Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: Mortgage rates continue to hover near their historic lows, as Freddie Mac reports 30 year fixed rate conventional loans in the high 4 to low 5 percent range. Buyers and homeowners alike are taking advantage of these great rates to secure new financing. The increase in loan affordability has created additional demand in the housing market, as existing home sales increased by 5 percent in February. The National Association of REALTORS anticipates existing home sales of 4.72 million for 2009. Real estate markets across the country got an additional boost earlier when Congress passed the American Recovery and Reinvestment Act of 2009, which allows qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. Homebuyers with annual income of up to $75,000 are eligible for the full credit, as well as couples making $150,000. Partial tax credits are available to home buyers making slightly more. To claim the tax credit, the purchase must be recorded between January 1 through December 1, 2009. Finance Q and A: Q: What's the best way to raise a credit score when applying for a mortgage? A: Your credit score is a composite snapshot of your credit history, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. Contact your mortgage planner today to learn which programs might be right for you and take advantage of today's low interest rates! Tip of the Month: Real estate markets in California, Florida, Nevada, and Arizona are seeing renewed activity as bargain hunters snatch up homes discounted homes. Because of increased housing inventories and historically low interest rates, we find ourselves in the biggest buyer's market our country has ever seen. If you are in the market for a home, contact your mortgage planner and lock in your low interest rate today!  |
Kim Schieldknecht - LO.002028.000, MB.802245.000
Clermont Financial LLC
726 Mohawk Trail & 5720 gateway blvd #204
Milford and Mason, OH 45150
(513)587-3599
http://www.clermontfinancial.com | |
| | National Statistics Updated 4/1/2009 | | |
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