Rates are Low are they going lower?

Rates have dropped in the last week to under 5.50% for a 30 yr. fixed rate. Now the question is, are they going lower? Should you refinance now or should you wait? There is no fast and easy rules. You might have heard the old rule of "you need to have a drop of 2% to make it worth while to refinance". That is not true unless you have been in your home for at least 5 yrs. The best way to know for sure is to call a mortgage banking professional (such as myself) and go over your situation. If you have had your mortgage for 12 months or less you don't need to have much of a drop in rates to make it a good idea to refinance. Call or email me and I will give you an honest opinion of what you should do.

HUD repo's: Are they a good deal?

I get many calls asking about HUD repo's or "distressed" properties. In the Cary area there are some HUD foreclosure properties, but don't think that they will be priced at half price. These homes had FHA mortgage loans and now for whatever reason the seller has had to have HUD take them back. These properties are usually listed with a local real estate agency that has helped do a market analysis to price the property based on the condition, area, comparables etc. There can be some financing advantages to a HUD repo. Depending on the property you might be able to put only 100.00 down.
If you are interested in a HUD home call me and I will go over all of the steps and advantages with you personally.

There are good mortgage programs available

If you listen to the media it sounds like you can't get a mortgage right now unless you are Warren Buffett.
If you are a first time home buyer there are still special financing programs provided by the state of NC.
FHA loans which are insured by HUD are a great option. The down payment is only 2.25% and the seller is allowed to pay up to 6% of the purchase price towards closing costs. Credit score requirements are more relaxed with FHA also.