Category Archives: Buying Real Estate

Interest Rate Overview as of 16 September 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Rates were stable at historic lows again in the past week. Freddie Mac announced that for the week ending September 16, 30-year fixed rates averaged 4.37%, up slightly from 4.35% the previous week. The average for 15-year fixed fell slightly to 3.82%. Adjustables were also down slightly with the average for one-year adjustables easing to 3.40% and five-year adjustables falling slightly to 3.55%. A year ago 30-year fixed rates were at 5.04%. Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac, “Rates on 30-year fixed loans have remained below 5 percent for the last 19 weeks giving people ample opportunity to refi their existing loans. As a result, homeowners reduced their financial obligations relative to disposable personal income during the second quarter of 2010 to the lowest share in almost eight years, according to the Federal Reserve. Currently, four out of five applications for home loans are for refinancing existing loans, based on figures released by the Mortgage Bankers Association of America.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated September 17, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

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Interest Rate Overview as of 2 September 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Rates hit more historic lows this past week, however, the weak bond market Thursday and Friday may bring a halt to this streak in the coming week. Freddie Mac announced that for the week ending September 2, 30-year fixed rates averaged 4.32%, down from 4.36% the previous week. The average for 15-year fixed fell to 3.83%. Adjustables were also down slightly with the average for one-year adjustables easing to 3.50% and five-year adjustables easing to 3.54%. A year ago 30-year fixed rates were at 5.08%. Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac, “The 12-month price growth of core personal expenditures remained at 1.4 percent in July, which kept overall inflation expectations well at bay. Fed chairman Bernanke reiterated this in his August 27th speech in Wyoming, noting that with inflation expectations reasonably stable and the economy growing, inflation should remain near current readings for some time before rising slowly. As a result, rates eased further this week to new historic lows. House prices, appear to be firming. Home prices rose 2.3 percent between the first and second quarter of this year, reaching the highest level since the fourth quarter of 2008, according to the S&P/Case Shiller National Home Price Index. In addition, 15 metropolitan areas in the 20-City Composite Index experienced annual house price growth in June, compared to 13 in May and 11 in April.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated September 3, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

Bank Owned Homes – Where To Find Them Online

Are you looking for bank owned Tucson Real Estate?

Bank owned homes or as they are commonly referred to, Real Estate Owned properties (REO’s) make up a large percentage of the properties being purchased in the current marketplace. That is because these properties are often times very attractively priced and can be purchased relatively quickly as they sitting as vacant inventory of the lenders who have had to foreclose on or take the homes back from homeowners.

Now when it comes to searching for these types of homes, your best bet is still more often than not going to be to have a real estate agent look up the information about these properties as most of these properties will be listed on the multiple listing services which they have access to. However, there are places that anyone can go online right now and begint to search for bank owned homes. Here are some of the biggest and best sources for bank owned homes available online.

Fannie Mae’s  Home Path – http://www.homepath.com – here you can find information on purchasing and search for properties from mortgage  giant Fannie Mae’s inventory.

Freddie Mac’s Home Steps – http://www.homesteps.com – here you can find information on purchasing and search for properties from mortgage  giant Freddie Mac’s inventory.

HUD Homes – http://portal.hud.gov/portal/page/portal/HUD/topics/hud_homes – here is where you can find out information about and search for HUD owned government properties.

Bank Of America – REO’s -http://bankofamerica.reo.com/search/PropertySearch.aspx  – here you will find a searchable database of Bank of America’s current Real Estate Owned properties.

Chase – REO’s -https://servicing.chase.com/reo/property/FeaturedProperties – here you will find a searchable database of Chase Bank’s current Real Estate Owned properties.

Wells Fargo – REO’s -http://www.pasreo.com – here you will find a searchable database of Wells Fargo current Real Estate Owned properties.

CitiBank – REO’s -https://www.citimortgage.com/Mortgage/Oreo/SearchListing.do – here you will find a searchable database of CitiBank’s current Real Estate Owned properties

The information above was received from http://www.strategicmtgaz.com.

I hope the foregoing information helps you in the search for your perfect Tucson Real Estate.

Interest Rate Overview as of 26 August 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Like a broken record (or we should say records), the weak economic data continues to contribute to the current string of record-breaking rates. The streak has been running for over two months now. Freddie Mac announced that for the week ending August 26, 30-year fixed rates averaged 4.36%, down from 4.42% the previous week. The average for 15-year fixed fell to 3.86%. Adjustables were stable with the average for one-year adjustables down slightly to 3.52% and five-year adjustables remaining at 3.56%. A year ago 30-year fixed rates were at 5.14%. Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac, “Existing home sales plunged 27 percent in July, while new homes fell 12 percent to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed rates to ease to new record lows this week. Much of the slowdown in sales, however, was expected due to the recently expired homebuyer tax programs, which pulled through future home purchases into the first half of the year. The average existing home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago. Moreover, house prices still appear to be stabilizing. Nationally, house prices rose 0.9 percent on a seasonally-adjusted basis during the second quarter of this year this year after 11 consecutive quarterly declines, according to the Federal Housing Finance Agency’s purchase only index. Eight of the nine census regions experienced positive gains, compared to none in the first quarter.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 27, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

Checklist For Obtaining A Home Loan – Part 2

Obtaining a home loan is an important step towards your purchase of Tucson Real Estate.

