lines, car loans, credit cards, and equipment loan are based upon.] In its press release, the FED ID’d 3 key sectors…

Want to read more, please click here: Lowest Lake Mary Mortgage Refinance and Purchase Rates in over 2 years!? If you move quick…

Source Parsing the Fed Statement

Chris Brown All Around Good Guy Trinity Mortgage 153 Parliament Loop#1001Lake Mary, Florida, 32746	Work: 407 377 0500 x 210 Chris@OrlMtgPro.com www.MortgageChiliBlog.com
Visit OrlandoMortgagePro.com and watch the cool video!

Getting Low Longwood Interest Rates… finding them and locking them in.

Finding the best Longwood mortgage interest rates can be tricky business… locking them in before the market swings makes it even more so!

Each Wed., the Mortgage Bankers Association [MBA] releases its Weekly Applications Survey which gives a detailed look at the new mortgage applications done over the last seven days.

A recent interest rate report will reveal what most of us already know — dropping mortgage rates created an onslaught of mortgage movement in Longwood and Lake Mary, Florida.

If you’re among the many Americans taking advantage of Florida’s low rates, don’t forget that when…

Don’t forget, don’t forget, c’mon Chris, don’t forget what? Easy, read the rest of the informative blog post here:  Getting Low Longwood Interest Rates… finding them and locking them in.

Chris Brown All Around Good Guy Trinity Mortgage 153 Parliament Loop #1001 Lake Mary, Florida, 32746	Work: 407 377 0500 x 210 Chris@OrlMtgPro.com www.OrlandoMortgagePro.com

LOWER cost of living for Altamonte Springs Real Estate Owners

If the presence of inflation causes mortgage rates to rise, then the absence of inflation should cause mortgage rates to fall. And, in most markets that’s true.

Today, it’s not.

Despite a deep, month-over-month dip in consumer prices not seen since 1947, Altamonte Springs mortgage rates not steady by any stretch of the imagination… they are still as volatile as ever!

The main reason why rates are fluctuating so, is that the Cost of Living didn’t just ease last month — it plunged.

In fact…

Check out the rest at:

LOWER cost of living for Altamonte Springs Real Estate Owners

(Image courtesy: The Wall Street Journal Online)

Does less jobs mean Cheap Lake Mary Real Estate Deals?

How come everything in Orlando gets cheaper when everyone is worried about their job and don’t want to spend any money!!

Okay, so it is a rhetorical question and the answer is somewhat obvious, but how cool would that be if, everything got cheaper and you just got a raise!?

I feel your pain.

Well, on the first Friday of every month, the Bureau of Labor Statistics releases the ‘jobs report’… officially called the ‘Non-Farm Payrolls report.’ Well, the October’s data is trending with the rest of 2008. See the pretty graph? Don’t let the green fool you.

After dropping another 240,000 jobs last month like a newbie at a craps table, the economy…

Read the whole story at:

Does less jobs mean Cheap Lake Mary Real Estate Deals?

Lake Mary Refinances: ARM Rates FALL

SO how are the evil mortgage products doing? Huh, they may actually be better than the fixed products? Maybe they aren’t evil after all… just different.

It is true that some of the wrong people got bad advice from some neophyte mortgage ‘professional’, but the good news is that those folks are back waiting tables.

The interest rate against which adjustable-rate mortgages [ARMs] change is continuing to fall — This could very likely be the evidence we need indicating that the worldwide banking system is starting to stabilize.

On any ARM, the initial “start rate” remains fixed for some period of time [typically 3 – 5 – 7 – or 10 years], and then adjusts according to some pre-determined agreement. It is more a hybrid than it is a pure “ARM”.

For a conforming mortgage, an ARM will typically adjust once per year after that initial locked period, based on this formula:

[index] + [margin] = Adjusted Rate

Where the index is often assigned…

Read the complete blog post here:

Lake Mary Refinances: ARM Rates FALL

The ‘N’ word will it be the end of America as we know it…

Okay… I am going to say the “N” word… when the government Nationalized the mortgage biz in September, housing analysts predicted lower mortgage rates.

[Raising my hand in the back of the room…]

When has government EVER been able to do something better than the Private Sector???

Well…they were right… it did lower rates… for 2 weeks. For those 2 weeks Orlando fixed rate mortgages fell below 6.0% for the first time in sometime.

