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31 July 2009
Lender Questions-My Interview with Dean Wong at First Capital Mortgage
It is with great pleasure to post my Interview with one of my favorite Lenders Dean Wong at First Capital Mortgage. (His contact is at the end of my post). Tom: Hello Dean. How are you doing? Dean: Great Tom Tom: 1).I have heard that there are some changes Read More...
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08 January 2009
Rates Fall to Record Low of 5.01%
The 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.6 point for the week ending Jan. 8, 2009, down from last week when it averaged 5.10 percent, according to Freddie Mac’s latest results of its Primary Mortgage Market Survey Read More...
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15 December 2008
Fed to Cut the Fed Funds Rate
This week, look for the Fed to cut the Fed Funds rate (the rate for overnight loans between banks) by a half point, to 0.50 percent. While a cut by the Fed often causes home loan rates to rise (because a Fed cut can lead to inflation, which is the arch Read More...
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06 October 2008
Bail out--TO PASS OR NOT TO PASS?
That was indeed the question of the week...and the final answer came on Friday, as the House of Representatives followed the Senate's lead and passed the $700 Billion rescue plan. The week began with the House initially voting against the plan on Read More...
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27 September 2008
Todays Rates
Today's Suggested Purchase Contract Rates for a 30 Year Fixed Rate Mortgage $417,000, Down Payment 3%, Interest Rate 6.250%, Points 1 $417,000, Down Payment 10%, Interest Rate 5.875%, Points 1 $417,000, Down Payment 20%, Interest Rate 5.875%, Points Read More...
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11 April 2008
Buyers and Renters - The Cost of Waiting
First up: The loss of tax deductions . In most cases, people who lack a mortgage pay more federal and state income taxes than those who qualify for a mortgage deduction. A Mortgage Calculator illustrates this point: Assume that a buyer is currently paying Read More...
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11 April 2008
2008:The Best Year to Buy a Home in 35 Years!
In April of 1973 , mortgage rates were about the same as they are today. Since that time, we have only had mortgage rates this low during 2001 and 2002, the height of the seller's markets where there was little inventory. In the last two major buyer's Read More...
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