- Existing Home Sales Up
WASHINGTON (October 20, 2017) — After three straight monthly declines, existing-home sales slightly reversed course in September, but ongoing supply shortages and recent hurricanes muted overall activity and caused sales to fall back on an annual basis, according to the National Association of Realtors®.
September existing-home sales in the Northeast were at an annual rate of 720,000 (unchanged from August), and are now 1.4 percent below a year ago. The median price in the Northeast was $274,100, which is 4.8 percent above September 2016.
In the Midwest, existing-home sales rose 1.6 percent to an annual
- 30 YEAR LOW HOUSING INVENTORY!
- 84% of Americans Believe Buying a Home is a Good Financial Decision
84% of Americans Believe Buying a Home is a Good Financial Decision
According to the “2017 National Housing Pulse Survey”, 84% of Americans Believe Buying a Home is a Good Financial Decision, the HIGHEST NUMBER SINCE 2007!
American’s wanting to own a home is growing stronger and desiring stability
- Have the upper hand when shopping for a new home. GET PRE-APPROVED!
The advantage of a Pre-Approval VS a Pre-Qualification
So you’ve received your Pre-qualification and now your ready to submit your bid on that perfect home. But there’s a problem, there is another buyer who’s bidding on the same property as you and he has a Pre-approval. His bid will be considered first in line before you, who only has a Pre-qualification and here is why.
A home buyer who has been Pre-approved for financing, is a buyer who has gone the extra length of submitting their supporting documents needed for
- No Income Check Loans – Making a Comeback?
No income check home loans were very common prior to the 2008 credit crisis. However, they bacame extinct after 2008. So far, there are no lenders offering the old style no income check loans, but there are a few programs available through North Atlantic Mortgage that allow for alternative ways of verifying income.
Here are two alternative ways of verifying income:
Option One – Asset Qualification
- Borrowers are qualified based on verified liquid assets
- Employment and income are not stated on application
- Debt To Income ratios not calculated
- 4506T IRS Transcript not required
- Payment shock not calculated
- Foreign Nationals allowed
- Option Two- Bank Statements
Option Two- Bank Statements
- Self-employed borrowers* using
- Home loan rates react to Fed hike
The Federal Reserve approved its second rate hike of 2017 even amid expectations that inflation is running well below the central bank’s target.
As financial markets had anticipated, the policymaking Federal Open Market Committee increased its benchmark target a quarter point. The new range will be 1 percent to 1.25 percent for a rate that currently is 0.91 percent.
Mortgage bonds, which started the day up 47 basis points lost 14 basis points in price on the announcement. Mortgage rates move higher as bond prices move lower. This also impacts most adjustable-rate and revolving debt like credit cards and home equity
- Home Prices & Supply Map & Mortgage Rate Update
WASHINGTON, D.C. (May 17, 2017) – Mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 12, 2017.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged at 4.23 percent, with points increasing to 0.37 from 0.31 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.23 percent from 4.22 percent, with points increasing to
- Breaking News Mortgage Rates
WASHINGTON, D.C. (May 3, 2017) – Mortgage applications decreased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 28, 2017.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.23 percent from 4.20 percent, with points decreasing to 0.32 from 0.37 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.18 percent from 4.15 percent, with points
- Where are Americans Moving?
Buying or Refinancing a home doesn’t have to be Stressful
With rates so low many have refinanced at least once, even twice. But there are still many who have not, due to either not wanting to deal with the stress of gathering documents and not sure of qualifying for a loan. At North Atlantic you receive attentive personalized service
(see what our clients say).
Believe me, it’s a great deal easier with our help and expertise.
The average time to close a loan is about 30 days.
- Post Election Surprise for Mortgage Rates
Mortgage rates move higher
The recent election result weighed heavily on the mortgage interest rate market. Surging stock prices and plummeting bond prices dominated headlines. While Mortgage rates benefit when mortgage bonds move higher, the reverse is true when those prices move lower.
Mortgage rates have continued to move higher in the post-election period, as investors worldwide are looking for increases in growth and inflation, with the 30-year mortgage rate reaching its highest weekly average since the beginning of 2016,
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to its highest level since