Buyers in today’s market can expect to pay about 17 percent of their gross monthly income on their mortgage. The average, since 1975, has been 25 percent and at times, such as the early 1980s, mortgage payments were as much as 45 percent of gross income. Zillow.com calculated housing affordability using data dating back to 1975. Based on median household income, median home value, the average 30-year fixed-rate mortgage, and an assumed 20 percent down payment, their research determined that homes are more affordable now than they’ve been at any point in the past 35 years. Read More→

This blog is intended for the purposes of promoting discussion and dialog relating to the mortgage industry and how it affects potential borrowers.

Current Mortgage News 3/10/11

What a week……..

 The Libyan crisis, Worsening employment news and now the Japanese Tsunami all contributed to large swings in the bond market the past week. The end result…. Not much change in mortgage rates. They are still hovering in the high 4’s to low 5’s.

 With rates low and inventory starting to stabilize, this may be the last chance to get a good deal on a new home. The shore market continues to remain strong with prices holding better than most areas of the country.

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Gary Freedman has been in the Mortgage and Real Estate Industries for over 20 years. He has directly originated or managed the originations of over $700 Million in mortgage loans. He completed the prestigious B.F Saul Mortgage Company management training program in nine months. This training included working as an Underwriter, Appraiser, Processor and Closer. This training gives Gary the unique ability to understand the process from start to finish which allows his clients to experience a remarkably smooth loan process. Gary served as President of Granite Mortgage Corporation and Millennium.

Title Insurance Company from 1994-2000. He currently holds his Mortgage Brokers License in the states of New Jersey and Pennsylvania under License Number NMLS ID #146492. He has held the Real Estate Broker’s license in the state of Pennsylvania.

 To reach Gary Freedman please e-mail him at gary.freedman@tridentmortgage.com or via phone 609-487-7202.

 The opinions and views expressed here are solely those of Gary Freedman and do not represent those of Trident Mortgage or any of its affiliates, officers, members or employees. Gary Freedman is not a CPA, Attorney or Financial Advisor. The information provided is deemed to be generally accurate but should not be relied upon to make any decisions. You should consult your CPA, Attorney or Financial Advisor before acting on any of the information provided herein.