William Raveis Mortgage has been ranked in the top 1% of all FHA lenders in the United States, and the ranking gives us the ability to offer lower FHA rates and launch new products that are largely unavailable to other lenders, including 97% loan to value.  Contact our Mortgage Representative, Michael DeRosa, and please reference this post, to view details on the competitive programs, which include mortgage insurance.

*Source: The department of Housing and Urban Development Compare Ratio Statistics.

Here is some additional information I received from Michael on Friday regarding interest rates:

Federal Reserve Raises Interest Rate Charged to Banks, In First Move Since 2008

The Federal Reserve, taking its first step to return lending to normal after more than two years of extraordinary actions to prop up the economy, on Thursday raised the discount rate to 0.75 percent from 0.50 percent, takes effect on Friday.

Officials said the move was not meant to be a broad tightening of credit. Rather, they said, it was intended to discourage emergency borrowing when other financing is available to banks.

NEWSFLASH………THIS IS A MAJOR SIGN OF WHAT IS TO COME,

What usually follows after the Fed raises??  The banks raise rates go UP!!

This has the same effect of tightening credit…. but guess what??

 Rates are still low and so are home prices!!!

All BUYERS should now this fact……

            For every 1% that interest rates go UP (from current levels)

                   Their purchasing power decreases by 10.5%!!!!

Example, a mortgage payment at a rate of 5% on a $500,000 loan

                        = a mortgage payment @ 6% on a $447,000 loan!!!!

This means that the monthly payments on the following loans EQUAL each other.

 $750,000 @ 5% = $670,000 @ 6%

$1,000,000 @ 5% = $895,000 @ 6%

$1,500,000 @ 5% = $1,343,000 @ 6%

$2,000,000 @ 5% = $1,790,674 @ 6%

Wouldn’t you rather buy a home with a HIGHER value at the same payment!!!

You should know that the value of your money RIGHT NOW!!!

and more importantly……how to leverage it!

If you would like to see how this impacts you, please contact me for a consultation.

I will be available this weekend.

Best Regards,

Michael DeRosa

Executive Mortgage Banker

William Raveis Mortgage LLC

Mobile: 203-994-9988

eMail:   derosam@raveisre.com

eFax:    203-653-5687

Last Updated On: Thursday, January 07, 2010

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

William Raveis Mortgage, LLC is a licensed, full-service Mortgage Banker/Broker (View our licenses)

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Mortgage Rates for NY

Product                               Interest Rates                 Annual Percentage Rate
15 YR Fixed Conforming               4.500%                      4.772%
15 YR Fixed Jumbo                      5.250%                      5.502%
30 YR Fixed Conforming               5.125%                      5.288%
30 YR Fixed Jumbo                      5.750%                      5.903%
30 YR Fixed Super Jumbo             6.000%                      6.163%
5/1 YR ARM Conforming               4.000%                      3.551%
5/1 YR ARM Jumbo                      4.625%                      3.642%
5/1 YR Portfolio Arm                    4.625%                      3.642%

Last Updated On: Wednesday, December 30, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change. NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

William Raveis Mortgage, LLC is a licensed, full-service Mortgage Banker/Broker (View our licenses)

Last Updated On: Monday, December 21, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
d20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

William Raveis Mortgage, LLC is a licensed, full-service Mortgage Banker/Broker (View our licenses)

All information provided is deemed reliable but is not guaranteed and should be independently verified.

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.

20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

William Raveis Mortgage, LLC is a licensed, full-service Mortgage Banker/Broker (View our licenses)

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Last Updated On: Friday, December 04, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Last Updated On: Friday, November 20, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
id 20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.

Last Updated On: Friday, November 13, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
,20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.
William Raveis Mortgage LLC.

Last Updated On: Friday, October 30, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change.
20051919LB – NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified. Information per William Raveis Mortgage.

Last Updated On: Friday, October 23, 2009

The rates and APR above are based upon the following assumptions: a 20% down payment, $1,500 in finance charges, and 30 days prepaid interest, 1 point, and a 60 day rate lock. The rates and APR will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. Property taxes and homeowners insurance are estimates and subject to change. NY Licensed Mortgage Banker-NYS Banking Department LMBC 106535

All information provided is deemed reliable but is not guaranteed and should be independently verified.