Interest Rate Move Higher

Mortgage interest rates have moved highter since a low near the end of June. The nation average for a 30-year fixed note is currently 5.32% and experts predict that the upward trend will continue. As right inch higher, more buyers will be forced out of the housing market. This may be an excellent time to buy or sell a home and lock in these rates now.

The rates for ARM loan have been moving up faster than conventional 30-year fixed notes. While still at 4.81%, the gap is narrowing. Buyers would be advised to consider both ARM and 30-year to determine which best fits your needs at this time. Your mortgage consultant should be able to assist.

[Source www.bankrate.com]

1% Mortgage Loan No Bargin

I just heard an ad on the radio for a 1% mortgage loan. I was driving and could not write down the website, but did managed to catch the verbal "small print" from the ad. Yes, the 1% rate is an introductory rate for 30-days and the payments are fixed for the first year. What does this mean?

I'm presuming that after the first 30-days, the loan adjusts up based on the prevailing interest rates. If the payments are fixed for the first year, what this means is that you are losing equity every month for the first year since the low payments can't even cover the interest.

I have no idea what happens after the first year, but you know the mortage company will need to make up the interest somehow.

Bottom line -- make sure you understand ALL the terms of the loan before you sign.

Coldwell Banker Primus ranks high

Just learned that Coldwell Banker Primus was ranked #17 in sales last quarter among CB affiliates - and number #3 in the state of Illinois. Forgive the abject back patting.

Welcome and Introductions

Welcome to Real Estate Ramblings!

So, you made it my Blog -- thanks for stopping by. Now I bet you are wondering what the heck this Blog is all about and just who I am. Am I right so far? Okay, so first a little about me and then more on what I want to do with and within this Blog.

All about me.

One of my favorite subjects. My name is Bruce Weise; you can call be Bruce, that's fine. I am a Real Estate Agent with Coldwell Banker Primus Realty in Crystal Lake, Illinois. That's me in profile in the upper right hand corner. I haven't always been in real estate; in fact, I spent over 20 years working in Information Technology -- most recently as a project manager. Leaving IT wasn't exactly my idea, but if you happened to be in IT, or know somebody in IT, then you probably know somebody who used to be in IT. There are too many of us, shall we say 'older', IT people running around, so jobs were hard to find. So, I figured it was time for a career change and now here I am.

Great, if you are here then you managed to get past that Real Estate Agent line without clicking back! Thanks. Crystal Lake is in McHenry county Illinois, which is in the North Eastern part of the state -- we are about 60 miles Northwest of Chicago. I serve the whole area though; McHenry, Lake, Cook and Will counties. If you happen to live in this area -- that's great! And if you happen to want to move to this area -- well that's even greater (please call me, or send an e-mail so we can talk). If you don't know or care where these counties are -- well I guess that's great too, since the focus of this Blog really isn't to sell real estate, but to provide a forum for my musings, and your comments too, on real estate in general. Read on.

This Blog

Considering my background, it's not unusual that I would actively use the Internet in my new profession. Usage of the Internet by buyers of real estate has grown, even in the past few years. Now, about 2 out of every 3 buyers will use the Internet prior to buying a new property. And of these, about 90% will employ a Realtor. Seems to me that since the World Wide Web is already an active marketplace, then the Blogosphere should be a natural extension. As far as I know, I'm the only one in this area -- but I'm willing to be proved wrong.

The purpose of this Blog is not to market properties. Oh sure, I'd love for you to visit my Coldwell Banker website (you can go there now if you want, I'll wait); that site is absolutley for marketing purposes! Rather, this Blog is for rambling on the real estate market in general. I want it to be a place where you -- future buyers and sellers -- can go for information. Hopefully, you will find my ramblings informative, entertaining and even (can it be) useful. Every post here allows for comments; and I look forward to them. Challenge me. Ask me questions. Rant about real estate Agents in general if you want. I look forward to hearing from you.

All the information he is FREE -- you don't owe me a dime. Sure, if you live in northeastern Illinois, and are looking to buy or sell a house, I'd like for you to call me -- but if not, that's OK too. (I love referals too). Hopefully, I'll be posting here frequently as time permits, so stop back often. For now, see you around the Blogs.