Mortgage Rates at an All Time Low!
Posted on June 28, 2010
Wow!!!! 30-year fixed rate mortgage loans dipped to an all time low today at 4.69%. That is the lowest level since Freddie Mac began tracking rates in 1971.
Rates on 15-year loans fell to an average of 4.13%. Five year, adjustable rate mortgages averaged 3.84%...also the lowest on record, but that year was 2005 when Freddie Mac began tracking ARMs.
The national average for points, the fees added to a mortgage, were between 0.6 and 0.7 depending upon the mortgage product chosen.
As a rule of thumb, mortgage rates tend to track yields on long-term Treasury debt. Investors have recently become leery of turbulent stock markets and the European debt crisis, thus seeking the safety of Treasury bonds which, in turn, drives down yields.
For more information on this, or real estate in Steamboat Springs, please call.
Anne Mayberry
970.846.1425
The Vanatta ...
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Condo Financing
Posted on April 02, 2010
The Following is a bit of helpful information from Lynn Reiff at Wells Fargo in Steamboat Springs.
CONDOS CONDOS CONDOS
Wells Fargo Home Mortgage continues to have money for condominiums! A few of the rules have changed, but we still have money for MOST CONDOS!
With Wells Fargo Home Mortgage, condos are classified in one of two ways usually - regular condo or resort condo.
REGULAR CONDO
No front desk
No or minimal nightly rentals
No commercial space usually
No maid service generally
No shuttle service generally
Majority of units are primary home or second home
Examples - Sunray Meadows, Quail Run, Villas at Walton Creek, The Pines, 6th Street Condos
Loans - up to 90% on a primary unit
We just CLOSED on a 90% primary condo at The Pines
RESORT CONDO (Others may call this condotel)
Sometimes a front desk
Nightly rentals allowed
Maid service generally available
Shuttle service available
Limited ...
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Nitty Gritty on Gov't Loans
Posted on December 15, 2008
Who would've guessed that a government agency responsible for the grade of our beef is now in the lending business, and lending money to home buyers, no less. In fact, government loans are becoming increasingly popular but still many purchasers, and moreso first time homebuyers, are unaware of all the money out there that is available. However, borrowing money isn't for the guy who can't make his payments every month. Borrowers must still keep their jobs and their credit. You'll have to prove you're worthy!
For all of those who don't have a lot of money to put down - LISTEN UP, or just continue reading. Through our local Yampa Valley Bank, USDA is offering 100% financing, based on appraised value! Here's the skinny on USDA:
- Rates are competitive with current market (today is 5.5%), loans are 30-year fixed rates
- You do not ...
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