A Good Question For Jackson Hole Buyers

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Christy and I found this discussion very interesting…..

Forbes: Buy Now or Pay More Later?

 

by on October 22, 2013 in For Buyers

Time is moneyEven though no one at KCM actively lists or sells real estate, some of our readers believe that there is an inherent bias toward the real estate community in our writing. For that reason, we want to quote a third party source today. Forbes, in their online edition last week, spoke to the importance of buying a home now rather than waiting.

The article, Should You Buy a Home Now or Pay More Later?, explain:

“With mortgage rates creeping up toward 5% as 2013 draws to a close, potential home buyers have some decisions to make — and soon.

The danger for potential homebuyers isn’t that mortgage rates are nearing 5.00%; the real threat is that rates could go higher, to 5.50% or even 6.00% in 2014.”

The article spells out the financials consequences a buyer would face by waiting. ($67,746 on a $300,000 mortgage).

They went on to identify four things a buyer should take into consideration before delaying a decision to purchase.

  1. Rates will likely rise — and soon with 5% interest rates right around the corner.
  2. The Federal Reserve will start “tapering” causing rates to return to historically normal levels (6-7%).
  3. Home values are rising
  4. The autumn buying season is underrated “as you can take advantage of year-end tax breaks and the fall weather makes it an ideal time to move”.

Bottom Line

The financial advice Forbes gave to their readers was rather simple. Buy now or pay more later!!

 

Time to Update Your Home

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The was an interesting article in Thursday’s Jackson Hole Daily, written by Tram Whitehurst.  The article helped explain an excellent opportunity for homeowners to receive cheap loans to improve home energy efficiency.

The program is initiated by the Jackson Hole Energy Sustainability Project allows homeowners in Teton County to upgrade things like old windows, insufficient insulation and could possibly be used to add solar panels to their homes.  The current loan limit is $7,500 but is expected to rise as more funds become avaialble. 

To qualify all you have to do is own a home or townhome, have good payment history, use electric and schedule a home audit by a Lower Valley employee.  Christy and I just went through this process this winter and it was a wonderful program.  We took advantage of repair credits (another Lower Valley program) verse the low interest loans and were suprised by so many areas that our home could use attention in bettering our energy efficiency. 

Homeowners who qualify and receive the loans have up to 5 years to repay.  To schedule a home audit simply call Lower Valley at 307-733-2446 or visit its website at www.lvenergy.com.

Jackson Hole Home Prices Ready to Rebound?

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This is a great cover from one of the more trusted investment institutions – Barron’s.  The article explains how there is a belief that housing prices will remain rather flat for the year but by the beginning of 2013 we should start to see some appreciation in the housing market. 

What’s important here is that there is a general feeling that appreciation is going to start soon.  If you are on the fence about getting back into the housing market there are a lot of signs and people saying now is a good time to jump in.  Last week home mortgages hit another low but we should not expect rates to stay low like this ever.  If the economy and job market continues to improve we can hedge a bet that loan rates will slowly rise again.

To learn more about the real estate market and especially the Jackson Hole real estate market please call us, Christy and Garth Gillespie @ 307-413-5243 or send us an email at garth.gillespie@jhsir.com.

Fixed rate mortgages hit new low

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According to a recent article by the Associated Press, Fixed-rate mortgage rates fell last week to the lowest levels in 60 years. The average interest rate for a 30 year fixed rate mortgage is now 4.12%, Freddie Mac said last week. It is the lowest rate on record since 1971, and the cheapest rates since 1951.  Furthermore, the average rate for 30-year fixed mortgages was below 5% for all but two weeks over the past five years. Similarily, the average interest rate on a 15 year fixed rate mortgage is 3.33%, also the lowest rate since the record keeping began in 1991.

HOWEVER…..These record low rates have done very little to re-energize the depressed housing market. Sales of new homes are on track to finish the year as the lowest on record in 50 years. The pace of re-sale homes aren’t doing much better – they are the worst in 14 years.

