Homebuyer Credit Closing Date Extended

On Friday, July 2, the President extended the closing deadline for the first-time homebuyer credit to September 30, 2010. Previously, the deadline to close was June 30, 2010 for an eligible homebuyer who entered into a binding contract on or before April 30, 2010.

Mortgage Rates are still at historic lows – Is it time to refinance?

Currently, rates for a 30 year conventional mortgage are approximately 4.875 (15yr, 4.25) with no points or origination. Also, the market for jumbos (over $417,000) has recovered somewhat making an upper bracket purchase or refinance much easier.

Many consumers have home equity loans which originated before lending institutions included interest rate floors in the terms. While it’s great to be paying 2.5%, sooner or later rates will begin to rise. When they do, the long term rates now available will be a relic of the past.

Even if you decide to keep your current mortgage or home equity arrangement, now is a good time to talk with your banker or mortgage lender and see what alternatives are available. Many institutions are offering refinance deals for current customers.

We solicited comments from a couple of local mortgage lenders:

Small Business Provisions for the HIRE Act

Two weeks ago President Obama signed into law the HIRE (Hiring Incentives to Restore Employment) into law. Drawing less coverage than the highly publicized healthcare legislation, the HIRE Act provides several tax incentives designed to get businesses hiring the unemployed and making capital purchases. Read full blog for the rundown!