Anyone that bought in 2018 or early20 19 (or has a rate above 4.25%) it is highly likely they can benefit from the lower rates.  These rates may continue to drift down, or if the virus scare abates and markets rebound we may go back to where we were a few weeks back.  
BUYING POWER:  in a market like ours where prices move up by 7-9% per year and wages do not, buying power is diminished......lower rates help to offset that of course. 

Example:  a loan amount of $350,000 with a rate of 4.125% with Principle & Interest of $1696, borrowing power can go up to $378,000 at 3.5% while the payment stays $1697. 

Pay attention to the mortgage rates, it could be a big win for you during this time!

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From a recent email from Flagstar...

Great news! If your buyers are currently paying mortgage insurance premiums, those payments may be deductible on their taxes, thanks to an extension from the Further Consolidated Appropriations Act, 2020.  
Since we're not tax advisors, you can get the full breakdown on how mortgage insurance deduction works at this link from the IRS.  
However, I'd urge you to check it out while it's fresh in your mind, as there may be a deadline for how long your clients will be able to deduct their mortgage insurance premiums.  
As of right now, however, your clients that qualify can still save a bundle on their tax bill for mortgage insurance premiums paid for the 2019 tax year. The same goes…

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From a recent Town Crier, an account of the Mining Days in Montana...
On March 10, 1864, vigilantes in the frontier mining town of Virginia City—which doubled as the Montana Territory’s capital beginning just a year later—hung a sometimes-lawless man in a controversial execution. Plagued by rampant looting by desperados and fringe riders of the region, a group of prominent men within Virginia City formed a posse of vigilantes, slaying known and suspected individuals causing terror and unrest throughout the area. They even went as far as to pin the numbers 3-7-77—the dimensions for a standard grave of 3 feet by 7 feet by 77 inches—to the bodies of such victims, as well as their cabins, tents and dwellings as a deterrent and message to leave,…

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The benchmark 30-year fixed-rate mortgage fell this week to 3.71 percent from 3.75 percent, according to Bankrate’s weekly survey of large lenders.

Mortgage rates have declined with the 10-year Treasury note, which closely tracks mortgage rates. Stocks and government bond yields are falling in the wake of worries about the worldwide coronavirus outbreak.

A year ago, the 30-year rate was 4.54 percent. Four weeks ago, the rate was 3.70 percent. The 30-year fixed-rate average for this week is 0.91 percentage points below the 52-week high of 4.62 percent, and is 0.01 percentage points greater than the 52-week low of 3.70 percent.

The 30-year fixed mortgages in this week’s survey had an average total of 0.30 discount and origination points.

…

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According to a recent article from Northwestern Mutual, your credit score is one of the most important numbers in your life, as it’s used to set the rates you get on loans. A good score can make a big difference for your money.

That’s why it’s worth taking notice that one of the most common credit scores — known as the FICO score — will be calculated differently starting this summer. Fair Isaac Corp., which produces the FICO score, estimates that about 110 million Americans will see a change of less than 20 points, and about 80 million people will see a change of 20 points or more.

HOW DOES THE FICO SCORE WORK?

FICO scores are used by most lenders when they make decisions about things like giving you a car loan, personal loan, a mortgage or even…

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On Wednesday, August 14, 2019, the Federal Housing Administration issued an update to its condominium rules, which go into effect October 15, 2019. The FHA said it expects the updates, which are intended to improve access to affordable and sustainable housing, will allow an estimated 20,000 to 60,000 more borrowers to qualify for condo loans.

Some of the key changes to the guidelines include:

  • An individual condo unit in a building of 10 or more units may be eligible for spot approval if no more than 10% of the units are FHA insured. For units in buildings with fewer than 10 units, no more than two units can have FHA insurance.
  • The recertification deadline for approved condo projects is extended from two to three years.
  • FHA will insure more…

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Student and Parent Update - January 2020

Big picture

General Overview

As we kick off 2020, the excitement is building around the high school transition. We still have a lot of work to do in order to prepare for the BHS renovation and the opening of Gallatin High. So far we continue to make progress on our list of things to do with more than 60% completion. While we have a lot of work to do this spring, we are still on track in all categories.

 

If you're in the Board room at the Willson, be sure to check out our progress on the back wall.

How to Get involved

Parent Advisory Councils are up and running for both high…

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 In an article in the Bozeman Chronicle recently, Bozeman’s economy was ranked the strongest in the nation for a micropolitan city for the third year in a row in a recent national report.

Since 2018, POLICOM Corporation has ranked Bozeman as the strongest economy in a city with fewer than 50,000 residents. The group uses 23 different factors over a 20-year period, including wages, unemployment and welfare. Bozeman has ranked consistently in the top 20 since 2011.

A “micropolitan” city is any city with at least 10,000 residents but not more than 50,000. Bozeman barely fits in that category; the U.S. Census Bureau estimated in July 2018 that Bozeman’s population had surpassed 48,000. Bozeman has long been ranked the fastest-growing…

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Farmers and Ranchers have opportunities to utilize their land in more than one way to support the ranch: outfitting, movie sets, lodging, hunting opportunities, events and conservation easements. Ranches discovered years ago that folks enjoy the romance of working on a ranch and were willing to pay to help herd the cattle and pretend to be a cowboy for a week or so. Guest Ranches sprouted up around the state over time. Some now offer their barns for weddings and other larger events, another has had an antique store on the property or glamping in tents. Conservation easements can offer tax incentives while continuing to farm the land and can be beneficial to all in the long-run. They can be a small portion on the property rather than a large chunk.

In…

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According to Bankrate.com, the benchmark 30-year fixed-rate mortgage tumbled 7 basis points this week to 3.77 percent, according to Bankrate’s weekly national survey of large lenders.

This drop in rates comes ahead of next week’s first Federal Open Market Committee (FOMC) meeting of the year, where the Fed is expected to leave rates unchanged. Experts are eyeing the bond markets for signs of mortgage-rate movement, but rates have been in a narrow range for several months. This is good news for homebuyers and refinancers, alike.

“Even with more positive developments surrounding the U.S. and China trade negotiations and healthy retail sales data, investors seemed cautious and maintained their demand for safer U.S. Treasuries, which kept yields lower,”…

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