Primary Residential Mortgage, Inc. Delaware Mortgage Company

Delaware Mortgage Rates Weekly Update for Week of April 2, 2012 by John R. Thomas with Primary Residential Mortgage in Newark, Delaware.  Call 302-703-0727 to schedule a free mortgage consultation or you can APPLY ONLINE.

Delaware Mortgage Rate Weekly Update with John R. Thomas

Delaware Mortgage Rates finally reversed course and moved lower after moving higher for the last 3 weeks.  The mortgage bond bounced off the lows and has recovered but will have trouble breaking through the falling trend line that the bond page shows.  The mortgage bond was able to trade higher last week on weak housing data and the intial jobless claims bounced higher.  Housing News that wasn’t so good was Home Prices have dropped in 16 Metro areas according to Case Shiller Index. This has caused the Federal Reserve to consider instituting a third round of quantitative easing called QE3.  QE3 would be another round of bond buying by the Feds which could help to keep home loan rates near historic lows.

My advice is to FLOAT your Delaware mortgage rate to start off the week of April 2, 2012 to see if mortgage bonds can keep their momentum and move higher helping home loan rates to continue lower.  If you would like to schedule a free mortgage planning session call 302-703-0727 or APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 OFfice

Delaware mortgage rates weekly update for the week of March 26, 2012 by John R. Thomas with Primary Residential Mortgage.  Advice on mortgage loans and floating or locking your Delaware mortgage interest rate.  Call 302-703-0727 for a free mortgage consultation or APPLY ONLINE

Delaware Mortgage Rate Weekly Update with John R. Thomas – NMLS 38783

Delaware mortgage rates have continued the slow rise that started 2 weeks ago as the mortgage bond keeps trending lower causing home loan rates to slowly increase.  The housing related news released last week showed housing market is still weak.  Housing Market hit a pot hole in February, the Existing home sales fell 0.9% and New home sales fell 1.6% in February which was below expectations.

The slower housing market and rising interest rates are causing the Federal Reserve to consider QE3 which would be another round of bond buying.  The goal of QE3 would be to help keep interest rates low to bolster the weak housing market.  The Federal Reserve has stated it would keep the Fed Funds Rate low until 2014.  But Federal Nominee stated that Strong Recovery May Speed 2014 Rate Hike.

If you are purchasing or refinancing a home in Delaware then you should consider LOCKING your Delaware mortgage interest rate as home loan rates could continue to rise if Bond market follows the downward trend.  If you would like to schedule a free mortgage loan consultation you can call 302-703-0727 or you can APPLY ONLINE FOR MORTGAGE APPLICATION.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

Free Delaware First Time Home Buyer Seminar on Tuesday april 24, 2012 at 6:30 PM in Dover, Delaware.  The seminar will last about 2 hours and each participate will be able to recieve a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans.

 

Each participate will recieve a Free Credit Scoring Handbook, Free Homebuying Handbook, and an opputunity to meet with a mortgage planner to be pre-approved to buy a home at the seminar.You will also learn importance of credit in buying a home and learn valueable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.Your presenter is the author of the new book, Your Guide to Buying Your First Home in Delaware.The Seminar is being held at The Seminar is being held at The Sheraton Hotel at 1570 North DuPont Highway, Dover, DE 19901Seminar is from 6:30 PM till 8:30 PM. To register for the seminar, please call 302-703-0727. You can also e-mail me at DelawareMortgages@yahoo.com or you can register online at www.delawarehomebuyerseminar.com  For a Complete list of seminars visit www.DelawareMortgageLoans.net/seminars

John R. Thomas – Certified Mortgage Planner
Primary Residential Mortgage, Inc.
NMLS # 38783
302-703-0727 DE Office
610-960-3109 PA Office
410-412-3319 MD Office

248 E Chestnut Hill Rd
Newark, DE 19713
www.PRMIDelaware.com

Delaware mortgage rates weekly update for the week of March 19, 2012 from John R. Thomas with Primary Residential Mortgage in Newark, Delaware.  John Thomas is the branch manger and the author of the book, Your Guide to Buying Your First Home in Delaware.  Call 302-703-0727 to schedule a free mortgage planning consultation or APPLY ONLINE.

 Delaware mortgage rate weekly update with John R. Thomas

Delaware mortgage rates have started the week higher than last week as the bond market sold off last week in response to 3 things.  First the Federal Reserve statements said economy is improving and there was no mention of QE3.  Former Fed Governor Doesn’t see a QE3.  Second, the problems in Europe  have a temporary solution, there was a bailout deal signed for Greece.  Third, we are seeing inflation in the consumer price index start to kick in which is always bad for mortgage bonds.  These 3 things caused a major sell off in the bond market which has caused mortgage rates to rise almost 0.5% from the beginning of last week.  The bond market has started a downward trend which means in the short term mortgage rates are going to continue to rise.

