Another week, another new low for mortgage rates.
According to Freddie Mac’s weekly Primary Mortgage Market Survey, the 30-year fixed rate mortgage rate fell 3 basis points to 3.53% last week nationwide. The 3.53% mortgage rate is available to mortgage applicants who are willing to pay 0.7 discount points, on average, plus a full set of closing costs.
One year ago, the 30-year fixed rate mortgage rate was 4.52%. Today, it’s nearly one percent lower. For every $100,000 borrowed at today’s rates as compared to July 2011, a mortgage applicant will save $57 per $100,000 borrowed, or $684 per year.
Over 30 years of a loan, those savings add up.
30-year fixed rate mortgage rates have now dropped through 5 consecutive weeks, and in 11 of the last 12 weeks, a streak dating back to late-April. Depending where you live, however, you may not get access to 3.53% mortgage…
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I love spreading the word about HomePath. HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Click the audio to learn more.
Please contact me if you’d like to learn more.
A REO (Real Estate Owned) property is one that goes back to the lender after an unsuccessful foreclosure auction. What happens next with the occupants of these properties? Listen in as David Giambruno, broker/owner of Silicon Valley Associates in San Jose talks with me about occupancy checks, relocation fees and the eviction process.
Hear my guest, David Giambruno of Silicon Valley Associates share his insights about what this would mean in terms of governmental control and resources, and whether such legislation could really do anything to help stabilize the real estate market.
Photo credit: Jeroen van Oostrom
If you’ve been around Rich Dad for any amount of time, you’ve heard the term financial education batted around pretty regularly. But what do we mean when we say financial education?
In my book, Conspiracy of the Rich: The 8 New Rules of Money, I wrote a whole chapter on what financial education would look like if I ran the school system. This post is adapted from that chapter. If you want to dig deeper, I encourage you to pick up a copy of the book.
Are you part of the 80% who gamble? If so, you may want to look at cash flow investments instead. While both have certain risks, one gives you more control because it involves financial education. Discover Kim Kiyosaki’s insights on this and how it relates to your road to financial freedom here.