Home Lending Rates Remain Incredibly Low [mortgageprotectiontips.blogspot.com]
Check out our Blog at KeepingItRE.com If You are in or Around Long Beach CA, and Have Questions You Would Like Answered by Some Local Real Estate Professionals, Please Join us on the Final Wednesday of Each Month for Our Home Buyers and Sellers MeetUp. You Can Register at http To Participate in Our Mail Bag Segment, Simply Leave Us a Message at 562-888-BEACH Are Jumbo Loans Becoming More popular Among Southern CA Home Buyers? Eric: Let's get into another conversation here. Let's let Scott lead a conversation for once. Is jumbo lending becoming more popular? Scott: I wasn't prepared for this one. Eric: Oh, really? Scott: No. Eric: Too bad. Alissa: Rewind. Scott: Now, I'm going to have to go off of memory. Alissa: No, you're not just doing what you are prepared for. Eric: First of all, let's talk about jumbo lending in general. What is jumbo lending? Scott: No, it is absolutely available. Jumbo lending is . . .Ok, let's see the best way to explain this, you hear of Fannie Mae, Freddie Mac and FHA, they have a certain amount of money that they will lend. It used to be 7K for the longest time then, they increased it. Eric: Yeah, that is not going to buy much in Southern California. Scott: They increased it to 9K. Eric: Was that the jump from 7 to 9K? Alissa: Yeah... for the rest go to KeepingItRE.com
mortgageprotectiontips.blogspot.com Are Jumbo Loans Becoming More popular Among Southern CA Home Buyers?
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As the world is still trying to decide what to do in the wake of the 2008 real estate crisis that crippled the financial services industry and drove many people out of homes that they had been in for years, many strategies were implemented on both sides of the ball to try to save the failing mortgage industry. Perhaps the most successful of these strategies, at least in the short term, was the decision of the Federal Reserve to keep interest rates low in order to facilitate lending.
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A perhaps unintended consequence of this unprecedented Federal Reserve action was that mortgage rates also came to an all-time low across the board, no matter where you looks anywhere in the nation. Big homes, small homes, family homes, condominiums, vacation homes and investment homes â€" they were all fair game for people who had the ability to buy in the current marketplace, and home lending rates continue to stay low to this day, as the Federal Reserve has promised to keep the base interest rates low for at least the next couple of years.
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If a savvy homebuyer were to combine his or her knowledge of the current home lending rates with knowledge of the different types of lending programs that are available in the mortgage marketplace, they could save a great deal of money on the purchase of a home or investment property, or they could even be paid to take home off of the hands of the government or large banking institution â€" no exaggeration.
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The lowest home lending rates are usually available for those with high credit ratings and who are willing to take on the risk of an adjustable rate mortgage.
If the homebuyer is willing to take on the risk of an adjustable rate mortgage, it tends to protect the home lending institution against some of the invariable changes in the marketplace, as no one is accurately able to time the market on a consistent basis as a rule. Lending institutions are therefore incentivize to give homebuyers record-breaking home lending rates essentially as teasers, because the bank fully expects the interest rate to rise at some point during the term.Â
However, if you, as a savvy homebuyer, are somehow able to shorten the term period, you can get away with murder when it comes to taking on the incredibly low home-buying rates of an adjustable rate mortgage. For instance, if you have a little bit of cash stacked away, you can pay off the remainder of the principal as soon as the bank attempts to raise the interest rate on you.
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The other type of program that many people use, especially those who do not have time to self manage the mortgage investment, is the fixed rate. The fixed rate mortgage may be a little higher than the adjustable-rate mortgage, but it is a great rate to lock in at this point in time as many of the fixed rate mortgage packages of today are actually lower than some of the adjustable-rate mortgages during a normal real estate market.
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