by Irene Moustakas | Aug 17, 2020 | Uncategorized
Fannie Mae and Freddie Mac instituted a “refinance fee” of .5% in a surprise move last week. No one in the industry had any idea or warning that this was going to be implemented overnight. So this means that if you want to refinance, your loan will now...
by Irene Moustakas | May 5, 2020 | Uncategorized
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the government has stipulated two important allowances in regards to your mortgage. Firstly, there is a moratorium on foreclosure proceedings, and secondly, you have the right to a forbearance...
by Irene Moustakas | Jan 22, 2020 | Uncategorized
Yes, you can! And in many cases, at least in the program that I am highlighting here, it is treated as an owner-occupied loan, even though your parents will be the ones living there. This means you get a better interest rate and qualify for lower down payment...
by Irene Moustakas | Jan 16, 2020 | Rates, Tips
Interest rates are expected to remain low in 2020, so opportunities to refinance at a lower interest rate at little to no cost are readily available, especially if you purchased your home in 2017 or 2018. Many of the clients I refinanced in 2019 went from one 30 Year...
by Irene Moustakas | Jul 23, 2019 | Tips
If you can, yes! You’ll end up shaving about 5 years off your loan by doing so (the number of years will vary depending on loan amount and interest rate). Many servicers allow this option once you set up your payments online. If a third party company offers to manage...
by Irene Moustakas | Jul 16, 2019 | Uncategorized
It’s very important to assess the cost of buying and refinancing. Fees depend on the purchase price and on the loan amount. Since total cost on a purchase depends on the city and county you are buying in, as well as what is negotiated with the seller, I will do a...
by Irene Moustakas | Jul 9, 2019 | Uncategorized
From a loan-perspective, here are some lender rules and qualifications to consider when you’re buying a rental property. Taxes and write-offs are a completely different aspect you need to consider as well, but speak to your tax advisor about this in order to make the...
by Irene Moustakas | Dec 17, 2018 | Industry News, Uncategorized
Minimum down payment requirements on loans may have changed a little since my last update, so I wanted to review again. The interest rate you qualify for can be quite sensitive to the amount you have down (as well as credit score plus some other factors), but to...
by Irene Moustakas | Nov 28, 2018 | Industry News
I am so excited that loan limits will be increasing in 2019! The conforming loan limit will be $484,350 and high balance loan limit for the highest-cost areas will be $726,525. Anything greater than this amount is considered Jumbo. This is extremely helpful because...
by Irene Moustakas | Nov 26, 2018 | Loan Programs and Products
When you hear that Interest-Only loans may be making a little bit of a comeback, what is your initial reaction? Is it concern about the housing bubble bursting? Consumers making extremely misinformed decisions? If that is the case, I am sure your opinion is based on...