Philadelphia Refinance
Philadelphia Mortgage Loans – The Recent Mark-to-Market Decision Could Be Good News For the Economy
If you’ve been paying attention at all to the news lately (and my guess is that most folks with a Philadelphia home loan have been), you’ve likely heard a lot of lively discussion (bickering) about “Mark to Market” and whether or not changes need to be made.
So what is Mark-to-Market and why does it matter? Is this going to have any affect on the housing market, and more importantly, directly on your Philadelphia home mortgage?
We’re going to try to give a summary of it below so you can better understand what it is, and more significantly, comprehend how it has played such a significant role in our current economic crisis, including the Philadelphia mortgage market. It may come as a surprise to you to discover that this accounting stipulation (i.e. law) has much more to do with the current economic down turn than possibly anything else.
Before we even consider how Philadelphia mortgage rates have been affected, let us first discuss why Mark to Market was even created. Read the rest of this entry »
The Philadelphia Refinance Market is Heating Up
Over the past thirty years, Philadelphia interest rates have gone up and down massively in a financial tide of home loan offerings. Early in the ‘80’s for example, rates for regular 30-year, fixed rate mortgages were in the neighborhood 18%. In today’s market, though, we are seeing interest rates for the identical type of mortgage in the neighborhood of 5% – and occasionally, in the 4% range.
Numerous Philadelphia area home owners who purchased when Philadelphia mortgage rates were way higher are now thinking about a Philadelphia refinance so as to reap the benefit of today’s lower mortgage rates. If you are one of these folks, know that there are some expenses that will be involved in refinancing your home, such as a home appraisal, title insurance, and a loan origination fee, just to name some. To calculate if these expenses will off set with the possible cash you can save by refinancing your loan, you can use the general rule of thumb referred to as the 2% rule. Read the rest of this entry »