FHA will raise the MIP on all FHA case numbers assigned on or after October 4th.  This is a value added proposition for any one out there that is on the fence about buying a house.  The monthly MIP is going from .52 to .90.  This means a customers payment will be around $67.00 per month more on a $200,000 FHA loan after Oct. 4th.

If you want more information I have the mortgagee letter from HUD with all of the MIP changes, just email me or call me and I can send it to you!

myerst@kw.com or 405.474.4242

Rates as of yesterday on a 30 year fixed were 4.250% and a 5/1 fixed arm was 2.875%.

FYI, the low housing numbers were the logical let-down from the stimulus-induced highs earlier this year.   So don’t let this panic you.  Housing numbers will stabilize in the next two months at non-stimulus levels and then continue to improve.

State Bond Money still available with a rate of 5.25% and 3.5% DOWN PAYMENT ASSISTANCE!!!

This week 30 yr. fixed rates remained in the low 4’s depending on program, credit and points.
Ted Clay
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963

Office: 405-341-8644
Cell: 405-826-1320
e-Fax: 1-866-208-5309

tclay@wrstarkey.com

www.TedClay.com ]]> http://blog.realestateinedmond.com/?feed=rss2&p=724 1 http://blog.realestateinedmond.com/?p=722&utm_source=rss&utm_medium=rss&utm_campaign=fun-places-to-visit-in-oklahoma http://blog.realestateinedmond.com/?p=722#comments Wed, 25 Aug 2010 14:00:25 +0000 Terra http://blog.realestateinedmond.com/?p=722 Here are just a few places that I know or think might be fun places to visit while in Oklahoma or even if you have lived here for years. We all might as well enjoy what we have!

• The Oklahoma City Zoo, http://www.okczoo.com/
• The Gilcrease Musuem in Tulsa, OK – #918-596-2700, http://gilcrease.utulsa.edu/
• The Oklahoma City National Memorial and Musuem in Oklahoma City, OK – http://www.oklahomacitynationalmemorial.org/
• Arbuckle Wilderness in Davis, OK – #580-369-3383
• Omniplex/Science Musuem of Oklahoma – http://www.omniplex.org/
• Wichita Mountains Wildlife Refugee, Visitor center, and park – http://www.fws.gov/southwest/REFUGES/oklahoma/wichitamountains/visitorcenter.html
• Beacon Drive-In Theater in Guthrie, OK – #405-282-3133, http://www.beacondrive-in.com/
• Oklahoma Aquarium, http://www.okaquarium.org/
• POPS restaurant, gas station and gift shop in Arcadia, OK #405-928-7677
• Discoveryland in Sand Springs, OK – www.discoverylandusa.com
• Turner Falls in Davs, OK #580-369-2988, http://www.turnerfallspark.com/

There are tons more places to visit and play in Oklahoma. Just get out there and start exploring. Make an adventure out of it. Oklahoma really is a great place to live!

The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The
great teacher inspires. ~William Arthur Ward

A teacher affects eternity; he can never tell where his influence stops. ~Henry Brooks Adams

Learn as much as you can while you are young, since life becomes too busy later. ~Dana Stewart
Scott

I am always ready to learn although I do not always like being taught. ~Winston Churchill

The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as we
continue to live. ~Mortimer Adler

Every act of conscious learning requires the willingness to suffer an injury to one’s self-esteem.
That is why young children, before they are aware of their own self-importance, learn so easily.
~Thomas Szasz

When the student is ready, the master appears. ~Buddhist Proverb

You learn something every day if you pay attention. ~Ray LeBlond

The ink of the scholar is more sacred than the blood of the martyr. ~Mohammed

Learning is a treasure that will follow its owner everywhere. ~Chinese Proverb

Education is learning what you didn’t even know you didn’t know. ~Daniel J. Boorstin, Democracy
and Its Discontents

Children have to be educated, but they have also to be left to educate themselves. ~Abbé Dimnet,
Art of Thinking, 1928

Education would be much more effective if its purpose was to ensure that by the time they leave
school every boy and girl should know how much they do not know, and be imbued with a lifelong
desire to know it. ~William Haley

Home computers are being called upon to perform many new functions, including the consumption
of homework formerly eaten by the dog. ~Doug Larson

Education’s purpose is to replace an empty mind with an open one. ~Malcolm S. Forbes

You can get all A’s and still flunk life. ~Walker Percy

There are three good reasons to be a teacher – June, July, and August. ~Author Unknown

As long as there are tests, there will be prayer in schools. ~Author Unknown

The whole purpose of education is to turn mirrors into windows. ~Sydney J. Harris

If there were no schools to take the children away from home part of the time, the insane asylums
would be filled with mothers. ~Edgar W. Howe

Being a child at home alone in the summer is a high-risk occupation. If you call your mother at
work thirteen times an hour, she can hurt you. ~Erma Bombeck

Labor Day is a glorious holiday because your child will be going back to school the next day. It
would have been called Independence Day, but that name was already taken. ~Bill Dodds

Go to www.quotegarden.com to see more.

