Tuesday, November 22, 2011

Is a 10 Year Adjustable Rate Mortgage Right For You?

Ann Arbor Mortgage rate update:


The week of November 21st

Again this week, rates had minor changes:  The zero point 30 year fixed conventional rate continued to bounce between 4% and 4.125%, spending most of the week at 4%, while the 15 year rate continues to hold at 3.25%.  The FHA/VA 30 year rate still hovers at 3.875%.

Adjustable Rate Mortgage rates in review:  

10/1 ARM reached 3.375%
7/1 ARM reached 2.875%
5/1 ARM reached 2.75%

We continue to recommend that borrowers lock….or cautiously float!

Is an Adjustable Rate Mortgage (ARM) perfect for your situation?   It might be if you intend to be in your home for 10 years or less.  Students who relocate and plan to buy an Ann Arbor home while they complete their degree, internship or residency are perfect candidates for an ARM.  Doctors, nurses, professors and other upwardly mobile professionals should also consider using ARM financing.  

An adjustable rate mortgage offers a lower initial rate and monthly payment than a
conventional fixed rate mortgage. After an initial term, the interest rate on an adjustable
rate mortgage loan is re-set periodically to keep the rate in line with current market
interest rates. For example, a 3/1 ARM loan offers a fixed rate for the first three years;
the interest rate adjusts once a year thereafter. 5/1, 7/1 or 10/1 ARM loans offer a fixed
rate for the first 5, 7 or 10 years respectively, adjusting yearly thereafter.

The lender sets the adjustable interest rate by adding a fixed percentage to an index rate.
When the interest rate goes up, your monthly payment increase; when the interest rate
goes down, your monthly payment decreases.

Most ARM loans have a periodic rate cap and lifetime cap to limit the amount the interest
rate can increase, or decrease, each adjustment period and over the term of the loan.
If the start rate is less than the fully indexed rate, your interest rate and monthly payment
may increase significantly at the first adjustment – even if the index does not change.
An ARM may be the best choice for homeowners who intend to sell their homes within
the first 3 – 10 years.

Citi offer competitive ARM rates and exceptionally low lender fees.  Call for a quote!

.
Mary Adams
Real Estate Relationship Manager
Citibank, N.A.
Cell:  231.437.0301.

Sunday, November 20, 2011

Mortgage Update November 20th 2011

Mary Adams Citibank Mortage
Rates held at former levels: The zero point 30 year fixed conventional rate continued to bounce between 3.875% and 4%, spending most of the week at 4%., while the 15 year rate continues to hold at 3.25%. The FHA/VA 30 year rate still hovers at 3.875%.

Adjustable Rate Mortgage rates in review: ·
  • 10/1 ARM reached 3.375%
  • 7/1 ARM reached 2.875%
  • 5/1 ARM reached 2.75% 
We continue to recommend that borrowers lock…, or cautiously float!

There has been an increase in requests for investor financing over the past month. This is the time of year parents of University of Michigan students realize that purchasing a home or condominium for their college student to reside in is less expensive than paying rent. 

Under certain circumstances, a college student who has established his/her own credit is eligible to purchase an Ann Arbor home (1 – 4 family), as their primary residence, for as little as 3.5% down, utilizing FHA financing. If the student’s income is insufficient to qualify for mortgage financing on their own, FHA allows mom and dad to purchase the property jointly to provide income stability and to bring debt to income ratios in line.

Citi also offers financing for Foreign Nationals who wish to purchase a home to house their college student. .

For purchasers who wish to live in a multi family home, VA, FHA and 10% down Conventional financing is available; Citi offers non occupying investors mortgage financing with 20% - 25% down. All of these financing options require a minimum credit score of just 620! Our wide range of mortgage products, low costs and competitive rates make us an excellent choice! .

Mary Adams
Real Estate Relationship Manager
Citibank, N.A.
Cell: 231.437.0301.

About Mary Adams:

Mary Adams has originated over 5000 mortgages loans during her 20 year long career.  Mary maintains the highest level of customer satisfaction and welcomes the opportunity to help arrange your mortgage financing.

The mortgage process has never been so complex.  More than ever, it’s important to work with a seasoned loan officer; one who will take time to guide you through the entire loan process.  Whether you are a first-time homebuyer or are trading up, you owe it to yourself to work with a mortgage professional whose expertise you can rely on.

Sunday, November 13, 2011

Berkshire Creek Condominiums

Berkshire Creek Condominiums Ann Arbor MIBerkshire Creek Condominiums Ann Arbor MIWhole Foods WashtenawBarnes and NoblePanara Bread WashtenawBerkshire Creek Condos Ann Arbor
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Berkshire Creek Condominiums, a set on Flickr.
www.piperpartners.com/berkshirecreek.html - Berkshire Creek condos in Ann Arbor. Townhouse style condominiums with two car attached garages. Larger floor plans and large patios. Located on the East side of Ann Arbor at Huron Parkway and Washtenaw Ave. Near University of Michigan North Campus and U of M Hospitals.

Via Flickr:
Entrance to Berkshire Creek condos from the Whole Foods-Barnes and Noble parking lot. You can walk to Whole Foods Market without crossing any streets - That's reason enough for me to want to live here.

Berkshire Creek condos offer two floor plans, both are larger townhouse style condos with 2 car attached garages and very large patios.

Saturday, November 12, 2011

Mortgage Update from Mary Adams at Citi Mortage

Mary Adams, Citibank

Mortgage Update The week of November 7th 2011.

