Posts Tagged ‘home loan des moines ia’

FHA Increases Insurance Premiums.

Thursday, February 24th, 2011

Hello Des Moines, Ia Mortage readers!

So if you are looking to take out a home loan in Des Moines, IA you may also be reading about how the FHA will raise Insurance Premiums by .25%  starting April 18th of this year. Why are they doing this? Well if you’re searching for an Iowa home loan and you are going FHA you know you are going to have to pay Mortgage Insurance, so to you this is a slight raise in costs from 2% to 2.25%. A lot of realtors  and loan originators may be upset because it’s an extra cost they have to work around for buyers looking for Iowa homes. Now back to the “why”, well the plan is to raise funding for FHA capital reserves. This hike in premiums is projected to raise between 2.5 and 3 billion dollars annually which analysts are saying will help in the housing markets steps to recovery. So even though the raise in premiums sounds like something bad, especially in todays struggling economy, it’s good to know there are moving parts to a plan that is in motion so they can work towards helping borrowers get a mortgage in Des Moines, IA. Before the market can flourish again we have to take steps to get sections of the market, such as FHA, to a point of stability. So when you check Des Moines mortgage rates, be sure to keep in mind that if you go FHA after April 18th, you’ll be expected to pay that extra .25% in premiums.

-Dan

www.sayhalo.com

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Hey Iowa Homebuyers!

Monday, January 10th, 2011

Hello there Des Moines, IA mortgage readers!

Thinking about getting a home loan in Des Moines? Well in the next few posts we will be walking through some tips and things to keep in mind during the whole process.

First we’re going to take a look at existing debt. If you’re starting to save for a down payment on Des Moines, IA homes than stop. Stop. Stop because you first need to take a look at any current debt you may have. Especially credit card debt since it can be very expensive over time. Why pay off the debt before getting into a home loan in Des Moines? Well it’s pretty easy, you want to get rid of existing debt if you can becuase it will help you save more money in the long run. Lori Vella, Senior Vice President of national lending for Washington Mutual, says that even though you won’t have as much of a down payment it makes sense to use cash on hand to pay off credit card debt. Another reason to pay off debt before trying to work your way into a mortgage in Des Moines, IA is because the more debt you have, the less lenders are willing to work with you. Lenders won’t give you access to the funds you need if your debt ratio is too high. Basically if you can lower the amount of money you owe, you’ll be more likely to get the funds your requesting for your Iowa home loan.

-Dan

www.sayhalo.com

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“It’s a bird! It’s a plane. No, it’s your new home!”

Thursday, January 6th, 2011

Hello Des Moines, IA Mortgage readers!

So as everyone can see rates on a Des Moines, IA mortgage are higher than they were two months ago. Rates are still sitting fairly low with the national average around 4.86% for a 30 year fixed loan according to Freddie Mac’s weekly survey. Rates are projected to sit between 5% and 6% throughout 2011. What this means is the market will shift from the refinance boom in 2010 back to purchases for 2011.

There may not always be incentives for refinancing, but if you’re a renter now and thinking about getting a home loan in Des Moines, Ia you will find most people will tell you it’s worth it. If you think about how much money you’re spending on a rental property per year compared to putting equity into a property you own it’s a no brainer. Rates may be back to the norm but the benefits of buying are there. For example, your payments toward rent are not tax deductable, where as your monthly mortgage in Des Moines, IA is. That is money in your pocket at the end of the day. Also with a home loan in Des Moines, IA you can rely on the stable market and use lenders money to invest in a property that will likely appreciate. There are many pros to purchasing and even though rates are rising back to where they used to be, you have to consider all the benefits of buying, then all you have to do is pick out your new Des Moines, IA Home. Good Luck.

-Dan

www.sayhalo.com

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