WHY…….Nation wide, an uncertain economy along with high unemployment have discouraged many Americans from taking advantage of these low rates. Additionally, many Americans have seen little wage increases and as a result of the economic climate, many are saddled by large personal debt. None the less, many can’t even qualify for loans at these low rates. Many banks are now insisting on higher credit scores and a 20% down payment for first-time homebuyers. According to a survey by the National Foundation for Credit Counseling,  just 1/2 of Americans say they will ever be able to saive enough money for any type of down payment, let alone a 20% down payment. Further, only 40% of US households have the necessary credit scores above 700 to receive a prime mortgage rate, according to an Associated Press analysis of Fair Isaac Corp. (FICO) data.   Many repeat buyers do not have enough equity built up in their homes to meet loan requirements. Most alarming, accroding to the real estate research firm CoreLogic, about 1/3 of American homeowners have nearly zero equity or are underwater in their mortgage.

Low interest rates usually encourage many to buy real estate, many middle and lower class Americans can’t take advantage of these record low rates. If you are able to qualify for these prime rates, there are many opportunties available. Here in Jackson Hole, there are several opportunities to purchase bank owned homes or lender approved short sale properties.

Contact us, The Gillespie Real Estate Team at Jackson Hole Sotheby’s International Realty  at garth.gillespie@jhsir.com for a list of bank owned opportunties in Jackson Hole, Wyoming.

Current Mortgage Rates – Bank of Jackson Hole

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In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you.  If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.  Here is T.R.’s most current update.

Interest rates are unchanged today as Goldman Sachs reported fourth quarter profits that soared above Wall Street expectations.  The Wall Street powerhouse, which has endured scrutiny over signs it was on track to pay billions of dollars in bonuses this year, earned $4.9 billion last quarter.  Their annual revenues more than doubled last year to $45.2 billion and they earned a profit of $13.4 billion in 2009.  Their biggest boost to earnings was a severe reduction in employee compensation… spending $16.2 billion (38.5% of total revenue) on wages and salaries last year.

BANK OF JACKSON HOLE

Residential Mortgage Rates for January 21, 2010

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW. 

                         PROGRAM

CONFORMING 

(Loans to $417,000)
                              JUMBO

(Loans over $693,750)
                         30 Year Fixed

4.875%

6.500%

15 Year Fixed

4.375%

6.000%

10/1 ARM

4.250%

6.000%

7/1 ARM

3.875%

4.625%

5/1 ARM

3.500%

4.250%

3/1 ARM

3.500%

6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
 

PRIME RATE: 3.250%
 

ONE YEAR LIBOR RATE: 0.878%

Thanks for the info T.R.!  For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts – Christy and Garth Gillespie – 877-739-8056.

Jackson Hole Mortgage Rates Updated

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In changing times it’s important to have people we can call on for advice we can trust! At The Jackson Hole Experts, one of those people is T.R. Pierce. T.R. is a mortgage broker with The Bank of Jackson Hole. He has worked with many of our clients here in Jackson and regularly provides our team of REALTORS with the latest in mortgage news. We received information below from T.R. today and with his permission we are sharing it with you. It looks like mortgage rates are on the rise. If you’re a Jackson Hole first-time home buyer this could impact your purchasing power. If you are a homeowner with a mortgage coming up for renewal, you’ll want to consider your options carefully. If you have a question about your current or future Jackson Hole mortgage needs, T.R. is a great guy to call on! You can call him at 307.734.8111.

Conforming ARM rates are lower this morning after the NAR announced that pending home sales continued their upward swing in May. Home sales rose (0.1%) for the fourth straight month… the first time this has happened since October 2004! The manufacturing sector’s activity rose to 44.8 in June as well. This was the six straight month this index has increased and the index reading indicates that manufacturing contraction has slowed, but not reversed itself. Manufacturing is a key indictor in gauging the strength of the economy.

BANK OF JACKSON HOLE
Residential Mortgage Rates for July 1, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $693,750
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)
30 Year Fixed
5.125%
7.875%

15 Year Fixed
4.750%
6.875%

10/1 ARM
5.125%
7.875%

7/1 ARM
4.750%
5.000%

5/1 ARM
4.000%
4.500%

3/1 ARM
5.125%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.375%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.590%

For additional information on Jackson Hole Real Estate please call the Jackson Hole Experts – Christy and Garth Gillespie – 877-739-8056.

Mortgage Rates in Jackson Hole – It’s Been a While…Has Anything Changed?

