So, you got a mortgage rate that sounds too good to be true but now you can’t close Mortgage rates are presently near their historic lows on 30-year fixed rate mortgage with the average 30-year fixed being between 3.375% and 4.125%. As such people are refinancing in droves taking advantage of the dip in rates.…
Traditionally, self-employed mortgage borrowers are more heavily scrutinized by mortgage companies because of their gyrating income. If their business stops the revenue stops and their ability to make a mortgage payment could be impacted. That’s the rationale behind why lenders look at self-employed borrowers more stringently. Lenders request both personal and or corporate returns from…
5 quirky refinance scenarios that work In the last few years mortgage lending guidelines have begun to loosen as the broader economy is stronger now that the recession has past. Following refinance scenarios are eligible for financing… Cash-out refinancing followed by cash-out refinancing just six months after. You heard that right you can do a…
The Federal Housing Finance Agency on November 28th raised the conforming and high balance loan limits for a Fannie Mae and Freddie Mac loans. Here’s what these changes will mean… Each year the Federal Housing Finance Agency which oversees Fannie Mae and Freddie Mac reviews and evaluates changes on whether to keep the loan amounts…
Discount point are nothing more than upfront head you pay to purchase a lower interest rate and subsequently a lower monthly payment. In some case the you may not have a choice to pay discount points. Following are those ways… It is reasonable to assume when refinancing with a lower than 660 credit score on…
Whether you buy a home or rent a home you will still have a housing payment obligation to make each month. The unfortunate reality in Sonoma County, CA is that in many cases you could be easily paying more in rent than you would for a mortgage. Not everyone who rents should be and not…
If you’re trying to refinance your mortgage you should know what the costs are really are going to be and how they play into the mathematical equation of the total picture. Here’s what you need to know when it comes to refinancing your house and paying fees… When you refinance your house your closing costs…
If you’re in the market for a mortgage and you are paying alimony, the guidelines just got easier to allow you to get a mortgage. Here’s how the new guideline will benefit you if you’re paying alimony… Previously, most mortgage companies would take an alimony payment obligation and use this debt against your income. Last…