Archives: john coneys

Rates for October 11, 2011

Posted on: October 11, 2011

We asked John Coneys of Superior Home Mortgage to give us his most current interest rates and what he was seeing in the market:

“So, what did last week’s economic data (jobs report) mean for the bond markets and interest rates?….

When our economy is struggling, our Bond Market usually benefits as investors seek a safe haven for their money. And since home loan rates are tied to Mortgage Bonds, our home loan rates are sometimes at their best when our economy is struggling. In a way it makes sense…in times of economic struggle, good home loan rates can help kick start our economy in other areas. Yet, when good or better than expected economic news hits the wires, like it did with Friday’s Jobs Report, investors often move their money out of Bonds and into Stocks in an attempt to take advantage of these gains.

And that’s a big reason why we saw Bonds and home loan rates worsen late last week; some Home loan rates have moved up in the low 4’s.”

Thanks John!

Posted by Paul Walsh


10 Commandments of Mortgage Applications

Posted on: July 27, 2011

 

John Coneys of Superior Mortgage sent us this light-hearted list of things NOT to do during the mortgage process.  Even in these days of complicated financing guidelines, it’s actually quite easy to follow these rules and keep everything running smoothly.  Thanks a lot John!

 

What not to do during the mortgage process

 

Posted by Paul Walsh


The Housing and Economic Recovery Act of 2008

Posted on: August 14, 2008

I posted recently about the landmark legislation aimed at ending the current downturn in the housing industry, helping homebuyers and strapped borrower and strengthening the housing finance system.

John Coneys of National City Mortgage, came and spoke with our agents today to help them understand how some of the elements of the Act will help our clients. The highlight of the presentation was his explanation of the $7500 tax credit to First Time Homebuyers for the purchase of a primary residence.

The important points include:

  • The tax credit is available to first-home buyers only (first-time homebuyers are defined as anyone who has not owned a home in the last three years).
  • The maximum credit amount is $7,500.
  • The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. If taxpayers exceed the income limits, they will qualify for partial credit.
  • The tax credit operates like a zero-interest loan. Homebuyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house.
  • Eligible purchasers will claim the credit on the appropriate IRS Form 1040 Tax Return and/or on any special forms the IRS might devise.

All of this information and more can be found at http://www.federalhousingtaxcredit.com.

 

Posted by Paul Walsh