Credit Card Myths. Myth #8 this week.

The myths and the reality

Myth No. 8: Rewards cards are pretty much the same.

This myth takes different forms, including "the best rebate you can get is about 1 percent" or "you have to pay an annual fee to get a rewards card" or "the rewards aren’t worth the effort to redeem."

Today, the best cash-back rewards cards have no annual fee, and you should expect a rebate in excess of 1 percent. Check out "20 credit cards that pay you back" for some insight on what you may be missing.

Mortgage Interest Rates for Fixed Rate Mortgages*

Rates as of Saturday, 13th March, 2010:

 

Term

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

FHA - 30 yr Fixed

360

5.18%

5.327%

$5.48

5.125%

5.213%

$5.44

FHA - 15 yr Fixed.

180

4.50%

4.748%

$7.65

%

0.000%

$0.00

Conv. - 30-Yr Fixed

360

4.98%

5.126%

$5.36

6.49%

6.586%

$6.31

Conv. - 15-Yr Fixed

180

4.32%

4.567%

$7.56

%

0.000%

$0.00

5/1 - Adjustable Rate

360

4.19%

4.329%

$4.88

%

0.000%

$0.00

USDA - Fixed 30 yr.

360

5.00%

5.146%

$5.37

%

0.000%

$0.00

*Rates are subject to change due to market fluctuations and borrower’s eligibility.

3/5/2010 Interest rates are steady for the time being. Look for a rise in mortgage rates in April, 2010. The Treasury will discontinue purchasing MBS at the end of March.

Jay Otlewski

RE/MAX Integrity

Direct Line 623.271.4234 or Jay@RetiringtoAz.com

Fax # 800-573-2416

www.RetiringToAz.com            www.valleyREadvisor.com              www.ThePhoenixRealEstateAdvisor.com       www.PhoneixHomeRescue.org

Posted via email from Active Adult Living

Are you on the fence about buying a home?

There’s a lot of people just waiting to see what the market is going to do but most people’s opinion time is running out to take advantage of the market. Here’s a couple things to consider-

Interest Rates – Rates are at the lowest point since Eisenhower was President. Can they stay there much longer? The answer is most likely NO they will begin to creep up this spring as the Feds stop supporting the lower rates. What this means is as the Fed withdraws funding the rates will begin to move up and even a ½% increase could force you to buy a small home for the same payment you could have had right now. Here’s a brief article I read this morning.

The Fed plans to end a $1.25-trillion mortgage-bond-purchase program that has helped keep mortgage interest rates near a record-low 5% next month. The Fed has been buying virtually all the mortgage bonds churned out by mortgage giants Fannie Mae and Freddie Mac, replacing private investors such as pension funds and mutual funds that have shied away since the subprime mortgage crisis. That exit is expected to push up rates, which could weigh on buyers at a time of high unemployment and anemic consumer spending.

The Mortgage Bankers Association, an industry trade group, predicts the end of the Fed mortgage-bond program could push rates up by roughly 0.5 %. For a $500,000 fixed-rate mortgage, that would increase the monthly payment by $155.

Even a moderate rise could push potential buyers out of the market.

Higher rates could force many others to recalculate where to live or what to purchase. “If those rates jump up to 5.5% or 6%, then buyers can’t qualify for what they thought they could qualify for, and they’re not going to be able to buy as much house as they thought they could,” said Frank Drury, a loan originator at Cobalt Financial Corp. in Huntington Beach, Calif.

A popular home buyer’s tax credit is scheduled to lapse at the end of April. It provides tax breaks of up to $8,000 to first-time buyers and up to $6,500 for some homeowners who move up to middle-market homes costing up to $800,000. The credits were originally scheduled to lapse in November 2009, but were extended over concerns that home sales would slow without the incentive.

Home Prices – Have we hit the bottom? I guess that depends on where you’re buying and what price range you’re looking in. The active adult communities in the west valley of Phoenix Arizona have seen prices stabilize and some are even moving up. My question is always “How will you know we’ve hit the bottom”? For most people sitting on the fence, the bottom will pass them by and months after prices start going up they will realize they’ve missed it and either be priced out of the market or pay more for the home.

