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All Real Estate Agents Are Not Created Equal
**Important things to look for in a Real Estate Agent**
When selling your home, one of the most important services your real estate agent can perform is helping you set the listing price. Most people approach a sale thinking they have a pretty...
Complete Home Rehab In 10 Days
This report is about taking a house and restoring it to an aesthetically pleasing dwelling that has reclaimed it’s functional utility. In effect, it is the anti-aging medication for bricks and mortar.
This report assumes that you have...
How Come No One Told Us About This When We Were Buying A Home?
Development, it’s bound to happen.
Simply because there is a large open field, or the property you’re looking at borders woods, doesn’t mean it will or can stay that way in the future.
I could rattle off instance after instance where home...
Is a Solar Home Right for You?
Ste
p 1 - The Energy Audit
If you would like to construct a solar house, you will need to
conduct an energy audit to calculate the total requirements of
your daily energy needs.
Most of the energy that is consumed in your house is...
Selling Your Home Starts At The Curb
Have you been considering selling your home in the near future? If you have, then it wouldn’t be a bad idea to take a good long look at your home, using an unbiased eye.
After all, a clean, appealing, well maintained home has much better odds of...
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Interest Rate Increases And You!
After 12 rate increases by the Fed, it does appear that the real reason behind the Fed action is to apply the brakes on inflation. The Fed seems confident that economic growth is on track but wary that costlier energy could "fuel" dangerous inflation. From all reports it is working. All types of borrowing will cost more. On the "Sunny-Side" savers will shortly see a bump in the meager interest they are receiving as deposit interest runs opposite to loan rates.
The Federal reserve today raised the Fed Funds Rate 1/4% to 4.0% The federal funds rate is the rate banks charge each other for overnight loans to comply with the Fed's reserve requirements. By buying or selling Treasurys in the market, the Fed can set the interest rate and influence the price of credit. Th ePrime Rate, that many members understand will shortly be raised the same amount.
What Does It Mean To You?
Adjustable Rate Mortgages
ARMs have the most one for one relationship with the Fed Funds rate -- they are usually indexed against the one-year Treasuries which are tied closely to the Fed Funds Rate. Every borrower will feel the pain when these rates go up
Some borrowers who recently got an ARM may know that their rate can only go up a maximum 2 points
If interest rates go up two percentage points on a $216,000 mortgage ( About the average in the U.S.) Borrowers could be on the tab for $269 more a month.
Fixed Rate Mortgages
The Fed plans deliberate future increases also
meaning fixed mortgage rates may continue their rise.
If Mortgage rates go up 1 Point, the above $216,000 loan would cost $140 more per month (5.4% vs 6.4%
Lines of Credit Tied To Home Equity
These loans are mostly always tied to the Prime rate so expect a rise in the very near future.
Home Equity Loans
These loans are ties to the equity in the home and are pegged to one-year treasury yields or the prime, which move in lockstep with the Fed rate.
If you are in the process of borrowing now, it may well pay to —LOCK IN THE RATE TODAY as the full effect may not hit for a few more weeks. After that look to pay about $100 more per month on $100K loan.
Copyright 2005 Promotions Unlimited – All rights reserved.
About the Author: Bob Schwartz runs 4 real estate sites. At http://www.brokerforyou.com/real-estate-partner-sign-up.htm can tade links w/these sites. His main site offers web hosting - domain registration & Internet software. http://www.websitetrafficbuilders.com Improve your sites creditability w/Free web site awards: http://www.web-site-award-winning.com
Source: www.isnare.com
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