INTEREST RATES MOVE LOWER / QUALIFYING BASED ON ASSETS INSTEAD OF INCOME
INTEREST RATES MOVE LOWER:
March 31st, 2014
Interest rates moved slightly lower last week with the Mortgage Backed Security Market closing the week up + 13 basis points.
Overall the interest rate market has been very stable over the past week with not a lot of movement one way or the other. This week will likely be choppy with a lot of economic data coming in, headlined by the March Employment report on Friday. The employment report usually has the largest effect on interest rates over any other economic date report.
The recent economic data on the US economy has been positive. The reason rates haven’t risen as much as they probably should is because investors are seeking safety in bonds with the uncertainty in Ukraine and now concerns over China’s banking system.
My long term outlook remains that interest rates will gradually increase due a number of events:
The FED will continue to taper their bond purchasing program
Most economic reports are showing positive US economic gains – which puts pressure on rates to go higher.
The uncertainty of the weather affecting the economy will begin to fade in spring – so the economic data will likely have a bigger impact now that investors know the data is not skewed by a harsh winter in many parts of the country.
For a free email mortgage quote, please go to www.freemortgagequote.biz
Below are today’s interest rates – have a wonderful week!!
BEST VALUE OF THE WEEK:
20 Year Fixed at 4.25% with 0 points
7/1 ARM at 3.5% with 0 points
TODAY’S INTEREST RATES:
30 year fixed: 4.375% – 1 point, 4.625% – $0 costs
20 year fixed: 4.125% – .63 points, 4.25% – 0 points, 4.5% – $0 costs
15 year fixed: 3.5% – .41 points, 3.625% – 0 points, 3.75% – $0 costs
10 year fixed: 3.125% – .67 points, 3.375% – 0 points, 3.625% – $0 costs
5/1 ARM: 2.875% – .77 points, 3.125% – 0 points, 3.375% – $0 costs
7/1 ARM: 3.25% – .8 points, 3.5% – 0 points, 3.75% – $0 costs
30 year fixed FHA: 3.875% – .81 points, 4.125% – 0 points, 4.25% – $0 costs
15 year fixed FHA: 3.25% – .41 points, 3.375% – 0 points, 3.625% – $0 costs
30 year fixed VA: 3.875% – .55 points, 4% – 0 points, 4.25% – $0 costs
QUALIFYING BASED ON ASSETS INSTEAD OF INCOME:
Introducing a new Crossline Capital product that allows a customer to qualify based on their assets versus just a provable income.
ASSET DEPLETION PROGRAM:
The Asset Depletion program is meant to help assist customers in getting to a qualifiable debt to income ratio based on assets the customers have. The customer can qualify based on just assets or also based on normal income plus assets.
Here are the details of the program:
-Customer can use liquid assets (checking, savings, stocks, mutual funds). Customer can use retirement accounts only if they are over 65 years of age.
-The income is qualified by taking total assets and calculating a loan payment off it.
The total assets are the loan amount.
The rate will always be 5%. (not the rate of the loan, but the rate of the income calculation)
The term of the loan calculation is based on 85 minus the customers age. If this is over 30 – you would bring loan term down to 30. If this is under 10 – you would bring loan term down to 10.
I can do this for you – or if you have a mortgage calculator you would enter – 5% for rate, liquid assets for loan amount, term calculation above for term, and solve for the payment. The payment is the amount of income we can use to qualify this customer with their assets.
-Assets do not need to be withdrawn
-Minimum loan amount of $300,000.
-Available loan products are 5/1, 7/1 and 10/1 ARMs
Please contact me if you would like to see if you qualify for this product.
Today’s Mortgage Interest Rates. Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado. Arizona Home Loans, California Home Loans, Colorado Home Loans. Arizona refinance, California refinance, Colorado refinance. Scottsdale, Arizona Mortgage Banker in McCormick Ranch. McCormick Ranch Loan Officer. Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline refinance mortgages, Conforming mortgages, Conventional Mortgages, 100% Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinance, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages. January 27th 2014 30 year fixed rates, March 31st 2014 30 year fixed rates, April 1st 2014 30 year fixed rates, April 2nd 2014 30 year fixed rates, April 3rd 2014 30 year fixed rates, April 4th 2014 30 year fixed rates, April 5th 2014 30 year fixed rates.