Rate Cut

As stated earlier in my post earlier today, the Feds were possibly going to lower the rate. Well, the feds did lower the Federal Funds rate by 0.50% down to 3.00%! This is the lowest it's been since May 3rd, 2005. This is great news for all you with Home Equity Lines of Credit (HELOC) or wanting to get a HELOC because the banks prime rate is now at 6.00%. This is for the HELOC, not to be confused with a Fixed Rate mortgage. If you would like to discuss your situation on either a 1st or a 2nd mortgage, please contact Chris Kusch with Premier Mortgage Link at 763-300-9510.

Cold Weather

It is very cold out today. The temps in Minnesota were -14, with the windshield it was -32. Make sure you all dress warm and wear layers of clothing. Now would also be a good time to check your home for cracks or drafts and get the problem fixed so you can spend less on your heat bill. If anyone has any good suggestions about how to check your home and good remedies for cracks and drafts, please feel free to post them.

Rate Cut Expected Today

Many believe the Feds will cut the rate today 0.50% down from 3.50% to 3.00%. I'll keep you posted on what they decide.

Prime Rate

As stated in my previous post, the feds cut the rates which are tied to Home Equity Lines of Credit (HELOC). This is known as the Prime Rate which is now at 6.50%. Your rate could be higher or lower then this depending on your situation. HELOC's are like credit cards tied to your home. They are great to use to pay off debt, remodel your home or any other projects you are considering. If you'd like to learn more about HELOC's or would like to apply for one, feel free to contact Chris Kusch with Premier Mortgage Link at 763-300-9510.

Rate Cut

As the stock market plunged downward today, the Feds ended up cutting interest rates. They cut the discount rate to 4.0% and also the Federal Funds rate to 3.5%. These rates do not effect the 30 year fixed rates, but are tied more to short term rates such as Home Equity Lines of Credit (HELOC). If you would like a free mortgage quote on your interest rate, please contact Chris Kusch with Premier Mortgage Link at 763-300-9510.

Reverse Mortgage

If you are 62 years old or older and have some equity in your home, chances are you qualify for a Reverse Mortgage. This mortgage allows you to convert your home equity into tax-free income. You do not have to repay the mortgage for as long as you live in your home, you actually receive money. You can use this money anyway you choose. Single-family homes and qualified condominiums, townhouses, manufactured homes, and 1- to 4-family owner occupied residences are eligible. If you have any questions on Reverse Mortgage's or are wondering if you qualify, please contact Chris Kusch with Premier Mortgage Link at 763-300-9510. You can also complete the "Apply Today" link at the left.

Minnesota Unemployment Rate

According to the Minnesota Department of Employment and Economic Development, Minnesota's unemployment rate went up in December to 4.9%. It was at 4.0% in November and 4.10% in October. I'll update you with Anoka, Ramsey and Hennepin Counties when they are available on their website.

Interest Rates

Rates are FALLING! Give Chris Kusch a call at 763-300-9510 for your one-on-one FREE consult about the best rate and program for your needs. Everyone's needs are different so let an expert like myself help you decide what's best for YOU! You can always visit me on the web at www.premiermortgagelink.com to complete a quick application as well. Hope to hear from you soon!

Minnesota Unemployment Rate

According to the Minnesota Department of Employment and Economic Development, the unemployment rate for 2007 in Anoka County was 4.00% in November and 4.20% in October. For Hennepin County it was 3.8% in November and 4.00% in October. And for Ramsey County the unemployment rate was 4.00% in November and 4.20% in October. It appears that the rates were much better then in September when Anoka County was at 4.8%, Hennepin County was at 4.7% and Ramsey County was at 4.9%. I'll keep you posted when I hear what December's unemployment rates are.

15 Year Fixed Pricing Special

We have a 15 year fixed pricing special at 5.25%, No discount points with 5.471% APR. Now is a great time to purchase or refinance your current home! Rates are subject to credit, loan amount and qualifying and subject to change at anytime. Call Chris Kusch for this great offer and many others at 763-862-3990 or 763-300-9510. You can also visit us on the web at www.premiermortgagelink.com.

Renting Your Home to Buy another Home

In today's market, selling your home could be a little difficult to get top price. You are competing with a lot of bank owned, foreclosures, and short sales. Why not try renting your current home? You would need to figure out what other homes in your area are renting for. You can do this by word of mouth or looking in the paper or online. Then you would need to list your home online and/or in the paper, at your place of employment, and tell your friends and family.

I would run a background check and credit check on a prospective tenant. You'll need to collect for a damage deposit that you feel is reasonable. Remember, fixing up some damage to your property can be costly, so make sure it is appropriate to your situation.

With renting your home, you can reap the benefits of finding a good deal on another property you can live in.

If you have any questions about renting your home or financing a new home, please contact Chris at 763-862-3990 or 763-300-9510. You can also visit our website at www.premiermortgagelink.com

Good Luck!

FHA Current Rate Special

Currently we are running an FHA rate special. 5.50% (APR 5.974%) paying zero discount points! Certain restrictions apply, rates subject to change at anytime. You may not qualify for this special. Please contact Premier Mortgage Link for more information at 763-862-3990. As always, you can visit our website at www.premiermortgagelink.com for more information.

FHASecure Program

Back on August 31, 2007, President Bush announced that HUD's FHA (Federal Housing Administration) would help people who's ARM (Adjustible Rate Mortgage) adjusted. This program is for people who have good credit strengths in the past and who were making their mortgage payments ontime up to the adjustment to refinance.

FHASecure has 5 criteria's to qualify according to HUD's website:
1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;
2. Interest rates must have or will reset between June 2005 and December 2008;
3. Three percent cash or equity in the home;
4. A sustained history of employment; and
5. Sufficient income to make the mortgage payment.

If you have any questions about the FHASecure program or want to know if you qualify for the FHASecure program, please contact Chris Kusch with Premier Mortgage Link at 763-862-3990 or 763-300-9510.