Home Buyers Can Afford More Than They Think

Not to beat a dead horse here or anything, but you should know by now that mortgage rates are crazy low. They’re not at record lows like they were last month, but they are still insanely low given how high they were last year at this time. Combine low mortgage rates with home affordability being slightly lower than the record set last quarter, and you’ll be surprised with some of the numbers you can find.

U.S. Home Sales Jump Due to Home Prices Declining and Mortgage Rates Dropping

GREAT article on Bloomberg today that we absolutely have to share with our readers. The third straight year of average declining U.S. home prices is creating a boost in home sales. Plus, mortgage rates are currently back down near historic low levels and home buyers are rushing to take advantage of this double whammy (lowest mortgage rates in a generation + lowest home prices in years). This is all happening despite home prices that continue to decline. I know this discouraging fact all too well. The home I bought in May 2009 has supposedly already lost (on least on paper) more than 10% of its value since I purchased it. And I paid 30% less than the previous owners paid just three years earlier (despite them doing several very nice updates during that time). Regardless, new (and used) home buyers are taking advantage of great prices and great mortgage rates. Very smart of them, if you ask me. Here's a quick summary of the main points of the article on Bloomberg: Lower home prices driving sales Fear that mortgage rates will rise helping to motivate folks Median prices at the lowest level since 2002 Prices are 31% lower than the 2006 peak Job market gaining “some” traction Home price bottom…is near Here's a little bit directly from the article: "The third decline in U.S. home prices in three years is driving a pickup in sales as bargain hunters rush to buy before mortgage rates rise, even as values may slump…

The Best Time Ever to Buy a Home? The Experts Weigh in on NBC's Today Show

Great video from NBC’s Today Show. Some of America’s top financial experts dicuss why right NOW is one of the best times in recent history to buy a home. They urge folks not to wait (with the hope mortgage rates may go lower). Rates are actually still extrememly low and with very low home prices in many markets across the country, now truly is a great time to buy.

Mortgage News from 2010: An Overview of Financial Events That Impacted You

With a new year beginning, many people are gearing up on resolutions like losing weight or lifestyle changes, but often forgetting to plan for their finances. Stuff that happened in 2010 may seem like old news, but the truth is a lot of the mortgage news still affect you going in to 2011.

VA Loans for Buying a Home

The VA loan is one of the most popular loan programs in America. In fact, since the end of World War II more than 14 million veterans and military members have bought homes with the aid of VA loans. What makes VA loans so appealing is the no-down payment requirement for most loans. This is a huge benefit and allows many more home buyers – especially in difficult housing and financial markets – to afford a home. The VA (Department of Veterans Affairs) doesn’t actually offer loans. It simply insures loans that are written by banks and mortgage companies. This is similar to how an FHA loan works with a few exceptions. The main one being that VA loans are only available for veterans and active members of the U.S. Military (and spouses – even widows, as long as they don’t remarry). What are the benefits of a VA Loan? 100% financing, no down payment loans are common. No PMI on VA loans. No prepayment penalties on VA loans. Loan qualification is sometimes easier than if you were applying for a conventional loan. Less than perfect credit is usually accepted with VA loans. Sellers can pay all closing costs. VA assistance to veteran borrowers in default due to temporary financial difficulty. Ability to finance the VA funding fee (no funding fee for disabled veterans). VA Loans Done the Right Way At Quicken Loans, our exclusive, simplified mortgage process allows for a quick and easy way to get a VA loan. We use…