Mortgage rates for the last few months have been extremely low.  Fixed, Adjustable, even Jumbo mortgage rates have fallen to levels never seen before.  

Unless you have refinanced in the last few months, it wouldn’t hurt to see if you can improve your mortgage situation.  You may be able to do a “No Cost” loan and reduce the term of your mortgage by several years with a payment that is the same or lower than your current payment.

But be forewarned, if you do decide to refinance, be prepared for a longer than normal loan process.  Loans that took less than 30 days to complete several months ago, are now taking 30 to 60 days to complete.  But it is certainly worth the wait if you can save some money and improve your current situation.

 Posted by Terry Brunner.  Terry is a Senior Loan Officer with Horizon Financial.  Terry can be reached toll free @ (877) 627-9211 x150 or email TBrunner@HorizonFinancial.org.  Visit Horizon’s website at www.horizonfinancial.org

The good thing about closing costs is that they’re negotiable, in some respects.  You can’t avoid paying underwriting fees or taxes to the government, for example, but you can arrange to have loan costs paid on your behalf.

It’s called a “zero-cost mortgage”.

A zero-cost mortgage is exactly what it sounds like — it’s a mortgage in which all closing costs are paid by the lender instead of the borrower. Loan sizes don’t increase and nothing is “rolled in”.  It’s a true no-cost loan.  However, there is a trade-off.  In order to have your closing costs waived in full, you’ll be asked to accept a higher mortgage rate than the “market” rate.

For larger loan sizes, the bump to interest rate is usually about a quarter-percent; for smaller sizes, it’s about a half.

Zero-cost mortgages are excellent in a falling interest rate environment because they limit  costs to zero, and because they offer an immediate payback.  Not every bank or lender will offer them, though.  Horizon Financial, Inc. does.

If you’d like to see the math on a zero-cost mortgage,  call or email me. I’m happy to talk to you about it.

Posted by Bob Dangelo, a senior Loan Officer with over 20 years mortgage lending experience.  You can reach Bob toll free at Horizon Financial (877) 627-9211 ext 110 in Greenville, SC    864-527-8900 ext 110 or email at bdangelo@horizonfinancial.org.

Rates increasing... but still Low

The Labor Department said 162,000 jobs were added to payrolls in March. Economists had forecast employer would add 190,000 jobs.

The report adds further evidence that the economy is recovering, even though jobs were created at a slower pace than forecast. Investors often sell Treasurys and favor riskier assets like stocks and commodities when the economy is improving.

That’s because investments other than Treasurys traditionally provide the potential for bigger profits. Inflation also typically increases when the economy is strong, so rates must move higher to keep pace.

Interest rates have been creeping higher in recent weeks as more data shows the economy is on the upswing, even if growth is slow. Friday’s jobs data just adds to that string of upbeat reports.

The yield on the 10-year note maturing in February 2020 rose to 3.93 percent from 3.87 percent late Thursday. The yield on the 10-year note is often used as a benchmark for consumer loans. Its price is down 11/32 at 97 18/32.

The yield on the 10-year note is approaching 4 percent for the first time since October 2008, around the time the credit crisis peaked and investors poured money into the safety of bonds.

With economic forces putting pressure on rates to rise, NOW IS THE TIME TO LOCK IN YOUR MORTGAGE RATES!!!

-Call today. Gary Schoenholz – Mortgage Manager – 864-979-1111
-www.GaryTheMortgageExpert.com – 16+ years of experience.

-Gary Schoenholz – Loan Officer Manager- Horizon Financial, Inc. www.GaryTheMortgageExpert.com. Phone- 864-979-1111

http://forecasts.org/fha.htm

-Gary Schoenholz (864)979-1111.  15+ Years of mortgage experience. Website:  www.GarytheMortgageExpert.com

We are all happy rates are down in 2010!

The so called underemployment rate, which indicates part-time workers who would prefer a full-time position and people who want to work but have given up looking rose to 17.3% from 17.2%

Over the last 2 years the U.S. has seen 7.2 million job losses, this has been the biggest as a percentage of all jobs since World War II was ending in 1944-45.

