We have made it to Facebook. Eversley Capital Mortgage has its own fan page. The official page is http://www.facebook.com/eversleycapital

As always we strive to offer Connecticut residents the best and lowest mortgage rates and fees. We offer conventional fixed and arm loans as well as jumbo, conventional jumbo, USDA and VA loans as well as second mortgages both fixed and adjustable. We are located at 3 Everlsey Ave in Norwalk CT.

For the remainder of 2010 if you are purchasing or refinancing and read this blog or come across Everley Capital via Facebook mention either this blog or become a fan on Facebook and at the closing of your loan we will credit you back the cost of your appraisal a value up to $500 dollars. So become a fan today!

In a statement made last week Freddie Mac publicly expressed its intent to stop purchasing and securitizing interest only mortgages. These mortgages allow borrowers to make just interest payments for a specified period of time. The interest only mortgages have been available as both 30 year fixed rate loans as well as adjustable ARM loans.

Their statement went on to say an official release will be issued in an upcoming servicer/seller guide and plans to cease all purchase by September 1.

Shopping for mortgage rates in CT? Great rates are a click away www.EversleyCapital.com

Below is a chart showing the trend of mortgage rates dating back to 1992. We have seen rates nearly at 10 percent and the more recent low’s in the four’s. Current mortgage rates are around 5 percent.

Copyright © 2009 Mortgage-X.com
Source: www.mortgage-x.com
Reprinted with permission

Great mortgage rates are a click away www.EversleyCapital.com

Shopping for a mortgage? You can use a free mortgage calculator at www.EversleyCapital.com. There you can find a standard mortgage calculator as well as a bi-weekly and interest only calculator. You can also use a refinance calculator to help determine if refinancing your home makes sense.

Aside from shopping mortgage rates at EversleyCapital you have unlimited access to calculate your payments and savings. Great rates are a click away.

Eversley Capital Mortgage LLC

3 Eversley Ave

Norwalk CT 06851

(203) 838-6760

We have taken the necessary steps to allow homebuyers and home owners who want to refinance the ability to go to the web page of Eversley Capital Mortgage LLC, Norwalk CT and put in their loan scenario and get their interest rate back in seconds.

There are mortgage calculators available, they can check and compare any loan program that they wish 24 hours a day and 7 days a week. This allows our customers to be able to get online loan rates at a few strokes of their keyboard.

You can call and speak to one of our mortgage consultants or take the liberty yourself to fill out a quick and secure application at the site and get your tentative loan decision within minutes. The best rates are a click away at Eversley Capital Mortgage LLC.

The new regime in the Government did say they would pull out all the stops to try and stabilize a crippled housing market and economy. And to date there have been numerous ideas, programs and cash and tax credits implemented. And now there is a new one except this time it is Fannie Mae and Freddie Mac looking to stabilize foreclosure “hot-spots”

Fannie Mae recently announced their “deed for lease” program. Freddie Mac has already implemented this same type of program.

Countless numbers of borrowers on the verge of foreclosure will have the option of renting their homes from Fannie or Freddie. The program will allow homeowners to transfer ownership to Fannie or Freddie and rent the home back for a year by signing a lease.

While the end result for the borrower is the loss of the home for some it gives them the option to remain in the home while they try and turn around their finances. This program would be available to those who do not qualify for a loan modification.

Good news for Connecticut homebuyers, both first time purchasers and “move-up” buyers as well. As LoanClassroom has continuously kept you abreast of legislation for the extension of the homebuyer tax credit with no surprise it is official. It is signed sealed and delivered.

The new tax credit is in effect until April 30, 2010. You must be in contract by that date and will then have sixty days from that date to close. Also as anticipated the income levels to qualify have been increased as well.

I am always getting questions from clients in regards to the tax credit. While I do my part to stay informed there are some questions that I am not always sure of. I found the best question and answer site for the tax credit. It was so well done I found it un-necessary to create my own. It is on the NAHB (National Association of Home Builders) website.

If you are a first time homebuyer click on the link to TAX CREDIT QUESTIONS FOR FIRST TIME HOMEBUYERS

If you are a “step-up” buyer, meaning you are selling and buying a new home click on the link to TAX CREDIT QUESTIONS FOR REPEAT BUYERS

And if you need to get pre-qualified for a mortgage or are in the need of financing fill out the form on the site and we will be sure to get in touch with you.

Contrary to what you may have been accustomed to before and what you knew was the process before is no longer the case today. If you have not applied for a mortgage in the past 3-6 months things have changed.

How things work now are more of a staggered process. Take for example a refinance. After you have submitted your information and income etc. to your bank or lender and completed all the necessary paperwork you have a three day wait time to go over all the initial disclosures. During that three day time no other work can be done also no fees except for a credit report can be collected if your bank or lender charge for that.

After that three day period your bank or lender can now order your appraisal. Once the appraisal is back you have three days to review your appraisal. Assuming the rest of your loan is already all set once the three day period is up to review the appraisal you can schedule a closing.

If we are talking about a real estate purchase the same time frames and waiting periods hold true. So basically things these days are designed so that you fully understand the process. It also means that things these days are taking a bit longer than they used to. At my company Eversley Capital Mortgage LLC in Norwalk, CT depending on the loan and the investor we use time frames are still at about a three week turn time from start to finish. For some types of loans that time frame is closer to four weeks but keep in mind there is a total of six business days right from the start where nothing is basically getting done so all in all three to four weeks in my opinion is better than most.

The highest percentage ever recorded for delinquent mortgages was announced for the second quarter. The Mortgage Bankers Association reported that residential mortgages that were in foreclosure or at least one payment past due jumped to 13.16%. Residential mortgages that were somewhere in the foreclosure process reached 4.3% of all mortgages and that number was up from 3.85% in the first quarter of 2009.

The sub-prime and exotic mortgages that were the focal point of the housing bubble are not what has drove the escalation in delinquencies. Prime loans now account for nearly 40 percent of all foreclosure starts. That number is a direct result of the job market. As the flood of jobless claims continue so will the default rate for prime loans. A year ago prime loans, those issued by Fannie Mae and Freddie Mac only accounted for roughly 15 percent of foreclosure starts. That number is nearly doubled in a year as the job market is still weak.

This should come as no surprise but in a recent report from the Mortgage Bankers Association FHA loans currently are at the highest percentage of mortgage originations in 19 years. Government backed loans accounted for roughly a third of mortgage origination in June.

The reason behind the surge in FHA loans is a change in the market. The sub-prime mortgage industry is all but gone and conventional Fannie or Freddie loans have tightened back so far that if there is any inkling of a low down payment, FHA is your only choice.

In prior years conventional loans had 97 percent and even 100 percent options for financing but no more. Conforming loans are starting at a 90 percent loan to value or a 10 percent down payment. If you need financing that requires less than a 10 percent down payment FHA is the route you need to go. Any loan with a down payment of 10 percent or more and a conventional Fannie Mae or Freddie Mac loan is your best choice.

Another thing to keep in mind is with FHA loans you can use the $8,000 first time home buyer credit towards your down payment. IT DOES NOT mean that if you have no money to put down you can just use the $8,000 in lieu of. You will still need at best 3.5 percent of your funds as down payment but if you chose to can use the $8,000 as well.