Congratulations purchase contract is accepted and you are now officially “in escrow”. You go ahead and send in all of your financial information to your mortgage lender, a few days goes by and you get some not so pleasant news. The loan has been counter approved requiring some changes to the mortgage loan program and…
Not sure why it’s there, but aversion to mortgage loan points is definitely something every borrower and consumer asks about. For the most part, there is a negative stigma attached to paying discount points. There’s two forms of points which are an elective to pay in conjunction with procuring mortgage loan financing. There used to…
The buzz is is everywhere… people who have loans owned by Fannie Mae or Freddie Mac will be able to refinance with no loan-to-value restrictions. This program is slated to take effect on November 15. The actual program is called (HARP) Home Affordable Refinance Program and it is designed to help people who have conforming…
As we all know getting a mortgage loan today can be challenge. Dealing with adverse credit can be somewhat unpleasant, but necessary to procure mortgage financing. The credit score is an indicator of how likely you are to default on a monthly debt obligation in the next three months. The higher the credit score the…
This is “THE” money question. If you can accurately predict this- you are the man, no doubt about it. News Flash! Nobody can predict this information, not even Yale Economists. What we can do is gauge the economy and the health of the real estate market by the economic data that we receive on a…
The media has been going haywire talking about the great 4% mortgage rate. While rates are extremely low, actually getting a 4% mortgage rate is something else entirely. The average interest rate people are locking in on 30 year fixed-rate money is between 4.25-4.375%. Why the disparity? Well the interest rates advertised by Fannie Mae…
Folks who have mortgages owned by Freddie Mac and/or Fannie Mae have been waiting for the 125% loan-to-value refinance for quite some time. Fannie Mae and Freddie Mac have been offering the program for months saying the program went to 125% loan to value. Only yesterday October 20, 2011 was the date of availability that…
Are you considering buying a house? If yes, your monthly debt obligations play at significant role in your ability to qualify for a mortgage loan. So the next time you are contemplating purchasing a great new car or truck, be aware of the fact the new auto loan payment will reduce your ability to get…