What a great time to buy!
Mortgage interest rates drop again
Everybody loves a sale, and one that saves mortgage payment dollars is the greatest sale of all ... this is one that lasts for 30 years.
Most mortgage interest rates are around 3.78 percent for a 30-year, fixed rate mortgage, but many lenders are offering rates that are even lower, especially for loans offered over the Internet.
BestMortgageLoan.com offers mortgages at 2.38 percent and claim there are no hidden fees ever. That means the payment on a $150,000, 30-year fixed rate mortgage is $583 per month.
Search the Internet for mortgage lenders in your area that are offering low-interest deals. Often those offered on the Internet are granted only for people with the highest credit scores.
A brick-and-motor lender near you might have something almost as good as those offered on the Internet.
Mortgage Applications Rise
Mortgage applications for home purchases continued to inch up last week, rising 1.4 percent, the Mortgage Bankers Association reported in its weekly survey that ended Aug. 24. Mortgage applications for home purchases is viewed as a future gauge for sales. This can be a confidence builder.
Home Sales Rise
Here in Wilmington, NC, sales of homes continue to make gains. In mid-August, the Wilmington Regional Association of Realtors reported July's home sales were up 22 percent over July 2011's numbers and was the best July since 2008. That news was followed last week by the closely-followed National Association of Home Builders/Wells Fargo Housing Market Index reporting that builder confidence in August was at its highest level since February 2007.
The National Association of REALTORS® reported that pending home sales — which are based on contract signings — soared to their highest level in more than two years and were 12.4 percent over year ago levels.
Need a jumbo loan?
In Wilmington, Wrightsville Beach, Carolina Beach and Kure Beach there are many homes available for sale that may require a jumbo loan. Sales and new construction is going strong. There are deals to be made and our beaches are wonderful.
Citi is making some of its lower-rate jumbo mortgage loans available to the general public. Citibank Mortgage consultants are available to help you find the finance option that's right for you. Call 1-877-815-6938 and mention Code 12085-9.
I have listed a lot of good reasons to buy a home or vacation home here in Wilmington, NC. Do your home work, make decisions that are right for you, then come visit. We would love to see you.
-BlueCoast agent David Dougherty