Yesterday was an unbelievably active day for the bond markets. We saw wild swings in interest rates through out the day. When the day began the 10 Year Treasury Bond yield opened at 3.51 and almost immediately swung down to 3.33 and finished the day at 3.60. That meant that for a small window of time (about 3 hours) mortgage rates dropped to 5%. But that drop was short lived. As usually happens when the Feds lower rates, we see a short dip followed by a slow extended increase in long term interest rates. The 10 Year Treasury Bond is up .15 today which may be an indicator rates will be back up to 5.75 by tomorrow.
Time is always of the essence when it comes to locking in interest rates. Please contact a specialist at VARefiCenter.com for advice when it comes to interest rate lock timing; and if you are set on getting the lowest rates, be prepared to move quickly.
We should go through something very similar to this in a few weeks as the Feds have indicated they may cut another key interest rate soon. The overall forecast is for long term rates to inch upward over the next few months.
Thursday, January 31, 2008
Sunday, January 27, 2008
Good News
Gen. George W. Casey Jr., the Army’s chief of staff, said yesterday he hopes to shorten the 15-month tours in Iraq and Afghanistan this summer. The move would end a policy, required by the buildup of nearly 30,000 U.S. troops in Iraq last year, that has placed significant stress on soldiers and their families.
Naturally, this decision is based on the assumption that progress will continue in the country.
Casey suggested that the withdrawal from Iraq of five U.S. Army combat brigades by July could allow soldiers once again to deploy for 12 months and then spend a year at home, although he cautioned that a decision will depend on conditions in Iraq.
So, this is where the naysayers in this country need to set aside their differences and jump on board the success train. By continuing to degrade and downplay the successes we’re achieving in Iraq, they only seek to prolong the very deployments they are trying to end. By jumping on board the terrorists will start to think that their pursuit is pointless now that the entire country is behind them (don’t worry, CF. I realize that you’re already too far gone and invested in defeat that this is too bitter a pill to swallow for you. After all, if the troops come home what will you have to complain about? I guess you always resort to your “Bush is evil” mantra.)
Casey’s remarks could reflect an optimism shared by other senior military officials that the U.S. troop withdrawals from Iraq announced last fall — with five Army combat brigades scheduled to leave by July — will continue apace after the summer. U.S. commanders in Iraq have begun planning for the possibility of a further reduction of another five brigades by the end of the year, with a recommendation on the drawdown expected this spring from Gen. David H. Petraeus, the top U.S. commander in Iraq.
Naturally, this decision is based on the assumption that progress will continue in the country.
Casey suggested that the withdrawal from Iraq of five U.S. Army combat brigades by July could allow soldiers once again to deploy for 12 months and then spend a year at home, although he cautioned that a decision will depend on conditions in Iraq.
So, this is where the naysayers in this country need to set aside their differences and jump on board the success train. By continuing to degrade and downplay the successes we’re achieving in Iraq, they only seek to prolong the very deployments they are trying to end. By jumping on board the terrorists will start to think that their pursuit is pointless now that the entire country is behind them (don’t worry, CF. I realize that you’re already too far gone and invested in defeat that this is too bitter a pill to swallow for you. After all, if the troops come home what will you have to complain about? I guess you always resort to your “Bush is evil” mantra.)
Casey’s remarks could reflect an optimism shared by other senior military officials that the U.S. troop withdrawals from Iraq announced last fall — with five Army combat brigades scheduled to leave by July — will continue apace after the summer. U.S. commanders in Iraq have begun planning for the possibility of a further reduction of another five brigades by the end of the year, with a recommendation on the drawdown expected this spring from Gen. David H. Petraeus, the top U.S. commander in Iraq.
Wednesday, January 16, 2008
Chad Childress Explains: The Advantages of VA Guaranteed Loans
There are many advantages and virtues to having your loan guaranteed by the Department of Veterans Affairs. The first and most simple fact involved is that quite frankly, as a veteran you've earned this benefit. So taking advantage of what you've earned should be an easy choice overall. But in order to de-bunk a few of the myths and rumors surrounding the VA loan program, I've compiled this list of associated benefits.
-First, there is NO down payment. This is because the VA will guarantee (In most cases) up to 100% of the established reasonable value of the property. The exception to this is that due to secondary market requirements, VA loans generally do not exceed the Freddie Mac conforming loan limit for a single family residence (usually circa 360,000, or 540,000 for Alaska, Hawaii, Guam, and the U.S. Virgin Islands).
-The VA also offers you the flexibility to negotiate your interest rate with the lender -- meaning that lenders will need to compete on rates and terms to get your business.
-Under the VA there is NO monthly mortgage insurance premium to pay.
-There are set limitations on the total closing costs to you.
-The appraisal is required to inform you of the home's value.
-You can get a thirty year loan with a choice of repayment plan, to include:
Traditional Fixed Payments - Constant principle and interest; increases or decreases may be expected in property taxes or homeowner's insurance coverage.
Graduated Payment Mortgage (GPM) - Consists of low initial payments that gradually rise to a level payment beginning in the sixth year.
