30 Yr Fixed Conforming - min. down payment = 5% or 10% a declining market
4.875%

30 Yr Fixed FHA - min. down payment = 3.5%
5.0%

To Refinance or Not to Refinance:

I have been fielding inquiries from clients wanting to take advantage of some of the lowest mortgage rates in recent memory, but wondering whether committing now could mean missing out on even better deals later. I say "Don't wait: Now is the time to finance!" Some of my clients regret they didn't refinance when the rate was 5.875% - 6.25%. Now it's almost impossible to refinance without 25% or 30% equity in your home. In areas hard-hit by foreclosures, though, some lenders may limit your loan to 50 or 60% of current market value. ugh!

Such "interest-rate regret" is always a concern when you sign up for a mortgage, because rates change all the time. In fact, in this market I've seen the rates change several times within a day, as lenders lower theirs to win more business or, alternately, raise rates to slow down a torrent of applications. If you see an eye-popping advertised rate -- say, 4.2% on a day when the wholesale rate is 5% -- then the lender is typically demanding that you pay extra fees and/or more than 1 point to get that loan. . . so be careful and be sure you know and understand the fees associated with your loan.

As always, if you have any questions or looking to purchase or refinance, please give me a call any time.

All the Best,

Etta Foote
Sr. Loan Officer
Specializing in FHA, Conventional, Rehab & Construction Loans
EVOFI One
702-293-0563 ho
503-551-2522 cell
702-947-7463 wo
702-952-0695 fax w/cover
website: www.evofione.com/etta.foote
email: ettaken@msn.com