Outer Banks mortgage rates as of 2-8-08 from Shane Cook
Published February 8, 2008 by Shane CookOuter Banks mortgage rates as of 2-8-08 from Shane CookBig news today! The economic stimulus package was voted on and passed this morning by Congress, and now all it needs is President Bush’s signature. This is expected to happen early next week, and he has already said he will sign it.
This package includes an increase if the Fannie Mae Loan Amounts. The general consensus right now is the increase will vary depending on whether your area is classified as a “High Cost Area” or not. Currently the Outer Banks is not listed as a ”High Cost Area,” so we will have to wait and see what they set our new loan limit at. It will be up to the Secretary of Housing and Urban Development to set the applicable maximum loan amounts for each area within the next 30 days (the rumor is we may know as soon as next Thursday.)
I recommend everyone get on the horn to their Congressman and tell them how important and necessary an increase in our area is to us, and hopefully we can get enough pressure on them to raise the limits substantially in our area. This would affect both purchase and refinance transactions until December 31st, 2008. After 2008 the loan limits will decrease back to their normal levels.
I have attached the final copy of the bill to this e-mail in case you would like to read it. This is great news because it will hopefully help us stir up some urgency with our clients that have been on the fence as this increase will only apply for the next 10 months and after that will decrease and the clients will have to obtain the higher priced jumbo loans again.
We are starting to see the affects of inflation on interest rates this week. Interest rates for Jumbo and 30 year fixed mortgages increased this week as demand to back these mortgages at such low rates fell on Wallstreet. This lead to moderate increases in those mortgages rates yesterday, and into this morning.
As I hear more on the Fannie Mae and Freddie Mac loan amount increases I will let you know. Have a great weekend! Call me anytime 207-2665
Shane Cook
Senior Mortgage Specialist
800-256-7887/Cell 252-207-2665
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Total Loan Denial Letters Issued After Pre-qualification 2005, 2006, 2007: 0
All quotes listed below only require 10% down, and have no private mortgage insurance (PMI), for qualified borrowers. Quotes listed below are for 30 day locks. Add .125% of a percent for Interest Only.
Conforming: loan amount less than $417,000
Primary Residence and Second Homes
40 Year Fixed: 6.0% 1 origination
30 Year Fixed: 5.875% 0 origination
30 Year Fixed: 5.625% 1 origination
15 Year Fixed: 5.0% 1 origination
7 Year ARM: 5.0 % .875 origination
5 year ARM: 4.625% 1 origination
FHA 30 Year: 5.5 1 origination
VA 30 Year: 5.625% 1 origination
Investment Property
30 Year Fixed: 5.875% .75 origination
5 Year ARM: 5.25% 1 origination
Jumbo Loans: Loan amounts greater than $417,000 to $1.5 Million
Primary Residence and Second Homes
30 Year Fixed: 6.75% 1 origination
15 Year Fixed: 5.75% 1 origination
10 Year Arm: 6.625% 1 origination
7 Year ARM: 6.375% 1 origination
5 Year ARM: 6.25% 1 origination
Please call for custom quotes on Jumbo Investment Property loans and on loan amounts greater than $1.5 million. These interest rates vary greatly depending on loan amount, down payment, credit score, etc.
Shane Cook
Senior Mortgage Specialist
First Horizon Home Loans
(Office) 800-256-7887
(Cell) 252-207-2665
(Fax) 866-669-5871
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