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Mortgage rates in Jackson Hole had been staying steady for almost a month with a percentage change every once in a while so this should be interesting…. The following is a report from our friend T.R. Pierce who works as the “Mortgage Guru” at the Bank of Jackson Hole. If you read previous posts you will be able to compare where rates have been are then make your own prediction as to where they are going. Fact is – rates are low and if you have good credit you should take advantage of these rates while you can. Timing mortgage rates is like timing the stock market so if you see value in making a purchase or refinancing we suggest you call T.R. Pierce to learn more about the Jackson Hole Mortgage Rates! T.R.’s report follows:

Conforming thirty year fixed, 7/1 and 10/1 ARM rates are down this morning as the U. S. trade gap widened less than expected in March as exports fell 2.4% and imports dropped for the eighth consecutive month. Imports of industrial supplies, materials and capital goods were the lowest since April 2004. U. S. exports to China grew 19.1% in March to $5.6 billion, the highest in five months.

BANK OF JACKSON HOLE
Residential Mortgage Rates for May 12, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.500%
7.875%

15 Year Fixed
4.375%
6.875%

10/1 ARM
4.750%
7.875%

7/1 ARM
4.250%
5.000%

5/1 ARM
3.750%
4.750%

3/1 ARM
5.000%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 4.750%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.748%

For more information contact the Jackson Hole Experts toll free at 877-739-8056 and ask for Garth!

Mortgage Talk – Jackson Hole and the President

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Aspens - Wilson Wyoming

Aspens - Wilson Wyoming

This morning President Obama took time to discuss the current economy and to bring up the fact that there are historic low mortgage rates for people to take advantage of. Refinancing seems to be the topic of most interest as there are opportunities for Jackson Hole homeowners to refinance and save money. Rates on 30-year mortages have averaged about 4.8% for the past few weeks and are a full point lower than this time last year. The President also encouraged people who want to learn more to go to a new government website – www.makinghomeaffordable.gov.

In local Jackson Hole mortgage news we like to ask the “mortgage expert” T.R. Pierce at the Bank of Jackson Hole. Below is the banks current rates and report:

Conforming rates are unchanged this morning as Wall Street responds very positively to Wells Fargo’s announcement that it expects to report a profit of $3 billion for the first quarter. In other positive news… initial jobless claims fell last week and the trade deficit was $25.97 billion in February compared to $36 billion the previous month. This represented a 28.3% decrease in imports and was the lowest trade gap since November 1999.
BANK OF JACKSON HOLE
Residential Mortgage Rates for April 9, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.
PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500

ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.
PROGRAM CONFORMING
(Loans to $417,000)
JUMBO
(Loans over 417,000)
30 Year Fixed
4.500%
7.875%
15 Year Fixed
4.375%
6.875%
10/1 ARM
5.000%
7.875%
7/1 ARM
4.625%
5.000%
5/1 ARM
4.125%
4.750%
3/1 ARM
4.875%
6.625%
30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 1.951%

These are some great rates and it is an incredible time for Jackson Hole residents to consider making a purchase, refinancing or moving up in the housing market. The low end market – under $500,000 – still needs to readjust some pricing so if you are in this category please call us for a free listing presentation from the JacksonHoleExperts. In many ways there has never been a better time to list your property for current market value as most of the market has mispriced their properties. To learn more….call us toll free at 877-739-8056.

Christy and Garth Gillespie, Jackson Hole real estate associates for Sotheby’s International Realty would like to wish everyone a Happy Easter. We are hoping for some warmer weather here in Jackson Hole as we still have about 2 feet of snow on the ground. Thanks for visiting the Jackson Hole real estate blog – Jackson Hole Experts-

Jackson Hole Mortgage Update – Jackson Hole Expert’s Report

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For some interesting reading on “Record Low Mortgage Rates” go here.

Another interesting article about the New Mortgage Reform Bill.

Then there is the HOT STUFF report from T.R. Pierce at the Bank of Jackson Hole. T.R. produces this report when there is interesting and informative information about the “World of Lending”.

The more you know…
UNDERWRITING CHANGES
It would be an understatement to say that the mortgage industry is changing everyday… and so we wanted to share a couple of the more recent changes we are seeing from a couple of our secondary market investors.