This week, rates held at former levels: The zero point 30 year fixed conventional rate bounced between 3.875% and 4%, spending most of the week at 4%., while the FHA/VA 30 year rate hovered at 3.875%. The 15 year rate hovered at 3.25%.

Adjustable Rate Mortgage rates in review:
  • 10/1 ARM reached 3.375%
  • 7/1 ARM reached 2.875% 
  • 5/1 ARM reached 2.75% 
Due to market fluctuation, we continue to recommend that borrowers lock or cautiously float!

In honor of Veteran's day, Vikram Pandit, Citi's Managing Director, announced that we hired 150 veterans this summer and an additional 300 in the past three months! Citi is committed to hiring an additional 200 veterans over the next several months. In this week's announcement, Mr. Pandit stated "Citi has a strong commitment to providing America's men and women in uniform with opportunities, and to ensuring that military families around the country have the support they need. We are helping them stay in their homes, offering returning troops professional development and mentoring, and recruiting veterans to work at Citi on a larger scale than ever before. As a founding member of Veterans on Wall Street, we remain committed to connecting former military personnel and those currently in the National Guard and Reserve with career and business opportunities in the financial services industry".

Citi offers 15 and 30 year VA mortgage financing with expedited loan approval. Under certain circumstances, Veterans can purchase a home with no out of pocket expense! 

Mary Adams
Real Estate Relationship Manager
Keller Williams Realty, Ann Arbor
Citibank, N.A.
231.437.0301

Mary Adams with Citibank is a preferred lender for the Piperpartners Ann Arbor real estate team.


Friday, November 11, 2011

Brentwood Square Ann Arbor MI

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Brentwood Square-6Brentwood Square-7Brentwood Square-8Brentwood Square-9

Brentwood Square, a set on Flickr.

New photos

Via Flickr:
Brentwood Square Condominiums in Ann Arbor MI www.piperpartners.com/brentwoodsquare.html

Sunday, November 6, 2011

Mortgage Update-30 fixed still at or below 4%

 
Your First Home - For your free
copy, Contact Piperpartners
 at 734-604-8242
The week of November 5th saw more market volatility!

The zero point 30 year fixed conventional rate bounced between 3.875% and 4%, spending most of the week at 4%., while the FHA/VA 30 year rate hovered at 3.875%. The gap between 30 and 15 year rates broadened as the 15 year rate fell to 3.25%.
 
Adjustable Rate Mortgages are making a come back. They are perfect for borrowers who plan to sell during the first 10, 7 or 5 years. This is a snapshot:
  • • 10/1 ARM reached 3.375%
  • • 7/1 ARM reached 2.875%
  • • 5/1 ARM reached 2.75%
Due to market fluxuations, we continue to recommend that borrowers lock or cautiously float!
 

There has been a marked increase in VA home loan requests in the past month as more young women and men are returning from duty to resume their careers. Citi is proud to be among the Wall Street firms which promote the hiring of returning veterans!
 
Mary Adams
Real Estate Relationship Manager
Citibank, N.A.
231.437.0301

Mary Adams with Citibank is a preferred lender for the Piperpartners Ann Arbor real estate team.

 

Friday, November 4, 2011

1875 Lindsay Lane Ann Arbor. Pin Perfect Brentwood Square Condo

Just Listed!  Call Andy Piper for details - 734-604-8242
FABULOUS BRENTWOOD SQUARE CONDO WITH GORGEOUS UPDATES THROUGHOUT.  

1875 Lindsay Lane Ann Arbor. Brentwood Square Condominium-Piperpartners.com
This condo is in perfect shape with everything updated.  Clean, Clean, Clean Quality updates through out.  Located in the back of the Brentwood Square complex - no road noise.  If you are tied of looking at condos that need a lot of updating, then this is a sure bet.  

Quality updates such as new hardwood floors, new high quality carpet, new kitchen cabinets, counters and appliances.  Hunter Douglas 2 inch wood blinds through out.

2-Story Great room with Gas Fireplace and new quality carpeting.  Open Dining/Kitchen features gorgeous new Hardwood Flooring, new Cherry Cabinetry, new counters and New Appliances.    

2 Bedrooms overlook wooded green space.  Tiled baths.  2nd Bedroom can also used as a Home Office, TV or Family Room. In-unit Laundry comes with the Washer & Dryer.  Convenient 1-Car Attached Garage with Storage Area.  Association dues cover include water, exterior maintenance, snow removal and landscaping. Up to 2 pets per assoc. approval. 

Walk, Jog or Bike to Gallup Park with boat/kayak/canoe rentals on the Huron River.  Bike or use the bus stop to nearby U of M Central and North Campus, U of M Medical Centers, the VA Hospital, Briarwood and downtown Ann Arbor, great restaurants & shopping!  Close to US-23 and I-94 freeways as well for easy commuting.
  • Great Room with Fireplace
  • Gorgeous Kitchen w/New Appliances
  • Patio with Views & Open Park-like Common Area 
  • Ann Arbor Schools:  Allen Elementary, Tappan, and Huron High School
  • Easy Access to I-94 and US-23.  Close to Whole Foods, Gallup Park, UofM Campus and Downtown Ann Arbor 
View all homes at:  Brentwood Square Condos   Ann Arbor Condo Communities     Search the Complete Ann Arbor MLS   Virtual Tour of 1875 Lindsay Lane in Brentwood Square