Tag Archives: time
Free Home Grants For First Time Buyers
There is no better time than now to stop throwing money away in rent and get a first time homebuyer grant to purchase a new home. No one needs to tell you that paying rent is a big waste of hard earned money. When you look at the big picture, all renters are actually paying a mortgage…their landlord’s. With a monthly rental payment being just about as much as a mortgage, why not pay your own mortgage rather than someone else’s?
I’m sure that the common answer to that question is, “Well I would if I could afford the down payment and closing fess”. Well the good news is that you do not have to be able to afford those things to avail a new home. In fact, you will save much more money on your purchase if you can’t. The government has a great deal of money to invest in insuring that all American taxpaying citizens achieve the American dream and own property. They also have a serious interest in preserving the economy and improving the American housing market, so there is no better time to apply for first time homebuyer grants.
In addition to the benefits of receiving free government money to purchase your first home, currently all homes are being sold at dramatically reduced prices far below their actual value. Just buying now can save the potential new home buyer ridiculous amounts of money, possibly up to thirty or forty thousand dollars. Add to this already amazing savings the fact that a first time homebuyer grant can completely finance your down payment and closing fees, you can virtually save in excess of fifty thousand dollars the purchase of a new home or property. If you qualify, which millions do, you can achieve all of this without spending one single dime out of your pocket.
Follow the links below to see how much free government money is available to help you buy your new home, and where to find it.
Mortgage rates fell to lowest for 10th time, 4.32 percent
U.S. mortgage rate fell to the lowest level for the tenth time in 11 weeks as yields on government debt dropped and investors concerned about the economy.
Freddie Mac (OTCBB: FMCC), a government sponsored enterprise (GSE) of the United States federal government, said Thursday that interest rates on U.S. 30-year fixed mortgage, the most widely used loan, was 4.32 percent the week ended September 2, down 0.04 percent compared to the last week. 4.32 percent is the lowest since The Federal Home Loan Mortgage Corporation (FHLMC) started tracking rates in 1971.
In term of the average on 15-year fixed loan, the rate was down 0.05 percent from the last week. There have been decline in rates since springs as investors have moved to Treasury bonds for the shake of safety, which has lowered their yields. Mortgage rates haves a connection with yields on Treasuries on mortgage-backed securities.
15-year mortgages averaged 4.54 percent, the one-year ARM 4.62, and the 5/1 ARM 4.59 percent a year earlier.
Amy Crews Cutts, Freddie Mac deputy chief economist, said in a statement that the price growth of core personal expenditures in one year kept unchanged at 1.4 percent in July.
Federal Reserve Chairman Ben Bernanke also said that inflation should remain near current readings for some time before rising slowly amid growing economy and reasonably stable inflation expectations.
Refinancing is at its highest level since May 2009. However, a wave of refinancing from borrowers appeared due to the low rates, with almost 83 percent of all new loans.
Mortgage applications increased 2.7 percent last week as investors have been seeking lower rates. Nevertheless, the rock-bottom rates could not lift the slumping real estate market up, offering a glimmer of hope for the market. It has failed to find footing in the aftermath of the expiration of popular home buyer tax credits.
It is over a decade since home sales have been at its lowest level, tumbling in recent months while home prices are forecast to trek downward again due to increasing supply of homes and mounting foreclosures. Potential home buyers are reluctant to purchases amid fragile economic growth and high unemployment rate. They may be waiting for even lower home prices.
Certainly, home sales are greatly impacted by the lowest mortgage rates in decades. However, home purchase demand remains muted, according to Diane Saatchi, senior vice president at Saunders & Associates in Bridgehampton, New York.
The second-largest U.S. mortgage finance company got mortgage rates together from lenders countrywide from Monday to Wednesday of each week to calculate the national average. There is a dramatic fluctuation in the rates even within a given day.