Since then…

Read the whole wicked cool article at:

The “N” Word will it be the end of America as we know it…

(Image courtesy: The Wall Street Journal)

FED Cut and Lower Orlando Interest Rates

Do they go to a special school to ‘speak FED’???  Good Lord, fellas… we gotta be able to understand this stuff to be able to respond appropriately… or is that not what you want? LMAO

Well, the Federal Open Market Committee voted to cut the Fed Funds Rate by .5% today. The benchmark rate now stands at 1.0%.  THIS DOES NOT LOWER MORTGAGE RATES

In its press release, the Fed got busy addressing the main issue at-hand, stating that economic activity has “slowed markedly”.  Ha… ‘markedly’… have you ever used that word in your life?  Well, my readers are notably smarter than I am, so you probably have!  Anyway, they pointed to three main causes:

1. Consumer spending…

Read the whole Blog post at THE Orlando Real Estate and Mortgage Chili Blog:

FED Cut and Lower Orlando Interest Rates

Mortgage Chili Blog – Last Weeks Leftovers…

Mortgage markets bucked the curve last week and decided to be, well, volatile! At least there was a change, huh? Good Grief. After opening with a solid performance that drove rates down, mid and late-week fears of a global recession reversed that path as Mortgage-backed securities broke back below the 200 day moving average…that is bad for rates. This was an unexpected outcome for the week considering that:

1. The dollar advanced 5 percent, making bonds “worth more”
2. Oil dropped by 11%, helping to spur consumer spending
3. LIBOR dipped a bit, signaling a credit ‘thawing’ [does that even make sense?]

Each of the above factors would typically help generate new demand for mortgage bonds, pressuring mortgage rates lower. But, Ta-daaaa…

Read more: Mortgage Chili Blog – Last Weeks Leftovers…

(Image courtesy: Wall Street Journal)

Chris the Implementer

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The Truth about predicting Orlando Mortgage Rates

Weeeeeee……

Not only is that what the snail said as he hitched a ride on the back of a turtle, [laugh, that is as funny as it gets] but it is what most of us are saying about these market dips and jumps! It’s important to remember that markets are unpredictable and nobody knows what will happen tomorrow.

Unfortunately, that doesn’t stop the ‘experts’ from trying.

An obvious example comes from back in May. As oil crossed the $120 per barrel mark [eventually arriving at $147…ouch…] a Goldman Sachs ‘expert’ was quoted as saying that $200 oil was “likely”.

Well, at that time it seemed logical, did it not?

A mere 5 months later, that seems downright laughable. Oil is off by more than 40% since that day. “Well, that is a unique case, Chris.” Huh… wanna bet? There are hundreds of examples just like this one.

Every day, economic experts and analysts are on television, pontificating to us about what’s going to happen:

• They tell us when housing prices will bottom out
• They tell us when stock markets will rebound for good
• They tell us what the economy will do over the next 12 months

But none of them operate with the proverbial crystal ball — it’s all on “gut”. But, I guess I cut them a little slack… I mean, after all, in a world of 24-hour news… they gotta have someone say something new don’t they. Oh, the monster we have created! ROFL

Want another example you say? [Herb, they want another example…] How about today’s CNNMoney.com. In the after math of the govt’s financial ‘response’, a mortgage analyst predicts 7% interest rates over the next 6 months. This would represent a 1.5% increase from recent lows. I guess it is possible, but not ‘likely’ [Oops, i just did it, geez.] Orlando FHA loans have been low too.

Anyway, the rate prediction may be accurate, but it may not. When will we know? In, say, about 6 months i reckon!

But what we know today, though, is that Orlando mortgage rates are all over the place — just like the stock market. One day up, another day down. And nobody knows what they’ll do tomorrow.

Predicting the future has always been an inexact science… maybe art would be a better word… but that won’t stop the ‘experts’ from trying. And the experts are wrong as often as anybody else.

That all being said, my ‘expert’ opinion [don’t worry… the irony is not lost on me] is to not let market conditions trump your personal conditions. Logically, we ALL should be buying Orlando real estate right now… buy low – sell high, right? But the truth is, our personal finances are a very emotional issue… not a logical one. To think otherwise would be foolhardy. If the time is right to buy a house for you… buy one and feel fortunate that the housing gods* are in alignment with you. If it is not the right time for you, don’t do something foolish just because the deals are everywhere!

