Charming Fairway Ranch
Fairway Ranch 6004 Catalina St. Fairway, KS 66205
March 24, 2011 By
FHFA Extends Refinance Program
March 15, 2011 By
Federal officials just announced an extension to the refinance program aimed at helping homeowners who owe more on their mortgages than their homes are worth. The program (HARP) expands access to qualified Kansas City homeowners whose homes have loss value.
The Home Affordable Refinance was set to expire June 30 but has been extended to June 30, 2012, said the Federal Housing Finance Agency. The program covers Freddie Mac and Fannie Mae loans, and since its inception two years ago, HARP has enabled 623,000 homeowners to refinance their mortgages.
Kansas City Mortgage Rate Update
March 5, 2011 By
Mortgage Rates are still under 5% according to Mortgage Daily News
CURRENT MARKET: The “Best Execution” conventional 30 year fixed mortgage rate has fallen BACK to 4.875%.
For those looking to buy down their rate to 4.75%, this quote carries higher closing costs. The upfront cost of permanently buying down your rate to 4.75% is not worth it to many applicants. We would generally only advise the permanent floatdown if you plan to hold your new mortgage for longer than the next 10 years. Ask your loan officer to run a breakeven analysis on any origination points they might require to cover permanent float down fees.
On FHA / VA 30 year fixed “Best Execution” is still 4.75%. 15 year fixed conventional loans are best priced between 4.125% and 4.25%, but 4.25% is more efficient in terms of the floatdown breakeven cost.
Five year ARMS are best priced at 3.625%.
Olathe Ranch 604 N. Woodland Rd. Olathe, KS 66061
March 2, 2011 By
