As of October 24, acting director of the Federal Housing Finance Agency (FHFA) Ed DeMarco announced there would be no mortgage limit reduction til at least Spring 2014. Industry changes support current conforming loan limits extending through Spring 2014. How the data adds up.. Top 3 Financial Factors Support Keeping Loan Limits Status Quo…
The shutdown has spooked many people about whether or not they will be able to secure financing for buying a home or refinancing a mortgage. While these concerns are certainly valid, it’s going to depend on your individual mortgage company, bank or mortgage broker on how your loan may or may not be affected. The…
The majority of homeowners refinancing today are looking for one common net tangible benefit; a lower cost mortgage. Gone are the days homeowners had to refinance due to a variable-rate-payment change or strong inflationary factors. Everyone wants to save money, key is deciding when to make a prudent move at the right time. If you’re…
Purchasing a home or refinancing a home loan? If the interest rate is not locked, be prepared to watch the market very closely with your mortgage company. On closing escrow: Shorter term -consider moving into locking status as rates are volatile Longer term -take the position of floating as strong economic indicators point to improving…
As mortgage rates remain favorable, more consumers are rate savvy and rightfully so. Everybody wants to make sure they’re getting a competitive combination of rate and associated costs in their purchase or refinance loan. Comparing mortgages, doing true apples to apples comparisons can be quite time-consuming and nonetheless labor-intensive. Typical Way Consumers Shop Mortgages Most…
On January 10, 2013, the Consumer Financial Protection Bureau unveiled new rules to help protect consumers from unscrupulous mortgage lending. These rules implement underwriting criteria what constitutes a “qualified mortgage”. As long as the mortgage lender meets certain criteria, the consumer cannot sue a lender for not verifying income, providing a loan to a consumer…
As we round up the fiscal year 2012 and move into 2013, the next 12 months is showing compelling reasons why would-be home buyers are going to be buying more homes. In the beginning of 2012, the consensus was the real estate market was low, even flat in some parts. In summer 2012, purchase business…
Homeowners refinancing their mortgages will now come to learn the refinance process is taking longer than 30 days. Here’s the scoop: mortgage-backed securities (MBS) continue to be a very lucrative investment vehicle in these economic times. Safe, conservative returns with a fixed income provides an awfully attractive place to park one’s money considering little volatility…