Blog Archives

Mortgage Rates for April 17, 2012

Below you can see the mortgage rates from April 17, 2012.  
Please click the image below to view additional mortgage rates.

These rates are provided to you by HomeServices Lending.  Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.

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Mortgage Rates for April 10, 2012

Below you can see the mortgage rates from April 10, 2012.  
Please click the image below to view additional mortgage rates.These rates are provided to you by HomeServices Lending.  Semonin Realtors® is not a mortgage lender; please contact HomeServices Lending directly to learn more about its mortgage products and your eligibility for such products.

What’s First? The House or the Mortgage?

From Dean Hartman of KCMBlog

Most people get it backwards. They shop for a home, THEN, they try to structure the financing for it. They make the emotional decision of buying the home of their dreams, THEN, try to apply logic in how they pay for it. Many even go “online” and play with what is affordable by underwriting standards without TRULY considering their future.

I am always fascinated by mortgage underwriting “standards” when they don’t even take into account some very large variables that affect an applicant’s cash flow, and thereby, their ability to repay the loan or maintain a lifestyle they want:

 

  • Are you single or a family of six? Costs for food and clothing alone are very different.
  • Do you live in a state that requires State Income Tax or not? Another significant part of the equation.
  • How often do you like to eat out or vacation? Are you willing to sacrifice these things for a bigger or nicer home?

Falling in love with a home without considering the REAL impact on your lifestyle is a recipe for unhappiness….either in re-adjusting to a “lesser” home or disappointment over the lack of vacations or nights out.

My advice is to first work on your financing. Go the logic route. Find out what you can afford from a lender’s underwriting perspective, but then, spend some time considering the cash flow realities of your choice. Work with your loan officer to make wise choices.

Additionally, your loan officer should be advising you on ways to properly represent and transfer your assets, how to explain and document your income, as well as, assisting you in methods to get your optimal credit score. This counsel can be invaluable in smoothing out some of the bumps in the mortgage process, besides giving you the best chance to get the most aggressive pricing available.

To me, the choice is crystal clear…the mortgage before the house!

Mortgage Rates for August 2, 2011

Check out this week’s average mortgage rates.

Be sure to click here to connect with a qualified Home Mortgage Consultant.

Mortgage Rates for June 21, 2011

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Mortgage Rates for May 3, 2011

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Mortgage Rates for April 26, 2011

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Mortgage Rates for April 19, 2011

Check out this week’s average mortgage rates.
Be sure to click on the image below to connect with a qualified Home Mortgage Consultant.

 

Check out this week’s average mortgage rates.
Be sure to click on the image below to connect with a qualified Home Mortgage Consultant.

 



Mortgage Rates for April 5, 2011

Check out this week’s average mortgage rates.
Be sure to click on the image below to connect with a qualified Home Mortgage Consultant.

 

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