Bill Nickerson's Mortgage News

Monday, March 22, 2010

Failed Title V Inspection?

Did you know that FHA rehab loans will allow you finance in the costs of a new septic system. You can actually purchase a home that has failed the Title V report. The FHA 203k loan allows for the costs of repair or the installation of an entirely new septic system through this special rehab loan. The loan will allow you to borrow up to $35,000 above the cost of the home for repairs, renovations, new energy efficient doors and windows, siding and even a new septic system. Need more details, call or email me anytime!

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Tuesday, March 16, 2010

Fed Leaves Rates Unchanged Today... :)

The Federal Reserve kept its benchmark interest rate at a record low today, even better used the language “Likely to warrant exceptionally low levels of the Federal Funds Rate for an extended period of time”. What does this mean to you???? The Feds have now left the door open as they say for continued talks about purchasing more mortgage back securities even after the money runs out this month. Although employment seems to be recovering, the housing markets still remain weak and will take some time to recover. The government had a plan to purchase 1.25 Trillion of mortgage backs over the last 14 months, the money runs out in just a few weeks. Guess again, there goes the deficit….

Good News: Mortgage rates may stay low for several more weeks!

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Housing Starts in US Declined 5.9% in February...Mortgage Rates Improve!

Housing Starts fell in February as record snowfall in parts of the country hampered new construction; these numbers are down from the previous month. The south was hit the hardest as they are down 16 percent, New England down 9.6 percent and the West is actually up 7.9 percent. Although the numbers down, weather had a big part in the delay on the Spring Market. Foreclosures are also getting in the way of new inventory, a harsh way to put it, but until the housing market is back on track, mortgage rates should stay low.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Monday, March 8, 2010

What if Mortgage Rates were to go UP?

If you were to hold off on that home because you thought home prices were going to drop, well consider this. If mortgage rates increase by 1 percent as predicted by economist in the next six months, what do you think that does to your buying power? A one percent increase on a $400,000 mortgage would reduce your borrowing power by $50,000. That is a drop of more than 10% of the loan amount in order to keep your mortgage payment the same. Instead of being able to afford the $400,000 loan amount, you would now only be able to afford $350,000. Today’s underwriting guidelines have tightened up even more than just a few months ago. Take away the $8,000 tax credit after April 30, this puts you at even a less advantage then someone buying today.

It is time to make some real decisions. This will be one time in our lives where it is the perfect time to purchase a home.

Helping the economy one home at a time….

Bill Nickerson

Vice President Mortgage Network, INC

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Sunday, March 7, 2010

Mortgage Rates Continue to day low

Mortgage rates remain below 5.00% this past week for the 30 year fixed rates. This is for mortgages up to $417,000 and for consumers with credit scores over 740. If this doesn’t work for you and your credit scores are below this amount, you should look at the FHA mortgages. FHA does not punish clients like that of Fannie Mae and Freddie Mac. Today’s FHA rate is at 4.875% with 0 points and your credit score can be as low as 620. The FHA mortgage has become the standard in lending and has become a very easy mortgage to work with. Have questions??? Email me anytime at bill@billnickerson.com.

Bill Nickerson

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA

Tuesday, March 2, 2010

Money Saving Idea! Are you looking to save thousands off your mortgage without having to refinance?

Do you have a mortgage? Want to save $20,000, $30,000 or even a lot more. Here are the steps…. Take your monthly mortgage payment, divide it by 12. Now take that 12^th of your payment and add into your mortgage payment each month. This will be considered extra principal that you are adding in each month and will reduce the term of your mortgage by at least 6 plus years. 6 Years off the life of your loan on a $200,000 mortgage would save you $32,000.00.

Example: Your principal and interest payment is $1200 per month, divide this by 12 and you come up with $100. Take the $100 and add this to your monthly payment and this will save you over 6 years of inertest off your loan. This will save well into the thousands of dollars for you and your family.

For money saving ideas on your mortgage, feel free to contact me anytime.

Bill Nickerson

Mortgage Lender

179 Great Road, Acton MA 01720

978.264.4803 (o) 978.273.3227 (c)

Providing Mortgages Since 1991

Commercial Residential Reverse FHA/VA