The impact on rates is that for the THIRD time this month we are back at all time low levels.  BUT…each time we get there, rates go back up.  If you’ve noticed, the rate range has remained unchanged for 4 straight weeks.  This tells me that investors have a minimum rate of return they require on mortgages and each time we get there, they are unwilling to take a lower rate.

It’s not going to get any better than NOW to buy…or refinance.  Speaking of refinancing, if you’ve bought a home in the past, this may be the time to refinance. Take advantage before this awesome chance passes.

This week 30 yr. fixed rates remained between 4.25% and 4.5% depending on program, credit and points.
Ted Clay
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963

Office: 405-341-8644
Cell: 405-826-1320
e-Fax: 1-866-208-5309

tclay@wrstarkey.com

www.TedClay.com ]]> http://blog.realestateinedmond.com/?feed=rss2&p=717 1 http://blog.realestateinedmond.com/?p=713&utm_source=rss&utm_medium=rss&utm_campaign=gaining-control-after-you-move http://blog.realestateinedmond.com/?p=713#comments Thu, 19 Aug 2010 19:21:55 +0000 Terra http://blog.realestateinedmond.com/?p=713 These are just a few things I thought I would share with you after going to a couple “Unpacking your Boxes” classes at Memorial Road Church of Church these past couple weeks. Let me know if you would like to go to the last two classes or want more information. Email me at myerst@kw.com.

• Always make the move an adventure – think of it as a new opportunity and somewhere adventurous to start this new chapter in your life
• There will be melt downs, no matter what, it takes time to get use to a totally different city and home
• Stay positive because the positive and negative things you say to your kids and friends will rub off on them. Plus, who wants to be around a person who is negative all of the time if the only things you talk about are negative. You need your old and new friends in this phase of your life.
• Embrace the beauty of the Edmond/Oklahoma City area if this is your home now. Find different, exciting places to eat and go for entertainment. (look for a blog post coming soon on fun places to visit in OKC )
• Turn to God, a friend or church family for support. They will help lead you in the right direction.

Hope these tips are helpful! I sure thought they were good.

View rates like a set of stairs.  In lending money, the more risk you take (horizontally), the higher rate of return you want (vertically).  Risk comes in how soon you’ll be paid back and who you lend to.  The longer you wait to get your money back, the more risk you take and you want a higher interest rate.  So, a 10 note pays a higher rate than a 1 year.  Also, the risker the creditor, the higher rate of return you demand.  So a mortgage to you and me requires a higher rate than Uncle Sam’s T-bills.  Following so far?

Back to the stairs.  Each step represents a different level of risk, either time lent or borrower lent to. 1 yr. T-bills are at the bottom, 10’s in the middle, and 30 yr. mortgages are at the top.  Well, the 1 year T-Bills are basically at 0..so they can’t go any lower.  And if THEY can’t go any lower, can any of the other steps on the interest-rate-stair-case (i.e. mortgages) go any lower?  Not really.  The only way for mortgages (the top steps) to drift lower would be for the size of the steps to shrink – i.e. investors would have to be willing to take less return for their added risk.  This might happen to some degree, but not much.

But what IF, investors WERE willing to take less for their added risk and those steps DID shrink thereby lowering rates further? Well, a funny thing happens to a monthly payment when rates are this low.  The difference between a 4.0% payment and a 4.25% payment is less than the difference between a 5% and 5.25%.  My point?  IF rates DID drift lower, which in my opinion is not likely,  it wouldn’t impact your borrower as much as it did when rates were in the 5’s.

So, if you are asking, “Shouldn’t I wait for rates to go lower?”   “Absolutely NOT!”.

This week 30 yr. fixed rates remained between 4.25% and 4.5% depending on program, credit and points (notice how we’ve been here for 4 weeks?).
Ted Clay
Sr. Loan Officer
NMLSR # 217991
OK License # MLO01963

Office: 405-341-8644
Cell: 405-826-1320
e-Fax: 1-866-208-5309

tclay@wrstarkey.com

www.TedClay.com ]]> http://blog.realestateinedmond.com/?feed=rss2&p=709 0