News You Can Use from Gary Moore

Mortgage interest rates moderated slightly this week as investors sold the U.S. dollar and bought gold. Gold closed at an all-time record $1,556 and was up 8.1% in April. Oil prices continue to rise along with silver and other commodities.

China is concerned about inflation in its own country and in the so-called developing nations as demand for commodities heats up. China said it would slow down its buying of U.S. debt and would begin investing in commodities, instead. The dollar has been in a downtrend.

Stocks kept the wind in their sails as first-quarter corporate earnings continued to surprise to the upside for 78% of corporations that have reported Q1 so far. The Dow Jones average closed at its highest level since May 2008 at 12,811, an increase of 2.4% in April. The S&P 500 ended the week at 1,364, for a gain of 2%, and the Nasdaq gained 1.9% to close at 2,874.

Now is the time purchase real estate if you are:

1—A first-time homebuyer.

2---An investor.

3---A move-up purchaser.

4---An upper-end purchaser.

Interest rates are lower than any of my co-workers or I would have believed possible in the early 1980s when we would twiddle our thumbs and wish for 10% mortgage rates.

Home prices continue to be flat, although many buyers are out and about in this spring buying season. Foreclosures and short sales continue to drag on the market---but what is bad news for one fellow can be good news for another.

Call me with any questions and to help you sort through today's real estate financing merry-go-round. For example, today on an FHA purchase your rate would be 4.75%, but you would get 1% of the loan amount rebated to you to help with closing costs! Call me about the new pricing paradigm and how I can help you take advantage of it.

If you are a first-time buyer---or if you know a family member or someone who should be---did you know that you can receive a downpayment gift from the Tennessee Housing Development Agency? "First-time buyer" is defined as either someone who has not owned a home in the last 3 years or who lives in an exempt rural county. If you need help with paying closing costs, I can work with your Realtor to get the seller to pay those for you, or I can show you lender-paid closing cost options.

Investors are also taking advantage of buying single-family homes while inventory is high and prices are low. Investors who buy Fannie Mae foreclosures need only 10% down, and there is no mortgage insurance required. Contact me for a list of eligible properties.

Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com. Web site: www.BrentwoodHomeLoan.com

First Community Mortgage is a direct lender that does all processing, underwriting and funding locally in-house, so that sales close more smoothly, and you never feel left out of the loop.

30-Year Conventional Fixed

4.75% $200,000-$417,000

15-Year Conventional Fixed

4.125% $200,000-$417,000


30-Year FHA-100% VA

4.75% $100,000-$393,300


30-Year Jumbo Fixed

5.8% $417,001-$900,000

(Interest-only available-Call me)

Rural Development 100%

5.25%

THDA Great Start

5.35% $100,000-$393,300

4% of loan amount Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658 Toll-free fax: 866-321-6513

Quote of the Day

"My formula for success? Rise early, work late, strike oil." - John Paul Getty

Visit my mortgage website:
http://www.BrentwoodHomeLoan.com