Mortgage Rates Holding

 

 

Reports from fellow mortgage professionals indicate mortgage rates holding steady.  The par 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers.   To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee.   You can elect to pay less in fees and secure a higher interest rate which is ideal for consumers not planning on keeping their home for more than three years.  Remember, securing a mortgage rate is like buying anything else; you can pay more in fees and get a better rate or pay less in fees and secure a higher rate.

 

So, what does this all mean? If you have been waiting to jump into housing market or taking advantage of what is left of your equity, now may the time to get busy. As the winter months arrive, banks all know that volume will freeze along with the weather. Even with tightening underwriting guidelines lenders are eager for business.

 

Of course, you have to present an attractive package. Credit, collateral and capacity are still the king three C’s that make a loan work. A Mortgage Consultant, like me, can help you package your loan so that you are attractive to a variety of lenders.

 

Something else to consider, if you have an FHA loan and want to refinance to lower your interest rate, an FHA Streamline Refinance may be just what you need. The kicker is that the rules are changing next week. Change in it self it not necessarily a bad thing but this change will be to tighten the requirements. Most will still qualify but the new rules may push some borrowers outside the guidelines.

 

More details on FHA loans can be found on our website at www.axiafinancialnw.net and/or www.axiafinancialnw.com.

 

Be Blessed…….

Hello world!

Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!

The Wooden Bowl

I am sure you have seen this before; felt like it would be good to post again…

I guarantee you will remember the tale of the Wooden Bowl tomorrow, a week from now, a month from now,
a year from now.

A frail old man went to live with his son, daughter-in-law, and four-year–old grandson. The old man’s hands trembled, his eyesight was blurred, and his step faltered.

The family ate together at the table. But the elderly grandfather’s shaky hands and  failing sight made eating difficult. Peas rolled off his spoon onto the floor.  When he grasped the glass, milk spilled on the tablecloth.

The son and daughter-in-law became irritated with the mess.
‘We must do something about father,’ said the son. ‘I’ve had enough of his spilled milk, noisy eating, and food on the floor.’

So the husband and wife set a small table in the corner. There, Grandfather ate alone while the rest of the family enjoyed dinner. Since Grandfather had broken a dish or two, his food was served in a wooden bowl.

When the family glanced in Grandfather’s direction, sometimes he had a tear in his eye as he sat alone. Still, the only words the couple had for him were sharp admonitions when he dropped a fork or spilled food.

The four-year-old watched it all in silence. One evening before supper, the father noticed his son playing with wood scraps on the floor. He asked the child sweetly, ‘What are you making?’ Just as sweetly, the boy responded, ‘Oh, I am making a little bowl for you and Mama to eat your food in when I grow up.  The four-year-old smiled and went back to work.

The words so struck the parents so that they were speechless. Then tears started to stream down their cheeks. Though no word was spoken, both knew what must be done.

That evening the husband took Grandfather’s hand and gently led him back to the family table. For the remainder of his days he ate every meal with the family… And for some reason, neither husband nor wife seemed to care any longer when a fork was dropped, milk spilled, or the tablecloth soiled.

On a positive note, I’ve learned that, no matter what happens, how bad it seems today, life does go on, and it will be better tomorrow. I’ve learned that you can tell a lot about a person by the way he/she handles four things: a rainy day, the elderly, lost luggage, and tangled Christmas tree lights.

I’ve learned that making a ‘living’ is not the same thing as making a ‘life..’ I’ve learned that life sometimes gives you a second chance. I’ve learned that you shouldn’t go through life with a catcher’s mitt on both hands.You nee d to be able to throw something back sometimes.

I’ve learned that if you pursue happiness, it will elude you
But, if you focus on your family, your friends, the needs of others, your work and doing the very best you can, happiness will find you. I’ve learned that whenever I decide something with an open heart, I usually make the right decision.

I’ve learned that even when I have pains, I don’t have to be one. I’ve learned that every day, you should reach out and touch someone.

People love that human touch — holding hands, a warm hug, or just a friendly pat on the back. I’ve learned that I still have a lot to learn.

Take care All…

Treats, Not Tricks Await Those Who Act!

