This is a special update courtesey of Jim Mullen, at Metro Citi Mortgage. This will make it the ideal time to purchase your secound home.... Come to the Cashiers, HIghlands, Glennville area and experience the beauty that is the Plateau..... 4.5% that would be nice!!!
SPECIAL UPDATE
Government officials have been under enormous pressure to help stabilize home prices and prevent foreclosures. At the same time, they don't want to appear to be using taxpayer money to bail out undeserving individuals and institutions. As Fed Chief Bernanke stated, the solution may involve a "full range of coordinated measures" aimed at different aspects of the problem.The government has already put many programs in place, and others are under discussion. The Fed and the Treasury have used billions of dollars to provide financial institutions with capital to make loans. Last week, they instituted a program to buy MBS to push mortgage rates lower. Yesterday, the Treasury announced that it is considering a plan which would offer below-market mortgage rates for some loans used to purchase homes. The program being discussed involves the Treasury investing in MBS guaranteed by Ginnie Mae, Fannie Mae, or Freddie Mac, which contain purchase money loans at a specified rate (4.5% was the initial proposal). The lower rates will not be available for refinancing loans. There has been no indication that these loans will have special underwriting or eligibility requirements.Keep in mind, the timing and the final form of this latest progr
am is not known. As we have seen recently, most notably with the $700 billion TARP rescue plan, government programs can change significantly before their implementation. The incentive to execute such a plan is compelling, however. Lower mortgage rates make homes more affordable. As more people purchase homes, prices will stabilize more quickly and new home construction will pick up, giving the overall economy a much needed boost.See Live MBS prices and analysis at www.mbsquoteline.com (800-627-1077)
am is not known. As we have seen recently, most notably with the $700 billion TARP rescue plan, government programs can change significantly before their implementation. The incentive to execute such a plan is compelling, however. Lower mortgage rates make homes more affordable. As more people purchase homes, prices will stabilize more quickly and new home construction will pick up, giving the overall economy a much needed boost.See Live MBS prices and analysis at www.mbsquoteline.com (800-627-1077)For information on how to become a member of the Highlands, cashier community call Mathew S. Kowal at O:828.743.7077 C:404.394.7144
For more information on the mortgage market contact Jim Mullen:
Jim MullenLoan Consultant 828 743-7073 Office Mountain Village Mortgage, 828 200-9168
Cella Division of Metrocities Mortgage, LLC 828 743-9830 Fax3065 Hwy 64 jmullen@metrocitiesmtg.com E mailSapphire, NC 28774
Cella Division of Metrocities Mortgage, LLC 828 743-9830 Fax3065 Hwy 64 jmullen@metrocitiesmtg.com E mailSapphire, NC 28774