Following up in a series from our most recent article. We discussed that in the current mortgage and real estate market, the more knowledge you have, and the better you will be prepared to end up with the best possible terms for the purchase or refinance of a home. It always important to know what you need and do not need in order to obtain a home loan and how your situation affects what you can qualify for. Whether you are considering purchasing a home or refinancing, putting everything in place to the best of your abilities ahead of time and knowing what is needed will help you to close your new loan efficiently and with less headeaches.

Debt To Income Ratio: The debt to income ratio refers to a percentage of your monthly debts in relation to your monthly gross income. In others words if your monthly income is $3,000 before taxes and you’re the payments on your monthly debts is $1,000 you would have a 33% debt to income ratio. Those monthly debt payments include things like auto payments, credit card minimum payments, student’s loans and installment loans. They do not include things like auto insurance, cell phone bills or utilities.

Depending on what type of loan you will be obtaining there will be a different loan to income threshold, but typically you will not want to have a debt to income ratio much above 40% in the current market, though it is still possible to obtain approval above that threshold with compensating factors.

That is because most all loans use automated underwriting and with other strong factors you can afford to have a higher debt to income ratio, but with less supporting factors, the lower debt to income ratio, the better. Calculating and figuring out where you stand and what you can possibly due to improve this ratio is almost as beneficial as your credit score itself and often times just as critical, when obtaining a home loan.

Loan Amounts: Yet another critical factor to understand and consider is that of loan amounts or rather loan limits when obtaining a home loan. That is because different home loans have different loan limits, which will affect how large your mortgage can be when obtaining that type of loan.

Currently in Maricopa County in Arizona, the conventional loan limit sits at $417,000 as it does as well for USDA financing. Further still, most people will quote the VA loan limit as $417,000, but in actuality VA home loans do not have an official loan limit. Anything above these levels will have to be a jumbo mortgage and then the process of financing changes all together.

On the other hand, if you are looking at an FHA home loan the current loan limits in Maricopa County sit at $346,250, about $80,000 less than conventional loan limits, but still adequate in many cases in the current marketplace.

Thus, it is obvious that when it comes to purchasing or refinancing it is important to know some of the keys to obtaining financing before you purchase or refinance your home.

The information above was received from http://www.strategicmtgaz.com.

Finding the right loan for you is an important step towards the purchase of Tucson Real Estate.

Interest Rate Overview as of 19 August 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

Again, the weak economic data continues to contribute to the current string of record-breaking rates. Freddie Mac announced that for the week ending August 19, 30-year fixed rates averaged 4.42%, down from 4.44% the previous week. The average for 15-year fixed fell to 3.90%. Adjustables were stable with the average for one-year adjustables at 3.53% and five-year adjustables at 3.56%. A year ago 30-year fixed rates were at 5.12%. Attributed to Amy Crews Cutts, deputy chief economist, Freddie Mac. “Investors in long-term bonds appear very confident that inflation will remain in check, and as a result long-term fixed rates have continued to fall. This week marks the ninth straight week in the survey that 30-year-fixed rates have met or set a new record low. “This week’s release of the Consumer Price Index indicates that current inflation is very low. The 12-month growth in the core consumer price index has held at only 0.9 percent for four straight months ending in July. The last time price growth was this low was the year ending January 1966. “The housing market is in a lull following the expiration of the homebuyer tax credits. Single-family starts fell for the third straight month in July to an annual pace of 432,000 homes, the fewest since May 2009.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 20, 2010


Interest rates are always an important factor when considering a purchase of Tucson Real Estate.

Interest Rate Overview as of 12 August 2010

If you have been thinking about purchasing Tucson Real Estate, the interest rates are still looking good.  Here is what Richard Blair from Smart Financial Mortgage had to say in a recent email:

The weak economic data continues to contribute to the current string of record-breaking rates. Freddie Mac announced that for the week ending August 12, 30-year fixed rates averaged 4.44%, down from 4.49% the previous week. The average for 15-year fixed fell to 3.92%. Adjustables were also down with the average for one-year adjustables falling to 3.53% and five-year adjustables decreasing to 3.56%. A year ago 30-year fixed rates were at 5.29%. Stated Frank Nothaft, vice president and chief economist, “Rates for fixed loans and 5-year hybrid ARMs again broke record lows this week following reports of a sluggish job market. Private payrolls increased by 71,000 jobs in July, below the market consensus forecast, and revisions shaved June’s growth by 34,000 workers. The Federal Reserve also noted in its August 10th policy statement that the pace of recovery in output and employment slowed since its last meeting in June. Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. The National Association of Realtors® reported that 65 percent of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60 percent of areas in the first quarter and only 44 percent in the fourth quarter of 2009.”  Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices For Adjustable Rate Mortgages
Updated August 13, 2010

Interest rates are always an important factor when considering a purchase of Tucson Real Estate.