Mortgage Rates Remain at Historic Lows

Keeping Current Matters

Here’s the latest update about mortgage rates from our friends at “Keeping Current Matters”:


The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%).

This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post:

“We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We’re predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.”

Below is a chart of the weekly average rates in 2016, according to Freddie Mac.

Keeping Current Matters

Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie Mac, current rates are the best they have been since last April.

Sean Becketti, Chief Economist for Freddie Mac recently explained:

“Since the start of February, mortgage rates have varied within a narrow range providing an extended period for house hunters to take advantage of historically low rates.”

Bottom Line

If you are thinking of buying your first home or moving up to your ultimate dream home, now is a great time to get a sensational rate on your mortgage.


If you’d like to know more specifically what today’s interest rates are and what your payment would be, contact Terry Belt & The Belt Team. The Belt Team is ranked in the Top 20 Best Real Estate Agents in Virginia (our of 30,000+ Realtors) and our mission statement is “Changing Lives for The Better”. We have a top notch list of lenders we can connect you with. It’s our pleasure to help you make the RIGHT move!

What Info Is Needed To Apply For A Mortgage

Documents Needed For Mortgage Loan

If you’re thinking about buying a home, one of the most important things you should do is get a loan PRE-APPROVAL (not just a loan pre-qualification, but a FULL approval.)

This will let you know what you qualify for and it will be something a Seller expects to see when you write a contract.

Your Realtor can connect you with reputable, trustworthy lenders.

Here’s a list of some of the paperwork you’ll likely need to gather to give to your lender:

  • Most recent 30 days of pay stubs (if you are an employee)
  • Year-to-date profit & loss statement (if you are self-employed)
  • Last two years’ W-2’s & personal tax returns
  • Last two years’ 1099’s & business tax returns (if self-employed)
  • Two most recent months of bank statements for each account (all pages – savings, checking, money market, securities, etc.)
  • Copy of driver’s license
  • Mortgage statements, insurance info, property tax bill & HOA statement for each property owned (if you do not own property and are renting – contact info for landlord)
  • Divorce decree and separation agreement (if applicable)

Once you make application – here are a few tips:

DO:

  • Respond quickly to requests for additional info from the lender (and there are almost always additional requests or clarifications needed)
  • Stay current on all your existing accounts
  • Pay off any existing collections, judgments or tax liens

DON’T:

  • Open new credit cards
  • Take out a new loan or lease
  • Don’t let people run credit checks on you
  • Don’t make any major purchases (furniture, car, boat)

Once your loan is approved, you are ready to start looking for your DREAM HOME!

Search our state-of-the-art home search site.

Call (703) 242-3975 or click here to schedule a FREE Buyer Consultation. We are happy to provide a personalized consult that will include:

  • Lifestyle Interview
  • Market Overview
  • Overview of the Homebuying Process
  • Your Home & Neighborhood Wish List
  • The Best Advocate & Assembling Your Team
  • What’s Next

In 2015, The Belt Team was named to the “Top 20 Best Real Estate Agents” in Virginia list by Real Trends, as well as listed in Washingtonian Magazine’s “Best of Issue” for Realtors.

Best Real Estate Agents in Virginia 2015 - The Belt TeamWashingtonian Best Real Estate Agents 2015

 

 

 

National Real Estate Update – August 2015

Interest Rates RisingWondering what’s happening in real estate across the nation?

Well, for one thing, according to FHLMC, the national average for mortgage interest rates went up AGAIN. From 3.84% to 4% when we reported in July and up to 4.09% this month.

This may not sound like a big increase, but here’s what it means in dollars and cents:

$41,417.64

That’s the additional interest you would pay the bank if you had an $800,000 – 30 year loan  – paid monthly. YIKES!

The other reason this small increase of .25% might scare you is that if this trend continues (and most are predicting it will), buyers will be able to afford less, some buyers may be priced out of the market, and sellers will see less prospective purchasers in the market.

All things that point to NOW being an ideal time for both buyers AND sellers.

Watch more “real estate by the numbers” here:

real-estate-agent-Terry-Belt

Call Terry Belt & The Belt Team at (703) 242-3975 for a market analysis “by the numbers” for YOUR neighborhood or the neighborhood you’d like to live in. Every market is different. And in Northern VA, we currently have some markets that are Buyers Markets and some that are Sellers Markets.

National Real Estate Update – July 2015

Interest Rates RisingWondering what’s happening in real estate across the nation?

Well, for one thing, according to FHLMC, the national average for mortgage interest rates went up from 3.84% to 4%.

This may not sound like a big increase, but here’s what it means in dollars and cents:

$26,432.55

That’s the additional interest you would pay the bank if you had a 30 year loan paid monthly. YIKES!

The other reason this small increase of .16% might scare you is that if this trend continues (and most are predicting it will), buyers will be able to afford less, some buyers may be priced out of the market, and sellers will see less prospective purchasers in the market.

All things that point to NOW being an ideal time for both buyers AND sellers.

Watch more “real estate by the numbers” here:

real-estate-agent-Terry-Belt

Call Terry Belt & The Belt Team at (703) 242-3975 for a market analysis “by the numbers” for YOUR neighborhood or the neighborhood you’d like to live in. Every market is different. And in Northern VA, we currently have some markets that are Buyers Markets and some that are Sellers Markets.