Just my .02 =0)

Chris

*for the record, I am a Christian and do not believe in said ‘housing gods’… but rather one sovereign God. This statement is made for the entertainment value to the reader. Do not sue me.

Mortgage Siesta – Stock Fiesta… Columbus’s Wild Ride…

BUY BUY BUY!!!  Doooh… did you miss it?  Throughout the feverish activity on Wall Street last week, mortgage backed securities sold off with vengeance, driving mortgage rates to their highest levels since July.  It was the 4th consecutive week in which long-term rates got more badder. [Grammar police – I know that is not correct, breathe.]

But, with the mortgage markets taking a siesta celebrating Columbus Day on Monday, stocks had a little fiesta with the largest point gain LIKE….EVER! In fact the only reason it is #5 on the chart here is because the other days were back in the 30’s where a, no joke, 8 point gain was a 15% increase! Woooaahhhhh.

The Dow’s gains are expected to push mortgage rates down today, but as of right now, that is not the case.  Mortgage Backed Securities are up about +28bps but it is quite likely that they will reverse before days end.

Expect continued volatility until investor fears are somewhat squelched.  For now, keep those seltbelts fastened and all extremities in the vehicle at all times.

This week, look for key inflation info including the Producer Price Index [PPI] on Wed and the Consumer Price Index [CPI] on Thurs.

Both measure the “cost of living” and reflect on price pressures in the economy. If costs are rising, it’s considered inflationary and that tends to edge mortgage rates higher. [Again… the economic anti-Christ, remember?]

Bad Credit? Orlando Credit Repair made accessible…

As an Orlando mortgage broker that has weathered the storm of the mortgage meltdown, I have unique insight on the need for bad credit repair in today’s “New World” of Orlando real estate financing. As the mortgage ‘box’ has gotten smaller and smaller, something simply needs to be done to keep people in a position where they can get into homes.

Lenders have increased score requirements [at least for the time being], so how do these masses of people qualify for homes in the short term?

The answer, ethical Credit Repair! As a licensed mortgage broker, I had always distanced myself from credit repair because I felt that it was

• A rip-off and a waste [or even worse, illegal]

• Going to cost the consumer $3000!

Neither of these options were acceptable to me. The rip-off was out for obvious reasons, and the cost of $3000 wouldn’t work because in most cases, if they had $3000… they wouldn’t be in the scenario they were in! Hello…

That is where FLCreditFix.com came in. After doing some digging around, I found a place that is quite reasonable in their service offering and I have seen some pretty spectacular credit repair results.

Now, no one can guarantee that any one item will be taken off your credit report… but Florida Credit Fix, through their affiliation with Fix Credit Biz, does guarantee their service so if you do not see a significant improvement in your credit… you get your money back. 100% Refund if your Bad Credit isn’t improved upon.

As a Mortgage professional, it became somewhat of a no-brainer in order to be able to help people get back into the mix and get decent terms on a mortgage again.

When you couple Credit Repair with Orlando FHA Loans, people are simply able to get back into the housing market and buy a beautiful home again.

Chris

Orlando Mortgages | Orlando FHA Loans

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Written by Chris Brown, an Orlando Loan Officer. For more information about purchase loans or refinances on primary residences or investment properties, please contact me directly @ 407-377-0500 x 210.

The FED rate cut and… okay, I’ll say it… apocalypse

Sooooo, [I thought i would start with something other than ‘okay…’ LOL] The FED made an “emergency rate cut” yesterday, dropping the Fed Funds Rate by one half-percent to 1.500%. What you care about, is the PRIME rate dropped to 4.500%… this is what HELOCs and credit card rates are based on… yeah I know… good news, right? I mean, the move is meant to stimulate the U.S. economy… isn’t it?

When the Federal Reserve changes the Fed Funds Rate, it often takes 9 months for the changes to work their way through the economy so this is not an immediate realization of change, but apparently the FED felt it had to do it and do it quick. Emergency meetings are relatively rare.

On a broad scale, therefore, we won’t know if the cut truly “worked” until thew summer of next year.

But, as it relates to ‘we the people’ in general, the rate cut spurred two instantaneous changes.

1. Credit cards and HELOCs will be more affordable as I stated before,
2. but the second change is that mortgage rates are rising.

