Mortgage | M Squared Real Estate

Nov 13

When It Pays To Refinance Your Mortgage — Literally

November 13, 2012 By Joshua Oliver Leave a Comment

To refinance a mortgage means to pay off your existing loan and replace it with a new one. There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity. Each has its considerations. Lower Your Mortgage Rate Among the best reasons to refinance is to get access to lower mortgage rates. There is no "rule of thumb" that says how far rates should drop for a … [Read more...]

Filed Under: Selling Real Estate in Washington, DC Tagged With: Adjustable-rate mortgage, Closing Costs, Fixed interest, Fixed rate mortgage, Home equity, Loan, Loan Term, mortgage, Mortgage loan, Refinance, Refinancing

Oct 24

Simple Explanation Of The Federal Reserve Statement (October 24 , 2012)

October 24, 2012 By Jessica Wilkie Leave a Comment

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday. For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that, since its last meeting … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Ben Bernanke, Eurozone, Fed Funds Rate, Federal funds rate, Federal Open Market Committee, Federal Reserve System, FOMC, mortgage, Mortgage loan, QE3, washington dc

Oct 22

What’s Ahead For Mortgage Rates This Week : October 22, 2012

October 22, 2012 By Justin Paulhamus Leave a Comment

Mortgage markets worsened last week as hope for a European economic rebound and stronger-than-expected U.S. economic data moved investors out of mortgage-backed bonds. Mortgage rates all of types -- conventional, FHA and VA -- lost ground last week, harming home affordability in DC and reducing purchasing power nationwide. Rising rates also thwarted would-be refinancing households hoping to time a market bottom. The increase runs counter to Freddie Mac's weekly Primary Mortgage Market … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: District of Columbia, Federal Open Market Committee, FOMC, Freddie Mac, mortgage, mortgage rates, New Home Sales, Purchasing Power, washington dc

Oct 15

What’s Ahead For Mortgage Rates This Week : October 15, 2012

October 15, 2012 By Jessica Wilkie Leave a Comment

Mortgage markets improved slightly last week. With a dearth of new U.S. economic data due for release, investors turned their collective attention to the Europe, China, and the Middle East. U.S. mortgage rates fell slightly in the holiday-shortened week. The combination of civil protests, economic slowdowns, and growing political tensions caused investors to dump risky assets in favor of the relative safety provided by the U.S. mortgage bond market. According to Freddie Mac, the average … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: China, District of Columbia, Fixed rate mortgage, Freddie Mac, Greece, Middle East, mortgage, Mortgage loan, Point (mortgage), Wall Street, washington dc

Sep 11

Simple Tips To Keep Your FICO High

September 11, 2012 By Justin Paulhamus Leave a Comment

For today's home buyers and refinancing households, the value of "good credit" has never been higher. Mortgage approvals hinge on your FICO score, as does your final mortgage pricing. If you're shopping for a home in DC , therefore, or contemplating a refinance, be aware of how everyday credit behaviors can affect your FICO. Even small events can make a big impact. Here are some common-sense steps to help improve your credit score. First, keep a "cushion" on your credit cards. 30 … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Charge card, Credit bureau, Credit card, Credit history, Credit Lines, Credit score, Credit Scoring, FICO, mortgage, Mortgage loan, Payment

Aug 31

Mortgage Rates Drop For The First Time In 4 Weeks

August 31, 2012 By Justin Paulhamus Leave a Comment

After 4 weeks of rising costs, DC mortgage rates finally recede. According to Freddie Mac's weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate dropped 7 basis points to 3.59% this week. Depending on where you live, however, you may find that your offered mortgage rates varies. Freddie Mac's "published rate" is a national average based on a survey of more 125 banks. The rates you receive as an individual vary by bank, and vary by region. Mortgage … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: 30-Year Fixed, Fixed rate mortgage, Freddie Mac, mortgage, Mortgage loan, North Central Region, PMMS, Point (mortgage), real estate, washington dc

Apr 13

Mortgage Rates Fall For Third Straight Week

April 13, 2012 By Mark Mlakar Leave a Comment

After a brief surge north of 4 percent last month, mortgage rates have settled down, near their lowest levels of all-time. According to Freddie Mac's weekly Primary Mortgage Market Survey, for applicants willing to pay 0.7 discount points plus a complete set of closing costs, the average 30-year fixed rate mortgage rate fell to 3.88 percent this week. 0.7 discount points adds $700 to your mortgage closing costs for each $100,000 borrowed. Mortgage rates are down this week on "safe … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: dc, Discount Points, District of Columbia, Fixed rate mortgage, Freddie Mac, mortgage, Mortgage loan, North Central Region, Point (mortgage), Spain, Wall Street, washington dc

Mar 30

Mortgage Rates Fall Back Below 4%

March 30, 2012 By Jessica Wilkie 3 Comments

After a brief run-up two weeks ago, mortgage rates are back below 4 percent. It's good news for home buyers and mortgage rate shoppers of DC because with lower mortgage rates come lower mortgage payments. According to Freddie Mac's weekly Primary Mortgage Market Survey, the national, average 30-year fixed rate mortgage rate fell to 3.99 percent this week from last week's 4.08 percent. Last week had marked the first time since December 2011 that the benchmark rate crossed north of 4 … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Discount Points, District of Columbia, Fixed rate mortgage, Freddie Mac, Home Affordability, mortgage, Mortgage loan, Point (mortgage), Primary Mortgage Market Survey, washington dc

Feb 03

Banks Start To Loosen Up In Underwriting

February 3, 2012 By Jessica Wilkie 4 Comments

Washington DC Banks Loosen Underwriting Conditions

After a half-decade of tightening mortgage guidelines, banks are starting to "loosen up". The Federal Reserve conducts a quarterly survey of its member banks and, last quarter, not a single responding bank reported having tightened its mortgage guidelines for prime borrowers. A "prime borrower" is defined as one with a well-documented credit history, high credit scores, and a low debt-to-income ratio. 53 banks responded to the Fed's survey and none said that mortgage … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: buying, District of Columbia, Federal Reserve, FICO, financing, Loan, mortgage, real estate, Senior Loan Officer, underwriting, washington dc

Aug 26

Mortgage Rates Bounce Off All-Time Lows; The Start Of A Trend?

August 26, 2011 By Ariana Lazar 2 Comments

Low mortgage rates are terrific -- if you can get them. One week after posting its lowest mortgage rate in 50 years, Freddie Mac reports that the 30-year fixed rate mortgage rose by an average of 7 basis points nationwide this week to 4.22%. To get the rate, you'll pay an average of 0.7 "points". This week's rise in the 30-year fixed rate mortgage pulled rates off their all-time lows so either you locked last week's rock-bottom rates, or you missed it. Mortgage rates are rising. As a … [Read more...]

Filed Under: Buying Real Estate in Washington, DC Tagged With: Basis point, District of Columbia, Fixed rate mortgage, Freddie Mac, Market Timing, mortgage, Mortgage loan, Purchasing Power, Refinancing, washington dc