Mortgage Minute: New Expanded FHA & VA Guidelines From NPF Benefit Home Buyers

Today’s “Mortgage Minute” is just in from our trusted lending partner, Senior Loan Officer Paul Diaz with New Penn Financial! If you’re thinking of buying a home in Northern Virginia this year – this may interest you!

Northern VA Mortgage Financing          Home Mortgages in Northern Virginia

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“Please let your homebuyers know that qualifying for an FHA and VA loan with
New Penn Financial has never been easier! With New Penn’s unparalleled customer service and far-reaching guidelines, more borrowers gain access to a mortgage to purchase their new home. Here are some of the things we may be able to do:

  • FICOs (credit scores) starting at 580 (FHA) and 560 (VA)
  • Increased DTI (debt-to-income ratio) limits up to 60%
  • Revised tradeline requirements
  • Government down payment assistance permitted

Note that these are not set-in-stone guidelines, but we may have flexibility in these areas when compensating factors are involved. Examples of compensating factors would be high income, large assets or long time on the job.

When the market is contracting as a whole, New Penn Financial, LLC is expanding what we offer! Don’t hesitate to contact us. You may be pleasantly surprised that you can buy a home sooner than you think!

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Contact Paul Diaz at New Penn Financial for full details of program guidelines.

Terry Belt on Real Estate Radio Washington: Northern Virginia “State of The Real Estate Market”

Terry Belt, CEO of The Belt Team, and nationally known Realtor, recently guested on Real Estate Radio Washington where he was asked about the state of the Northern Virginia real estate market. The discussion centered on whether you should buy or sell now, what’s happening with mortgage interest rates and more.

Tune in now!

(And if you’re looking to refinance your mortgage OR find out how much mortgage you can qualify for, contact The Belt Team and we will connect you with our mortgage experts at Churchill Mortgage.

Search Homes For Sale in Northern VA

How Much Is My House Worth?

Contact Terry Belt about buying or selling your home.

Mortgage Minute for HomeBuyers: “What’s A Qualified Mortgage?”

New mortgage guidlelines

If you’re buying a home in Northern Virginia, you may have heard talk of new mortgage guidelines & regulations, but aren’t sure what that means for you. So we asked our Partner Paul Diaz, Senior Loan Officer with New Penn Financial, to explain.

Northern VA Mortgage Financing
Paul Diaz

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What Is A “Qualified Mortgage”?

Lenders that follow underwriting guidelines and product guidelines exactly when they write a loan will be considered to be making a ‘qualified mortgage”. “Qualified mortgages” will provide lenders and borrowers certain legal protections in the event the borrower should default.

Lenders will more than likely still write mortgage loans that are not considered to be qualified mortgages, but because they will lose some protection should the borrower default on a mortgage loan, most other lenders might just stick to the new definition and stay within the guidelines. This may mean less flexibility in the marketplace for some buyers.

Parameters for a qualified mortgage are as follows:

  • Have a loan term of 30 years or less.
  • Not have negative amortization (monthly payment must cover all the interest due).
  • Not be an “interest only” loan.
  • Not be a “balloon payment” loan where a large lump sum of the principal is due back at one time (exception made for small lenders).
  • Upfront points and fees must not exceed 3 percent of the total loan amount. Note: This cap on points and fees may make lenders less likely to offer smaller loans (less than $100,000).
  • Debt-to-income ratio may not exceed 43 percent. *Note: This can be superseded if the loan is originated and kept in portfolio by a qualified small lender, or if the loan is approved by FHA, VA, USDA, RHS, Fannie Mae or Freddie Mac. But it may become harder for people with higher debt loads to get approved for a new home if they cannot stay below the 43 percent debt-to-income ratio.

This last guideline is likely to affect many Buyers in Northern Virginia.

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If you’re wondering how much of a mortgage you can qualify for, contact our partner Paul Diaz at New Penn Financial. He can help you analyze the loan product that works best for your needs and help you get pre-approved for a mortgage. This gives you the power of a CASH buyer!

Search Homes For Sale in Northern Virginia

What Is My Home Worth?

 

Good News For Those Who Have Been Through Foreclosure, Short Sale or Bankruptcy

Here’s this week’s Mortgage Minute from our lending partner Paul Diaz at New Penn Financial:

Northern VA Mortgage Financing   Paul Diaz New Penn Financial

HUD announced some good news in August for borrowers who have been through foreclosure, short sale or bankruptcy – and lenders just started to roll it out this month. If this profile fits you and you’re ready to buy a home, here’s what you need to know about the program we are offering:

Program For Shorter Waiting Period after Bankruptcy, Foreclosure, and Short Sale.

The waiting period after a bankruptcy, foreclosure, or short sale has been reduced to just one year from the event!

Thumbs Up To The Belt Team

Program Requirements:

1. Purchase Transactions Only

2. Housing counseling must be completed 30 days prior to loan application

3. The bankruptcy, foreclosure or short sale must be related directly to the loss of job OR 20% income reduction for at least 6 months

4. Credit must have been satisfactory before the bankruptcy, foreclosure or short sale and be satisfactory for a minimum of 12 months after the event.

*** Program requirements may change

Belt Team CEO Terry Belt comments, “We are thrilled to be partnering with a lender who shares our values and whose mission is to help change lives for the better. Not only does New Penn Financial offer the program above, but they have all kinds of niche products that fit the many needs of our clients.”

Contact Paul Diaz at New Penn Financial for more information. Buying a home could happen sooner than you hoped!