Growing Equity Mortgages (Available in SOME areas) - Consist of gradually increasing payments with all of the increase applied to principal, resulting in an early payoff.
Hybrid Adjustable Rate Mortgage (HARM) - Effective until September 30, 2008.
Traditional Adjustable Rate Mortgage (ARM) - Effective until September 30, 2008.
-On most VA loans for proposed construction, construction is inspected at certain stages to ensure compliance with approved plans.
-VA mortgages are assumable, subject to lender or VA approval of the assumer's credit.
-You have a right to prepay the loan without paying a penalty.
-The VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial hardship.
To find out more specifics on VA guaranteed loans, visit VArefiCENTER.com
-First, there is NO down payment. This is because the VA will guarantee (In most cases) up to 100% of the established reasonable value of the property. The exception to this is that due to secondary market requirements, VA loans generally do not exceed the Freddie Mac conforming loan limit for a single family residence (usually circa 360,000, or 540,000 for Alaska, Hawaii, Guam, and the U.S. Virgin Islands).
-The VA also offers you the flexibility to negotiate your interest rate with the lender -- meaning that lenders will need to compete on rates and terms to get your business.
-Under the VA there is NO monthly mortgage insurance premium to pay.
-There are set limitations on the total closing costs to you.
-The appraisal is required to inform you of the home's value.
-You can get a thirty year loan with a choice of repayment plan, to include:
Traditional Fixed Payments - Constant principle and interest; increases or decreases may be expected in property taxes or homeowner's insurance coverage.
Graduated Payment Mortgage (GPM) - Consists of low initial payments that gradually rise to a level payment beginning in the sixth year.
Growing Equity Mortgages (Available in SOME areas) - Consist of gradually increasing payments with all of the increase applied to principal, resulting in an early payoff.
Hybrid Adjustable Rate Mortgage (HARM) - Effective until September 30, 2008.
Traditional Adjustable Rate Mortgage (ARM) - Effective until September 30, 2008.
-On most VA loans for proposed construction, construction is inspected at certain stages to ensure compliance with approved plans.
-VA mortgages are assumable, subject to lender or VA approval of the assumer's credit.
-You have a right to prepay the loan without paying a penalty.
-The VA performs personal loan servicing and offers financial counseling to help veterans avoid losing their homes during temporary financial hardship.
To find out more specifics on VA guaranteed loans, visit VArefiCENTER.com
Tuesday, January 15, 2008
15.01.08 - Top Ranked Yahoo Site for VA REFI
VArefiCENTER.com has recently been ranked in the top position on the popular Yahoo! search engine. Users searching for the keywords "va refi" will now see VArefiCENTER.com's pages as the first and second search results. The site's overall relevance, intuitive layout, and informative qualities regarding VA mortgage and VA refinance processes have been credited for the change. Yahoo, much like its counterpart Google, uses a complex model of agorithms to determine websites that are best suited to handle a user's query. "It's a great recognition," says Brett Childress, VArefiCENTER.com's lead designer, "whenever a major entity like Yahoo tells you you're doing things right, it's easy to believe them."
VArefiCENTER's team of VA mortgage loan specialists, in business for over 20 years, have received numerous recognitions and praise from consumer advocacy agencies for their outstanding customer service, steadfast dedication to their clients, strong knowledge base, and wide variety of refinance and loan products.
Refinance at VArefiCENTER.com
VArefiCENTER's team of VA mortgage loan specialists, in business for over 20 years, have received numerous recognitions and praise from consumer advocacy agencies for their outstanding customer service, steadfast dedication to their clients, strong knowledge base, and wide variety of refinance and loan products.
Refinance at VArefiCENTER.com
Tuesday, January 8, 2008
01.12.07 - VArefiCENTER Salutes America's Veterans and Their Families
VArefiCENTER President Chad C. Childress announced today a special salute to our veterans and family members as the team opened for monday morning business. A special staff meeting was called to honor those veterans present on the team, and to raise awareness of veteran needs and goals in customer service practices. "I can't give enough thanks to all of our veterans for their service, hard work, and dedication," said Mr. Childress in a special interview with our news staff "I come from a long family history of military service, so I understand to some degree the sacrifices that go in to that way of life. These people are really a very special part of our society, and I hope we never forget that."
The company, which has a long standing record of taking special care of its veteran clients, also annouced several new programs in order to re-double its efforts in making the loan process smooth and comfortable for veterans. Among these are a special tracking system, where veterans can access their loan progress online, as well as new operating procedures designed to keep more of the workload at the mortgage office and leave fewer tasks for the individual borrower.
http://www.vareficenter.com/
The company, which has a long standing record of taking special care of its veteran clients, also annouced several new programs in order to re-double its efforts in making the loan process smooth and comfortable for veterans. Among these are a special tracking system, where veterans can access their loan progress online, as well as new operating procedures designed to keep more of the workload at the mortgage office and leave fewer tasks for the individual borrower.
http://www.vareficenter.com/
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