For more information on what rising rates mean for economy and what the long term trend for rates could be read the article linked below:

What do rising rates say about markets?

I would recommend LOCKING in your Delaware mortgage interest rate and take advantage of these all time low rates.  If you would like to discuss a mortgage for the purchase or refinance of a home in Delaware, give me a call at 302-703-0727 or your can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

APPLY ONLINE NOW!

Delaware First Time Home Buyer Seminar – There will be a Free Delaware First Time Home Buyer Seminar on Saturday April 21, 2012 at 10:00 AM till Noon and again at 1:00 PM till 3:00 PM. The seminar will last about 2 hours and each participate will be able to receive a free copy of their tri-merge credit report. The seminar will cover all of the basics of buying a new home in Delaware. The seminar will cover Delaware FHA loans, Delaware VA loans, Delaware USDA Rural Housing Loans, First Time Home Buyer Loan Programs and the Delaware FHA 203k Rehab loans.

The Seminar is sponsored by The Neighborhood House  so each participant will receive home buyer counseling credit toward the required HUD approved home buyer counseling required for Delaware First Time Home Buyer Programs.

Each participate will receive a Free Credit Scoring Handbook, Free Home Buying Handbook, and an opportunity to meet with a certified mortgage planner to be pre-approved to buy a home at the seminar. You will also learn importance of credit in buying a home and learn valuable tips on how to improve your credit score. Learn what programs are available to help with down payment and closing costs. The new loan limits for conventional and FHA will be covered as well as changes to borrowing 100% financing.

The Seminar is being held at The Seminar is being held at The Christiana Hilton Hotel at 100 Continental Drive, Newark, DE 19713 from 10:00 AM till 12:00 PM and a second session from 1:00 PM till 3:00 PM. To register for the seminar, please call 302-703-0727. You can also e-mail me at jthomas@primeres.com. You can register online by clicking the Registration link below:

Here is link for the flyer for the event – First Time Home Buyer Seminar Flyer

For a Complete list of seminars visit Free Delaware Real Estate Seminars.

APPLY ONLINE today to be pre-approved for a mortgage to buy your first home in Delaware.  Primary Residential Mortgage is an approved lender for the Delaware Bond Program through DSHA.

John R. Thomas
Certified Mortgage Planner – FHA, VA & USDA Specialist – NMLS – 38783
Primary Residential Mortgage, Inc.
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 DE Office
610-906-3109 PA Office
410-412-3319 MD Office
http://www.prmidelaware.com/

Delaware mortgage rates weekly update for the week of March 12, 2012 by John R. Thomas from Primary Residential Mortgage in Newark, Delaware.  Call 302-703-0727 to schedule a free mortgage planning consultation or APPLY ONLINE NOW.

Delaware mortgage rate weekly update by John R. Thomas 

Delaware mortgage rates started the week opening slightly lower after moving higher last week as the bond market sold off.   The big report last week was the number of jobs created which was at 227,000 for February 2012.   There was also a revision for December and January numbers which was an increase of 61,000 jobs.  The unemployment rate held steady at 8.3%.  The big news is the uncertainty coming out of Greece.  Investors in Greek debt inked a deal that had investors forgiving 100 billion in debt.  This is not a solution but more of a temporary band aide.

Delaware mortgage rates are still near all time historic lows so now is a great time to purchase or refinance a home in Delaware.  Call us at 302-703-0727 to get a free mortgage planning consultation or APPLY ONLINE NOW.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
APPLY ONLINE NOW

New Castle County Vacant Home Buyer Program VHAP II will be available for applications starting March 15, 2012. The program is called VHAPII for short an is an FHA approved Down Payment Assistance Program. The VHAP provides down payment and closing cost assistance for Delaware home buyers for up to $10,000 at a maximum of 6% of the purchase price. The money is provided in the form of a 2nd mortgage recorded against the property. The loan is at 0% interest and doesn’t have to be paid back until you sell the propery, move out as primary residence, or refinance the property. You can apply for the loan with preferred lender by calling 302-703-0727 or you can APPLY ONLINE.

The New Castle County VHAPII does not require you to be a first time home buyer, it only requires you to live in the property as your primary residence. The maximum purchase price of the home is $335,400 and the home must sell 1% below the appraised value. The home must have been vacant for 90 days preceeding the date of the purchase contract. New Castle County requires that a home inspection and a visual lead inspection be performed on the property. No repairs are required by the county.