RESERVE REQUIREMENTS – Some mortgage loan programs require that the borrower have sufficient liquid asset reserves to cover two (2) months principal, interest, taxes and insurance (PITI) payments at time of closing. This has always been a requirement on owner occupied conforming high balance (over $417,000 up to $625,500) loans. Now we are seeing that borrowers of second homes will be required to have two (2) months PITI reserves on all conforming loans (regardless of loan amount) and for investment homes the PITI reserve requirement is six (6) months.

Plus, the borrower will have to have two (2) months reserves for each additional financed second or investment property! The thought behind these changes appears to be an effort to insure that borrowers have sufficient reserves for their new mortgage payments.

INTERST ONLY LOANS – This week we received our first announcement of the elimination of interest only loans with one of our secondary market investors. Now, this is just one of many investors we have, but often times we see one investor make an underwriting change and then the rest of the mortgage industry follows. This change appears be an effort to give borrowers the opportunity to reduce their principal with principal and interest payments… especially in markets with declining real estate values.

It is important to note that these changes are just with a couple of our secondary market investors and we still have investors with no reserve requirements and we still have investors who offer interest only loans. Just want to keep you informed of the changes we are seeing that might have an impact on your borrower’s qualifications.

Great stuff T.R.!!! Check back later this week for our weekly Mortgage Rates Update.

If you would like information about the Jackson Hole Real Estate Market please visit www.JacksonHoleExperts.com or call Christy and Garth Gillespie toll free at 877-739-8056. Have a great day!

Jackson Hole Bank Update – Mortgage Rates for March 27, 2009

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One of the finest loan representatives in the Jackson Hole area is T.R. Pierce from the Bank of Jackson Hole. T.R. Pierce is the senior vice president loan officer at the largest “local” bank in Jackson Hole and for the past few years has been educating the Jackson Hole real estate agents on the current local mortgage rates. As part of our weekly updates we will be posting T.R.’s report about once a week. This should give readers a good idea of local rates. We of course recommend calling T.R. Pierce, SVP Residential Loans, 307.734.8111 for an appointment if you would like additional information on mortgages. Today’s report is below:

Conforming interest rates are down this morning after consumer spending rose in February… rebounding for the second straight month! The Commerce Department reported that spending by individuals rose 0.2% last month after a revised increase of 1.0% in January. Some economists feel that “the majority of the declines in consumer consumption are behind us” and another indication that the economy may be improving is the 20% gain in stocks Wall Street has enjoyed in last three weeks!

Residential Mortgage Rates for March 27, 2009

The following rates are thirty (30) day quotes for fully documented, owner-occupied and/or second home loans for borrowers with a minimum credit score of 700 which feature a one (1%) percent loan origination fee and the escrow of taxes & insurance.

PLEASE NOTE THAT CONFORMING LOAN AMOUNTS OVER $417,000 TO $625,500
ARE AVAILABLE AT HIGHER INTEREST RATES THAN INDICATED BELOW.

PROGRAM CONFORMING

(Loans to $417,000)
JUMBO
(Loans over 417,000)

30 Year Fixed
4.500%
7.875%

15 Year Fixed
4.500%
6.875%

10/1 ARM
5.250%
7.875%

7/1 ARM
4.625%
5.000%

5/1 ARM
4.125%
4.750%

3/1 ARM
5.250%
6.625%

30 YEAR FIXED RATE FHA LOANS TO $693,750: 5.000%
PRIME RATE: 3.250%
ONE YEAR LIBOR RATE: 2.010%

Thanks T.R. for the report. We appreciate the updates. Christy and I are excited about those 4.5% rates on conforming 30 year fixed! This should motivate all of you first time home buyers or owners that want to move up or around in Jackson. Guess what? This weeks movement in the stock market motivated a few buyers. We saw a piece of vacant land go under contract! We also heard of a contemporary townhome that went under contract! Great news…

If you would like additional information on the Jackson Hole Real Estate market please contact us – the Jackson Hole Experts – Garth and Christy Gillespie. Feel free to call us toll free at 877-739-8056.

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CHRISTY GILLESPIE

Associate Broker
Cell (307) 413-5242
Office (307) 732-7610
christy@jhexperts.com.com

GARTH GILLESPIE

Sales Associate
Cell (307) 413-5243
Office (307) 732-7611
garth@jhexperts.com

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Christy & Garth Gillespie is a team of real estate agents affiliated with Compass Real Estate, a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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