Though most economist agree that we will see job gains in the coming months, most agree that it will be a slow increase and many predict that the unemployment rate towards the end of 2010 will still range between 9-10 percent.

Posted By Randy Ratchford. Randy can be reached toll free 877-627-9211 ext107 or by email RRatchford@HorizonFinancial.org

Mortgage rates are near an all time low, but with many indicators pointing toward future inflation (a interest rate killer that always increases mortgage rates), now is the time for the mortgage rate fence sitters to lock a rate.  It’s only a matter of time (a few more weeks, maybe a few more months) and rates will approach the more normal 6% to 7% range that is the typical average for the last 10 or 20 years.  Right now, rates under 5% are still available, which is amazing.  Lock in today, before it’s too late.

-Gary Schoenholz – Manager- 864-979-1111,

 Website: www.GaryTheMortgageExpert.com

Greenville SC:   There has been a -6.3% decline this past year in the Zillow Home Value Index and the Index has shown a pretty consistant 0.5% approximate drop each month, which is a little concerning, but on the positive side, there has been better news with the Total homes sold this year.  Though the last full month on record in October 2009 the number of homes sold in the city of Greenville was only 63 (not a great number and close to the 5 year low back in February 2009), the numbers really have been better for most of the last few months.   In July and September, we almost hit 100 houses sold in Greenville (96 and 98, respectively).  Overall, the last 6 months have shown improvement compared to the previous 6 months.  Perhaps because of the Home Buyer’s Tax Credits being offered by the IRS.

Anderson SC:  Anderson has shown similar trends as Greenville.  Anderson’s one year change of the Zillow Home Value Index has been -4.6%, not very good.  On the otherhand, the total homes sold in Anderson has shown some signs of life the last few months.  The last month in October fell to an unimpressive 23 homes sold, but the 2 previous months hit a yearly high of 30 and 32 in August and September and overall has shown some promise of recovery.

Spartanburg SC:  The city of Spartanburg SC has actually shown the most promise of the bigger Upstate SC cities as far as its housing numbers are concerned.  The Zillow Home Value Index has actually increased (+8.6%) the last year.  Also the number of homes sold has recovered from it’s low point early this year (January, only 23 homes sold) to double on several occasions (it sits at 46 in the last October 2009 report and hit 52 in July).  All good signs.

Other smaller cities showing promise:  Greer SC: (+2.7% Zillow Home Value Index for the last year) and got to a 1 year high in homes sold in July at 46 homes, but has shown some recent sluggishness (dropped to the 30’s the last 3 months, 31 in October 2009).   Pickens SC: Pickens, though small, has shown some growth through our statistics.  The ZHV Index has gone up +11.5% the last year (very strong).

Overall, compared to many housing markets across the United States, the Upstate of South Carolina looks relatively strong.  Hopefully these trends of “acceptable losses” or some slight increases of home values can continue into the new year.  Let’s hope 2010 starts a general housing recovery, but that, of course, remains to be seen.

-Gary Schoenholz – Loan Officer Manager – www.GaryTheMortgageExpert.com 864-979-1111 cell phone, call for free mortgage rate quotes.

For many American homeowners, interest paid on a mortgage is tax deductable in the year in which it was paid.

Knowing that, eligible homeowners can increase their 2009 tax deductions just by making their January 2010 mortgage payment before the end of the year.

By paying in 2009, the mortgage interest paid can be applied against 2009’s itemized tax deductions even though the payment isn’t technically due until 2010.

It can reduce your tax burden.

And, if you think you’re paying the mortgage “in advance”, remember mortgage interest is paid in arrears; payment due January 1 accounts for interest accumulated in December 2009, anyway. 

Tax planning is a complicated issue and not all homeowners qualify for mortgage interest tax deductions. Check with your tax professional before making tax planning decisions.

If you don’t have an accountant you trust, call or email me anytime; I’m happy to make a recommendation to you.

Posted by Scott Fowler.  Scott can be reached @ 864-527-8900 x104 or SFowler@HorizonFinancial.org.  Visit Scott’s website @ www.ScottFowlerTeam.com .