The New Castle County Vacant Home Program II does have income restrictions on who is eligible for the program. The annual household income must be at or below 120% of the median income. The chart below shows the maximum income per household size:

Eligible Income Limitations for VHAP Program for 2012

Household size                      Maximum Income

1 Person                                               $67,550
2 Person                                               $77,200
3 Person                                               $86,850
4 Person                                               $96,500
5 Person                                              $104,200
6 Person                                              $111,900
7 Person                                              $119,650
8 Person                                               $127,350

The VHAP II is only available on properties located in the following census tracts:
Census tracts: 103, 107, 139.02, 148.06, 148.08, 149.02, 149.03, 149.05, 152 and 163.03

You can check to see if a property is in the right census tract by going to the following website: http://www.ffiec.gov/  You must select geocode mapping and select 2010 for the year then you can input the property address you are interested in purchasing in New Castle County.

Each applicant for the VHAPII is required to complete 8 hours of HUD approved home buyer counseling.  You can register for monthly class sponsored by The Neightborhood House at www.DelawareHomeBuyerSeminar.com  You must meet with a home counselor to complete the application which is not available till March 15, 2012.  Once the application is submitted to New Castle County, there is a minimum of 20 days to process the application.

There are two forms that are required to be signed before you can submit application for the program and they should be included with the purchase contract when present the offer to the seller.  The two forms are Buyer Seller Affidavit and Seller OccupancyCertification.

If you would like to apply for the New Castle County Vacant Home Program II with preferred lender, call 302-703-0727 or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
APPLY ONLINE NOW!

FHA Streamline Refinance Fees are being lowered to help more people be able to take advantage of the FHA streamline refinance program, this was announced by President Obama on March 6, 2012 but won’t be effective until a FHA Mortgage Letter is released.  The fees being lowered are the FHA Mortgage Insurance Premiums.  The FHA streamline refinance program allows borrowers that have been current on their mortgage in the last 12 months to refinance without getting an appraisal or verifying income.  This is a huge benefit to borrowers that may be underwater on their FHA mortgage.  Call 302-703-0727 to take advantage of the FHA Streamline Refinance  or APPLY ONLINE.

John R. Thomas Explains the FHA Streamline Refinance MI Announcement

The big benefit annouced was that the upfront mortgage insurance being charged is being lowered from 1% of the mortgage loan amount to only 0.1%.  They are also lowering the monthly mortgage insuarance premium from 1.15% to only 0.55%.  These two changes could save borrowers potentially thousands.

The only downside to the program which is a BIG ONE is that it is only available for borrowers who currently have an FHA loan that was originated before June 1, 2009.  This is leaving a lot of people out who could really benefit and in my opinion is a dumb move on the part of the White House.  Here is why, the Monthly MI premium wasn’t increased until October 1, 2010 so why would you leave out all the people who got loans at 0.55% monthly amount who can’t refinance right now as they would have to take the higher MI premium at 0.55% just because they had a loan that was originated from June 1, 2009 till October 1, 2010?

If you do have a loan that was originated before June 1, 2009 or would like to find out if yours was, give me a call at 302-703-0727 or APPLY ONLINE and we will give you a free analysis for an FHA Streamline Refinance.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office

Primary Residential Mortgage in Newark, Delaware is pleased to announce that Joel Stewart (NMLS206602) has been hired as a Loan Assistant.  Joel is a licensed Loan Originator in Delaware and Pennsylvania.  Joel brings a wealth of knowledge about the mortgage business and originating loans.  Joel will be helping our team provide the best in client service.  Joel will be ensuring loans go from origination to close on time and ensure that everybody involved in the transaction is communicated with on a weekly basis.

Joel will be working out the Branch Office located at 248 E Chestnut Hill Rd, Newark, DE 19713.  You can reach Joel in the office at 302-703-0727.   Joel will be working for the branch manager John R. Thomas who is the author of the Book, Your Guide to Buying Your First Home in Delaware.  Joel will be in charge of helping market to areas in PA where he has a good background and reputation as this is where Joel is from.  PRMI is exicted to have Joel working for us and helping the team to grow and expand.

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727
APPLY ONLINE NOW

Delaware mortgage rates weekly update for the week of March 5, 2012 by John R. Thomas from Primary Residential Mortgage.  Call 302-703-0727 for a free mortgage planning appointment or APPLY ONLINE.

 Delaware mortgage rate weekly update from John R. Thomas

Delaware mortgage rates had a volatile week last week.  Mortgage rates rose significantly after Federal Chairman Ben Bernanke gave his testimony to the House Financial Services Committe.  The testimony caused both stocks and bonds to sell off as he made no mention of QE3 which was being antipated by the market.  Delaware home loan rates did improve some at the end of the week but we didn’t recover from eveything we lost after Ben’s speech.

Inflation is running slightly hot which could be bad news for bonds if it causes the Fed to raise short term interest rates to battle inflation.  I would recommend LOCKING your Delaware mortgage rate as rates are still at all time lows and we have seen rates can move worse at a moments notice.

If you would like a free mortgage consultation call 302-703-0727 for the purchase or refinance of a home or you can APPLY ONLINE.

John R. Thomas
Certified Mortgage Planner – NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
APPLY ONLINE NOW