Last chance, last dance, last call. All sayings conjure up images but one thing remains constant. Miss the opportunity and it’s gone. Home loan rates recently hit all-time lows, and if you don’t act now, you could miss your chance to save thousands of dollars over the life of your loan!

According to Freddie Mac, interest rates recently dropped to all-time lows in some categories, and within a hair of all-time lows in others. We will likely never see rates at these levels again. If you missed the chance to refinance earlier this year, you just got a do-over. Don’t miss out a second time!

Why Act Now?
While the reasons to act now are numerous, here are just a few.

No one, not even George Washington, had a chance to borrow money at these rates…but you do!

The Federal Reserve implemented a mortgage-backed securities buying program to artificially lower rates, and that program is nearing its end. The originally scheduled end date was December 31, 2009. While this deadline has been extended the amount of purchases remains the same, which means the level of participation will wane, decreasing by half as much. Rates will be forced to levels seen before the program started, likely near 6.50% and in short order.

Inflation, while currently contained, is likely to show its ugly head as all the stimulus from Washington continues to pour into the system. The end result will be increasing inflation pressure across the board, which will cause all interest rates to rise.

Don’t Miss the Boat Here
Sydney Smith, an English clergyman from the 1800’s once said, “Regret for the things we did can be tempered with time; it is regret for the things we did not do that is inconsolable.”

It is likely that interest rates at these levels will never be seen again in our lifetime. Take advantage of them today while you still can so you’ll never have to look back and say, “I wish I had….” If you took advantage of this opportunity earlier this year, congratulations! If not, call me so we can discuss your situation.

Likewise, if you know someone else who can benefit, be it a family member, friend, or co-worker, please have them call me or let me know who they are and I will reach out to them. This could be the greatest gift you could offer someone this year.

I look forward to speaking with you soon, but if not, I hope you have a Happy Halloween!

Know That Everyone Who Comes Into Your Life Is Not Meant To Stay

Here is another fabulous message from Ms. Cassandra Mack…Brings a lot home to think about…

There are some people who have a funny way of bringing out the worst in us. Sometimes it’s the things they say. At other times it’s the things they do. Then there are those occasions when it’s not the things that they say or do that cause us to become hurt, disillusioned or disappointed, it’s simply a matter of incompatibility, an improper fit, somewhat like apples and oranges, oil and water …when the two come together they just can’t seem to mix. Have you ever felt that way?

When we find ourselves constantly at odds with someone and we’ve tried everything under the sun to come to a mutual understanding…all to no avail, we have two choices: We can engage in a mental tug-of-war and play the blame game hoping the other person will change or we can move forward with no regrets, knowing that everyone who comes into our lives is not always meant to stay.

There’s a saying that goes: “Everyone comes into your life for a reason, a season or a lifetime and it’s up to you to figure out where people fit.” The more we understand the truth of this statement at the core, gut level, the easier it becomes to release yourself from relationship attachments that are unhealthy, unproductive or not in alignment with how you want to feel and how you want to live your life. No need to fight. No need to place blame. No need to badmouth the other party or engage in mean-spirited tactics. You simply come to the realization that…It is what it is. And you make a decision based on what is…. not what could have been, or what might be.

When we find ourselves at a relationship crossroad the natural tendency is to debate with the other person until you get your point across, go toe to toe on every little issue or nitpick over situations that would be best laid to rest. But to do this only drains and deletes you. It is simply pointless. People are who they are. You either accept them and learn to live with their ways or you decide that you can’t and leave well enough alone, end of story.

In the realm of human relationships, it is perfectly normal and natural to want to be heard and validated. But when you find yourself spending more time clearing up misunderstandings and trying to be validated rather than supporting one another and growing together, maybe it might mean that you are trying to force a fit where there isn’t enough compatibility, compassion for the other’s needs and common ground. Why drive yourself crazy trying to fit a square peg into a round hole, especially when you know it won’t fit?

So the next time you find yourself hitting a brick wall and it looks like things are not going to change for the better don’t stress yourself a second longer. Instead, take the situation for what it’s worth and just remember…That Everyone Who comes Into Your Life Is Not Meant To Stay.

It’s your life, just my take on the issue.

