Expert John Pyne from Intercoastal Mortgage Company, discusses interest rates and mortgage updates in 2019 and for the upcoming year. At the start of the year we were seeing interest rates around 4.5% for 30 year fixed rate loans. But the Fed went ahead and lowered the prime money rate and interest rates trickled down to 3.5%. People have made the decision to take advantage of this and home buying has increased in 2019.
The cost of private mortgage insurance anytime you put less than 20% down, have gone down about 20% across the board. You can actually pre-pay your mortgage insurance up front. A lot of Glass House Real Estate clients have done this with their real estate rebate.
One thing to note is changes to VA financing. There is no longer a limit on 100% financing. This means you can buy a home at $1.1 million and put 0% down.
If you are looking to buy a home in Spring of 2020, now is the best time to begin the process. Start talking to a mortgage professional and understand what your buying power is. The Spring home buying season starts as quickly as February, just a few months away!
Interest Rate & Mortgage Updates
Intercoastal Mortgage Company is an Equal Housing Lender, and is licensed by the Virginia State Corporation Commission (MC-375) Company NMLS ID # 56323 (www.nmlsconsumeraccess.org)
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Intercoastal Mortgage Company
4100 Monument Corner Drive
Fairfax, VA 22030
John is a Senior Loan Officer at Intercoastal Mortgage Company in Fairfax, Virginia. John enjoys serving as a residential financing expert, not only for his clients, but also for the community. John strives to make each mortgage loan transaction as stress free as possible by educating his clients on all available options, answering all questions thoroughly, and being as accessible as possible. This focus on customer service is what sets The Pyne Team apart from others.
Contact John Pyne for any of your financial needs or questions.