Green. Gold. Sold.

Market Update from Nick Russo!
February 28, 2014

Bond full steam ahead? Actually, no, full steam reverse!! Bonds rally for 5 days before dropping today. Why? Because pending home sales beat expectations and consumer sentiment rises to 81.6 and also beats expectations. This is a prime example of why being in the market, under contract to buy a home and ready to pull the trigger on a lock is crucial! The average rate has been volatile and the timing on a rate lock gets more and more important every day. Often the right advice beats the right price. I say this because a rate of 4.375% may sound great at the time of locking in a rate but what if the rates are 4.25% the next day? This is why timing is everything, and not only in the timing of your lock, but the timing of your home purchase. And with the cost to buy (considering Purchase price plus low Rates)a home is close to historic lows, the time is NOW!!   For more info contact Nick Russo today! Nick Russo Vice President Towne Mortgage - Your Hometown Mortgage Lender Email: Phone: 757-241-0858

Market Update from Nick Russo!
February 21, 2014

Fannie Mae earned $84 Billion, yes, Billion in 2013, the highest ever for the 80 year old company. They will pay the US Treasury $7.2 billion bringing the total paid back to the US to $121.1 Billion. This is $5 billion more than the $116.1 Billion originally received in aid!! Mortgaged backed securities are struggling the past couple weeks and have caused the average interest rate to rise as previously feared. The Mortgage Bankers Association and National Association of Realtors expects the national average interest rate for a 30 year fixed mortgage to reach 5% to 5.4% by this time next year. With bonds dipping the last 6 trading days my recommendation for all current clients is Lock in the rate before Bond prices deteriorate further and rates climb! For more info contact Nick Russo today! Nick Russo Vice President Towne Mortgage - Your Hometown Mortgage Lender Email: Phone: 757-241-0858

Navy Men find an Escape Route in Virginia Beach
February 19, 2014

Location: The Villas at Witchduck Court Its 12:00 noon and I’m on my lunch break driving aimlessly from Pembroke Mall wondering what has changed over the years. It seems like the same ol’, same ol’ restaurants, shopping centers, mediocre living complexes, Blah Blah Blah! Nothing really stood out to me until I turned on N. Witchduck Road, I immediately noticed a new complex of homes being built, entitled “The Villas”. I quickly made a U-turn and drove onto the property and one word came to my mind, Navy! I have a cousin who’s currently at the Amphib base and would love this place for his self, as well as, his family. Especially with the convenient access to the high ways for hassle-free traveling, I knew he would love this. I observed the featured model, “The Chateau” from top to bottom, and the media room was the biggest asset for him. A “Man Cave” as some call it would be in full effect, to escape the troubles of a nagging wife and/or kid’s haha. A protected community with a build your own home feature for his specific needs is all he needed in order to escape the troubles of the Navy and to enjoy his life as a family man as well.

For more information on the Villas at Witchduck Court, visit our website or Like us on Facebook!

Also contact our site agents, Melinda Crane and Terry O'Gorman!

Allured New Homes Overshadow the Norm in Chesapeake
February 12, 2014

Location: 1203 Bonnie View Arch Chesapeake, VA When I hear Chesapeake, Virginia the first thing that comes to mind is Greenbrier Mall, Oscar Smith High School, and the home of former NBA All-star Alonzo Mourning but now Chesapeake, Virginia has an all new unusual attraction...Homes!! But not just any ol’ rinky dink home that was built in medieval times, Chesapeake is now home to Albemarle River Estates. An alluring neighborhood full of natural beauty, seclusion, and resources from all over, how could I resist? But I had to ask myself two key questions, what’s the catch? And was this house actually worth it? After having a first-hand viewing of the house I can definitely say this home is “worth the while”. Upon entering the Willow, the featured modeled home, I immediately thought about longevity; Marriage, kids, a profession, and more, this house was just that and more! A Place where I could live comfortably and crime free. A central location where children could grow up peacefully with a variety of education preferences ranging from Greenbrier Intermediate, Greenbrier Middle School, and Oscar Smith High School, This was it! While walking around the home I noticed spacious rooms and began to imagine how I could use certain areas to finish up delayed office work, as well as, children having their own individual space. I thought to myself... Perfect! Now the troubles of finishing up work in a timely fashion at my job could be satisfied at home. After being amazed by the different energy saving options and other various exterior/interior features, I had to look no further. This was the home I would recommend for myself and others a place myself and others could call home, an Alluring home. For more information on Albemarle River Estates, visit our website or like us on Facebook!

Start your Monday with the Market Tip of the Week!
February 10, 2014

Brought to you by Towne Mortgage's Nick Russo I will continue to recommend a locking bias for a mortgage interest rate to take advantage of the gains felt this past week. The bond market rose again today after some weak Jobs numbers but pulled back from its high’s to close right at the 200 day average bond price. If the bond market falls below this level there could be some rate hikes next week. If I were buying a home now and obtaining a mortgage at $250,000 and getting a 4.25% on a 30 year mortgage I would pay $1230 in Principal and Interest. If I wait and buy later, get the same price, but obtain a 4.875% rate my Principal and Interest payment would be $1323. I lose $93 per month. If we use the $5 per thousand estimate for a mortgage this $93 loss is equivalent to over $18,000 in sale price. So like I said, do not step off the fence...JUMP!