Cleveland House Contractors and Homes for Rent; Your Home Mechanics and Property Managers
  • Welcome to the Reilly Painting and Contracting Blog

    Welcome to Reilly Painting and Contracting, "The Home Mechanics," and Reilly Properties. We are your Cleveland home contractors who specialize in major home design projects and remodels, and minor home repairs. We also provide house rentals throughout Cleveland, Ohio.

  • Socialize

    Find us on Facebook.

    Watch us on YouTube.

    Follow us on Twitter.

    See us on Pinterest.

    Subscribe to our RSS feed.

  • Points of Interest

  • Topics

  • Testimonial

    "My thanks to Chris and Damon for their nice work on my house. They worked hard, got things done in the time they had predicted, and were polite and professional. Their work was very good- the living room ceiling looks fabulous, as there was quite a bit of water damage before. I am very pleased with the results, exactly what I wanted. Thanks so much."

    Elizabeth T.
    Cleveland Heights

  • Frustrated With Your High Mortgage? Join the Club

    [caption id="attachment_3017" align="alignleft" width="323" caption="Home Mortgage "]Home[/caption]


    It seems pointless to have an introduction to the state of the housing market. I know it's bad and you know it's bad. In a way, hearing other people's stories on how they are coping with this terrible housing market lets us know that we are not alone. Yahoo Real Estate is a fantastic source to get the latest news on the state of this whirlwind of a housing market:

    With mortgage rates at a 50-year low and banks near his Brookline, NH, home touting offers of 4% or less, Tom Rogers thought it would be a perfect time to refinance. But in spite of a solid credit score, after an exhaustive survey of lenders in the area and online, Mr. Rogers couldn't find a single one willing to give him such a rock-bottom rate. He eventually settled for a mortgage almost a full percentage point higher than what he had hoped for.

    "I was annoyed," he says. "We're someone they should want to do business with."

    It is an increasingly common frustration. The gap between the lowest advertised mortgage rate and the average rate that borrowers actually get is as high as it has been in two years, save a single week last September. As of last week, the lowest available rate — according to a survey of more than 200 lenders by — was 3.75% for a 30-year fixed mortgage, but the average rate was 4.39%. At the current 0.64 percentage-point spread, the difference in rates could mean an extra $53,000 in interest payments over the life of a 30-year, $400,000 mortgage.

    While there is always a spread — not all borrowers qualify for the lowest rate, after all — it is usually much smaller: An average spread is usually around 0.40 percentage point.

    The bigger discrepancy of late has little to do with borrowers' credit scores, which historically have largely decided what rates lenders choose to offer. Instead, it is more reflective of changes in the way lenders approach their business. Lenders have raised their profit margins by 1.5 to 2 percentage points in the past month, according to Informa Research Services, by offering borrowers slightly higher rates.

    Filed under: Selling Your House
    Tags: , , .
    Bookmark the permalink.

    Leave a Reply

    Your email address will not be published. Required fields are marked *