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…
So you went ahead and applied for a mortgage loan and you’re all geared up to refinance refinance at today’s fantastic interest rates and your lined up to be preapproved to purchase a house. Your income is good, your assets is good, you got two years on the job, and even don’t have much debt.…
If you are thinking about taking out a mortgage loan whether that be a purchase or refinance, you’re not always necessarily going get the preferred interest rate if your loan amount is on the lower end. It is certainly a contradictory way of thinking, but it is absolutely true. The reason is because Fannie Mae…
Getting conventional financing? How about a 15 year fixed-rate mortgage or a 30 year fixed-rate mortgage? Depending on your loan to value, new underwriting guidelines might affect your ability to get financing. This is update is accordance with purchases and refinances. Following are some of the conventional mortgage loan updates as of October 8, 2011.…
Friday October 7 marked the latest jobs report coming in showing the new unemployment rate for the US economy. Mortgage rates rose on Friday on the news of the unemployment rate holding steady at 9.1%. Mortgage rates usually improve upon the unemployment report because lately it’s been very dismal. The market action usually shifts to…
For those of us who have been watching Congress over the last few months hoping for a change in the extension of the higher loan limits, unfortunately that day never came. The new Sonoma County Loan Limit is $520,950. This is in place for all loans including FHA loans as well as conventional high balance…