by Irene Moustakas | Nov 30, 2016 | Featured, Industry News
Great news, conforming loan limits are increasing in 2017! We haven’t had an increase since 2006. (!) The new conforming loan limit will be $424,100, up from $417,000. With this increase, the high-balance loan limit will increase per county as well. For Bay Area...
by Irene Moustakas | Nov 28, 2016 | Featured, Tips
If you purchased your home with less than 20% down payment on a Conventional loan, you were required to purchase Private Mortgage Insurance (PMI). PMI is a cost that protects the lender in case you default on your mortgage (stop making payments). Lenders are required...
by Irene Moustakas | Sep 27, 2016 | Featured, Industry News
The biggest change in credit reporting in 25 years is now upon us, and implemented in underwriting engines as of 9/24/16. It’s called “Trended Credit Data”. Trended Credit Data allows lenders to see your payment behavior over the past 24 months, in order to give them...
by Irene Moustakas | May 9, 2016 | Featured, Tips
When people ask me what I do and learn that I am a mortgage broker, the usual first and natural question is, “What are interest rates right now?” The answer is always, “It depends.” There are many factors that go into an interest rate, so that’s why it’s important to...
by Irene Moustakas | Apr 20, 2016 | Featured, Tips
It’s easy to get caught up in the desire to get the lowest available interest rate out there, but you must always ask, “At what cost”? Each day, you have multiple interest rate options, and each interest rate comes either at a cost or a credit. The lower the rate, the...
by Irene Moustakas | Mar 30, 2016 | Featured, Industry News
Fannie Mae recently released a new version of their underwriting engine, and it’s a lot more relaxed in some of its underwriting and documentation requirements. Some enhancements: May allow 1-year tax returns for self-employed individuals Non-Occupant Co-Borrowers...