Remember – You hold the pen that writes the chapters of your life,
Cassandra Mack
————————————————————————————————————-
Copyright © 2009 by Cassandra Mack. For more information on Cassandra Mack’s other books and workshops go to: http://www.strategiesforempoweredliving.com

WHAT DO YOU DO WHEN THE MUSIC STOPS?

 

WHAT DO YOU DO WHEN THE MUSIC STOPS?                                                 Contributed by Tim Ritter, Axia Financial

Divorce over 50 is surging. In an AARP survey conducted in 2007, couples are calling it quits in their later years. Staying together for the sake of the children and divorcing again after a second marriage are two major factors for seniors to divorce in their “golden years”.

A reverse mortgage may be a practical way for divorcing seniors to maintain some civility and respect for themselves.  If the mortgage is paid free and clear,  it may make more sense for the remaining spouse to take out a reveres(sp) and use the funds to pay the “ex” their appropriate share. 

The funds from this reverse mortgage can then be used by the displaced spouse to purchase a new home with a reverse mortgage.  The result allows both parties to own a home for the rest of their life without ever making a mortgage payment.  Not quite the happy ending they originally set out to accomplish, but it could be and often is much worse. 

If you do not have a family law attorney in your professional network, I suggest you start making some friends in the industry.  Most of them are unaware that a reverse mortgage can be used to purchase a home.

What Does Your House Look Like?

This story was posted by one of my Facebook friends. I have seen this before and wanted to share it with you:

An elderly carpenter was ready to retire. He told his employer contractor of his plans to leave the house building business and live a more leisurely life with his wife enjoying his extended family.

He would miss the paycheck, but he needed to retire. They could get by. The contractor was sorry to see his good worker go and asked if he could build just one more house as a personal favor.

The carpenter said yes, but in time it was easy to see that his heart was not in his work. He resorted to shoddy workmanship and used inferior materials. It was an unfortunate way to end a dedicated career.

When the carpenter finished his work the employer came to inspect the house. He handed the front-door key to the carpenter. ‘This is your house,’ he said, ‘my gift to you.’ The carpenter was shocked! What a shame!

If he had only known he was building his own house, he would have done it all so differently.

 So it is with us. We build our lives, a day at a time, often putting less than our best into the building. Then with a shock we realize we have to live in the house we have built.

If we could do it over, we’d do it much differently. But we cannot go back.
You are the carpenter.

Each day you hammer a nail, place a board, or erect a wall. ‘Life is a
do-it-yourself project,’ someone has said. Your attitudes and the choices
you make today, build the ‘house’ you live in tomorrow.

Build wisely EVERYDAY!

In The Meantime,

 Ron Bennett

 P.S., Remember, your referrals mean the world to us. We promise to take great care of your friends and family. Please refer two great people just like you in for 2009.

Feeling like you're ahead? Keep grinding and never let up cause it ain't over!

This piece comes from one of the Noble Clan of Kappa Alpha Psi Inc….Mr. Lee Fuller…Some good words to live by…

“The time your game is most vulnerable is when you’re ahead; never let up.” – Rod Laver

Lately I have had a few things go my way. I’m enjoying more bookings for acting and speaking after months of grinding, promoting, marketing, praying, training, struggling and second-guessing. Wanna know what I’m doing next?

Since things are going so well I suppose I’ll double my efforts in promoting, marketing, praying, training and grinding. Since there is a bit more coming in I won’t do as much struggling on some level but I will need to maintain the same level of intensity that got me to a point of relief. Now is the time to push a bit harder and work even smarter.

The tendency is to ease up and to have a long celebration. Just ask our new president if things are easier for him after the long grind of the election. No. Not at all. In fact things have gotten even more difficult for him. Things really do pick up sometimes and they should for all of us who are still working on our dreams.

We cannot afford to be content with winning one victory. The Los Angeles Lakers won an NBA Championship a few months ago but now they are about to begin training camp for this season and attempt to click on an even higher level. Why? Because they can’t let up if they want to taste victory again. They have to intensify their effort so they can have similar success this season. What about you and me? Yep, you guessed it. We must do the same thing and more if we want to keep winning and scoring in our chosen field.

Join me in our ongoing quest to maximize our potential. The time for us to push hardest is after we have just tasted victory. Continue to enjoy the journey, my friends and…

…keep grinding.