The Fed’s moves have sparked optimism in some corners of Wall St. and money is now flowing into the stock market at the expense of bonds… or is it the other way around. My gosh, my head is spinning… and I watch this intently every day. You better sit down.

As always, mortgage markets and mortgage rates remain in turmoil. Therefore, rates are subject to change… uh… a lot… anddddd frequently. Did I mention frequently? If you see a rate and payment you like, be ready to commit to it because it likely won’t last long. Have the nerve to PULL THE TRIGGER!

(Image courtesy: USA Today)

Orlando Mortgage Rates and BLOOD shooting from your eyes…

On Monday, the Dow Jones closed below the mental barrier of 10,000 points for the first time since 2004.

Bad news… well it depends… doesn’t everything these days!? Despite the milestone of ‘doom and gloom’ there is a large group of the American public with reason to “stand up and cheer” [You gotta say that like that Las Vegas boxing announcer guy. Trust me, say it out loud and it will make you laugh.] Anyway, as stocks sold off, mortgage bonds rallied to the benefit of Orlando home buyers and mortgage rates shoppers everywhere. Remember, we talked about this being called the ‘flight to quality’? Anyone? Buehler?

Conforming mortgages rates improved on Monday. No wait, no they didn’t, wait… yeah… that’s right they did. [Isn’t this fun?] here is why you don’t need to read the rest of this… if this kind of thing makes blood shoot from your eyes… just make sure you have someone [call them…say…uh… a freak] in your corner that actually eats this stuff for breakfast. Did I mention I love writing blogs about blood shooting from people’s eyes?

Most interesting here is that rates improved for the same reason that the stocks fell. That was the LARGE SUCKING SOUND you heard. See, the worlds’ economies, yeah… they got people worried. It seems that investors have lost their collective appetite for risk for the time being. In response, they sold their stock positions and parked the proceeds in the “safe haven” of U.S. government-backed debt. [Read again – flight to quality]

Now, we can’t predict when the market’s risk appetite will return any better than predicting any insatiable carnivorous activity, but when it does, expect money to flow into stocks just as quickly as it left… ANOTHER LARGE SUCKING SOUND.

All year long, with respect to stock markets, it’s been either “everybody in” or “everybody out” and, for now, it’s everybody out. This is why mortgage rates fell Monday.

As evidenced by Tuesday’s reversal to worsening for Orlando mortgage rate shoppers, it is imperative the Orlando home searchers have their finger on the trigger so they can get the best mortgage rate and get the rate lock in place. [Was that good English?] In other words, be ready to lock that mortgage rate because as soon as the stock market reverses course, mortgage rates will head higher.

And if stocks recover as quickly as they tanked, expect mortgage rates to spike badly.

(Image courtesy: USA Today)

Wake up Orlando Real Estate: Fannie Mae cuts Mortgage Loan Fees

Okay, FHA Loans are only 90% of today’s market… conventional loans DO still exist.
In an effort to provide “the most market support possible”, one of our beloved GSEs, Fannie Mae, is slicing one of its standard loan fees by 0.25%.

Fannie Mae introduced their, [Good Lord, who thinks up these names…] Adverse Market Delivery Charge in December 2007 to help in offsetting the foreclosure losses. The initial fee was a quarter-percent of the amount borrowed.

As things got worse, Fannie Mae said, ‘you know what, let’s double it!’ and they changed that fee to 0.5% percent in August.

Now, we are back where we started the fee is back to its starting point. The good news here is, if you are debating an Orlando refinance, now maybe a good time to make the move. It is true that the credit guidelines are a bit more strict, so more of you may be in need of Orlando credit repair. If that is the case, let me know. Bad credit can be addressed if you have a large enough reason.

Since the beginning of this year, Fannie Mae has made 21 separate changes to its mortgage guidelines. I gotta use toes to count that high…uh oh… I am out… good, 21… they are all there. Anywayyyy, most of these not been beneficial to borrowers. They increase the difficulty, or the cost, of qualifying for a conforming home loan for most folks.

Friday’s change is among the very few that are “good news” For Orlando home buyers.

Friday, mortgage pricing edged higher because of the – at the time – looming Congressional vote and Wall Street’s reaction to the weak jobs report.

The good news is that price changes could have been worse. In this case, the flip-flop helped the cosumer. Fannie Mae’s Adverse Market Delivery Charge change is keeping rates from rising as high as they might have otherwise risen.