Lisa Parker, President of Dragas Mortgage Company, announced that Marcia Glenn has joined its Virginia Beach office as Senior Loan Officer.

Ms. Glenn has over 25 years of residential lending experience in Hampton Roads with a special focus on working with first-time homebuyers, as well as Conventional, FHA ,VA and Construction to Permanent financing.

A graduate of The University of The State of New York, Ms. Glenn has served on several affordable housing initiatives including Reside With Pride and Housing Strategy Group under the Department of Housing and Neighborhood Preservation in Virginia Beach, Urban Business Development Corporation in Norfolk; Norfolk Homebuyers Club under Norfolk Redevelopment and Housing Authority, The Community Development Corporation in Virginia Beach and The Urban League of Hampton Roads.

Dragas Mortgage Company has been providing loans for home purchases and refinances to homeowners in Hampton Roads since 1968.

The Mortgage Bankers Association posted a story in their recent newsletter showing strong hopes by The National Association of Home Builders for 2012:

"Freddie Mac  (FMCC) Chief Economist Frank Nothaft, who also issued a housing outlook at the NAHB conference, expects total home sales to grow between 2% and 5% this year, thanks in part to still-low mortgage interest rates. He anticipates the average rate on a 30-year mortgage will remain below 5% this year.

Many economists are expecting a brighter year for housing, citing positive economic data recently. The nation's gross domestic product expanded slightly last year. The U.S. has been steadily adding more jobs. And the national jobless rate has fallen from 9% as recently as September to 8.3% last month."

To enjoy the complete article, click here.

A recent article on Mainstreet.com makes the case for refinancing to today's historically low interest rates, even if you just refinanced within the last year:

Refinancing, even if you just did it six or nine months ago, certainly makes plenty of financial sense these days. Freddie Mac is out with a report stating that 49% of homeowners who refinanced their mortgages during the fourth quarter of 2011 reduced the principal balance on their mortgages – the highest percentage in 26 years.

The study also shows that the median interest rate reduction was 1.4%, a 26% savings on mortgage interest rates, and during the first year of the newly refinanced loan the average dollar savings totaled $2,700 on a $200,000 home loan.

“Savvy homeowners are taking advantage of some of the lowest fixed-rate [mortgages] in more than 60 years to lock in interest savings,” says Frank Nothaft, vice president and chief economist at Freddie Mac.

To enjoy the full article, click here.

If you have refinanced within the past year and are uncertain if refinancing again makes sense for you, contact us at dragasmortgage.com for a refinance analysis. With interest rates at the lowest level they have ever been, you may be able to not only save money each month by refinancing, but a substancial amount over the life of the loan.

 

Les Christie of CNNMoney.com reports that mortgage rates have hit an all-time low this week, on the heels of President Obama’s announced proposal to enable millions of homeowners to refinance to today’s low interest rates:

By Les Christie @CNNMoney February 2, 2012: 1:35 PM ET

NEW YORK (CNNMoney) -- Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.

The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.

For the complete article, click here.

For information on how you can take advantage of today’s historically low interest rates, visit www.dragasmortgage.com. Dragas Mortgage can assist you in finding the best program to fit your financing needs, whether you are purchasing a new home, or refinancing the home you already own.

The Mortgage Bankers Association (MBAA) released their Weekly Mortgage Applications Survey for the week ending December 7, 2011. The weekly survey showed a significant increase in both purchase and refinance activity. Says Michael Fratantoni, MBA's Vice President of Research and Economics, “Coming out of the Thanksgiving holiday, applications increased significantly as mortgage rates dropped to their lowest levels in about two months. In particular, refinance applications increased sharply, with some lenders seeing refinance volume double..". For the complete press release from MBAA, click here.

Are you ready to purchase a new home, or save money by refinancing the home you already own? At Dragas Mortgage, we can work with you to find you the best loan to fit your needs. Click here to be contacted by a loan specialist today.

Our staff at Dragas Mortgage Company would like to wish you a very Happy Thanksgiving! Our office will be closed on November 24th and 25th in observance of the holiday. We will reopen on Monday, November 28th at 9am. For inquiries this weekend, please complete an on-line application and a Loan Specialist will contact you as quickly as possible.

Rates are still low and it’s a great time to purchase a home or refinance! Please enjoy the following article from Inman News. To follow Inman on-line, a great resource for real estate news, click here and bookmark in your favorites.  

http://www.inman.com/news/2011/11/17/mortgage-rates-near-historic-lows-third-straight-week

Contact us at www.dragasmortgage.com to get today's rate quote and be pre-qualified for your new home or to refinance the home you already own.