Selection- Although the number of homes for sale in the Phoenix area has dropped there is still a great selection of homes for sale. This means you’ll have more to choose from and most likely be able to find the home you really wanted versus settling for something less than that.

Tax Credit- First time buyers as well move-up buying are running out of time. Everything we hear says the tax credit for buying a home will not be extended so why would you not take advantage of $8,000 or $6,500 for buying a home? Remember you have until the end of April to be under contract and the end of July to close…..don’t miss this opportunity!

Jay Otlewski

RE/MAX Integrity

Direct Line 623.271.4234 or Jay@RetiringtoAz.com

www.RetiringToAz.com            www.valleyREadvisor.com              www.ThePhoenixRealEstateAdvisor.com       www.PhoneixHomeRescue.org

Posted via email from Active Adult Living

Trilogy at Vistancia new deals from the builder

Double the fun! Tax Credit Match on Move-In Ready Homes

If you have been shopping for the best deal on a new home at Trilogy at Vistancia and are ready to move now, look no further. Not only are our move-in ready homes priced to sell, but we’ll match the Federal Tax Credit. This could mean up to $14,500 in value based on your eligibility. Act fast as our inventory of these homes is limited and the Tax Credit and this offer expire on April 30, 2010.  For more information visit www.RetiringToAz.com or contact me directly!

 

FREE Solar - Limited Time Introductory Offer

Celebrate our more affordable, high performance homes with a FREE upgrade to our Shea Green CertifiedTM Ultra package.  This Ultra upgrade outfits your hew home with a 3kW solar power system, absolutely FREE!  Buy hurry, this introductory offer expires when the sun goes down on April 15, 2010. 

Remember you only have 51 days left to take advantage of the tax credit, both first time buyer credit of $8,000 (no home in 3 years) or the move-up (lived in home 5 years) buyer credit of $6,500.

Jay Otlewski

RE/MAX Integrity

Direct Line 623.271.4234 or Jay@RetiringtoAz.com

www.RetiringToAz.com            www.valleyREadvisor.com              www.ThePhoenixRealEstateAdvisor.com       www.PhoneixHomeRescue.org

Posted via email from Active Adult Living

Yes that’s snow in Arizona

And yes I am now offically a wimp in cold weather. Who in their right mind would live where it’s this cold. Down to 41 in Presott

Posted via email from Active Adult Living

Interest Rates and Credit Card Myths.

Credit Card Myths. Myth #7 this week.


Myth No. 7: High credit card limits are bad for your credit scores.

You certainly shouldn’t ask a credit card company to lower your credit limits or shut down cards, since either action could hurt your credit scores, unless a lender specifically requires you to do so as a condition of getting a loan. Even then, you should try to keep your oldest and highest-limit cards open.

Mortgage Interest Rates for Fixed Rate Mortgages*

Rates as of Friday, 5th March, 2010:

 

Term

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

FHA - 30 yr Fixed

360

5.11%

5.257%

$5.44

5.125%

5.213%

$5.44

FHA - 15 yr Fixed.

180

4.50%

4.748%

$7.65

%

0.000%

$0.00

Conv. - 30-Yr Fixed

360

4.90%

5.045%

$5.31

6.43%

6.525%

$6.27

Conv. - 15-Yr Fixed

180

4.30%

4.547%

$7.55

%

0.000%

$0.00

5/1 - Adjustable Rate

360

4.12%

4.258%

$4.84

%

0.000%

$0.00

USDA - Fixed 30 yr.

360

5.00%

5.146%

$5.37

%

0.000%

$0.00

*Rates are subject to change due to market fluctuations and borrower’s eligibility.

3/5/2010 Interest rates are steady for the time being. Look for a rise in mortgage rates in April, 2010. The Treasury will discontinue purchasing MBS at the end of March.

Jim Carney
American Mortgage Specialists
Phone: (623) 544-3370 or JimCarney@amsaz.com

Posted via email from Active Adult Living