Homeowner Tax Rescue Bill

So, what does it all mean? What are some of the details? How does it help you? Per Bankrate.com >> First-time homeowner tax credit The law will extend a tax credit of up to $7,500 to first-time homebuyers. A first-time homebuyer is defined as someone who hasn’t owned a home in three years. The tax credit is for 10% [...]

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Why Interest Rates Change Daily:

Despite what some people believe, mortgage-backed securities (MBS’s) are the bonds that directly dictate fixed rate mortgage interest rate pricing. The supply and demand for MBS’s is the final determinant of how fixed rate pricing is set. Just like stocks, MBS’s trade throughout the day. Large volumes of buying and selling can cause extreme fluctuations [...]

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Platinum Mortgage Introduction

I’m starting a new series of introductions to local businesses that I deal with on a regular basis. Today’s introduction is to Platinum Mortgage. Platinum is a full service lender in the Huntsville Metro area with four local offices covering Huntsville, Athens, Decatur, and Madison. Introduction: Trying to find the right home loan can be difficult. Finding [...]

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The Fed Cuts the Rate….Again!

A lot is made of Federal Reserve Rate Cuts nowadays. I still get questions about it occasionally, so I though I might address a couple of them. On January 30, 2008, the Fed dropped the rate 50 basis points (1/2%) in a move that was not unexpected, setting the federal funds overnight rate to 3%, [...]

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Mortgages at Lowest Rates in 3 Years!

The average conforming 30-year fixed mortgage rate is now 5.75%. According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.36 discount and origination points. The average 15-year fixed rate mortgage, popular for refinancing fell to 5.28%, and the average jumbo 30-year fixed rate sank to 6.98%. Adjustable mortgage rates were lower also, [...]

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