As You Fly To Higher Heights, Know That Turbulence Comes With The Ride

One of my Facebook friends…Cassandra Mack…Posted this on my page…and I thought it appropriate to share with you….

As You Fly To Higher Heights, Know That Turbulence Comes With The Ride

Have you ever noticed that the higher you try to soar in life, the more challenges and setbacks come your way? It almost seems like for every step you take forward, the more that the obstacles of life try to push you two steps back. It is during these times that we must remember that turbulence could not occur unless you were in flight…soaring upward to something more. If you were stuck on the ground, there could be no turbulence. Turbulence only occurs when you are flying. What an awesome discovery. So the fact that you are experiencing a little turbulence means that you are destined to soar. Do you understand the magnitude of this? YOU ARE FLYING. Soaring into new territories. Growing upward to something more. So spread your wings and brace yourself for the ride.

Part of flying…part of soaring to higher heights…part of truly taking off with no limits to hold you back…is in knowing that turbulence comes with the ride.

If we understand that although turbulence is uncomfortable, it shakes us up, and at its worst can throw us completely off course, no matter who we are, how much we know, how much we have, how diligently we have followed the rules and how dedicated we are to growing forward, then we should also understand that if we condition ourselves to expect a few bumps along the road we can ride out the turbulence until we land back on our feet.

Whenever you are on an airplane, before the flight takes off, the stewardess comes out and gives you a demonstration about what to do in the event of an emergency. She walks you through the steps you need to take in order to keep yourself as calm and safe as humanly possible. By going through this process, we are better able to prepare ourselves in the event that we encounter turbulence.

When we fly, we expect a certain amount of turbulence and we mentally prepare for it. The same principle holds true in life. As we ascend to higher heights, we have to expect a certain amount of turbulence. Sometimes our lives feel a little shaky and the ride is quite scary. Sometimes we take an unanticipated dip without warning or notice. Sometimes we have to pass through some clouds and heavy thunderstorms. And sometimes the ride gets so critical that we have to take a deep breath and brace ourselves for the impact. But if we learn to look at life like a flight that comes with turbulence, we can mentally prepare ourselves to ride out the turbulent times until the ride becomes a little smoother.

So when turbulence comes to pass, keep your seatbelt on, brace yourself and know that if you can survive the flight, you will eventually come to a place where your feet are planted firmly on the ground. It’s your life, just my take on the issue.

Remember – You hold the pen that writes the chapters of your life,
Cassandra Mack, MSW

———————————————————————————————————-
Copyright © 2009 by Cassandra Mack.

******Cassandra Mack, MSW, is an empowered living coach, corporate trainer, author of several successful books and keynote speaker. She’s the CEO of Strategies for Empowered Living Inc. a company that offers workshops, products and practical tools for empowered living, loving and overcoming. For more information go to: http://www.strategiesforempoweredliving.com

 

Interest rates are dropping again. Why?

There are several factors impacting the market these days. Some of contributing factors are:
1. The overall composite index jumped 17.0% frm the previous week, re-finances were up 22.5% while purchases were up 9.5%.
2. The refinance share of mortgage activity increased to 59.8% of total applications from 56.5% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 5.8% from 5.6% of total applications from the previous week. This was the largest gain since early April, putting the index at the highest level since the first week of January.
3. The 10 yr note at 8:00 -2/32 at 3.49%, mortgages opened a little lower (-2/32 at 8:15). The stock indexes were trading better at 8:30 but not much. At 9:00 the 10 yr -5/32 while mortgages were unchanged. At 9:30 the DJIA opened a little better, the 10 yr -5/32 and mortgage prices -1/32.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.02% from 5.15%, with points increasing to 1.23 from 1.09 (including the origination fee) for 80% loan-to-value (LTV) ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.45% from 4.57%, with points increasing to 1.13 from 0.85 (including the origination fee) for 80% LTV loans.

What does it all mean?

Low mortgage rates are obviously the tonic to turn the housing markets around; most of the improvement is coming from first time buyers taking advantage of the tax credits that will expire soon unless extended.

If you are sitting on the rate watch fence, this may the time to get off. Individual situations require individual solutions. Contact your lending professional for advice. Don’t have one? Click here.