Interest Rate Update: Comparing the 5/1 with the 30 Year Fixed
The 5/1 is coming out swinging. The following is a comparison of today’s 5/1 and 30 Year Fixed. The rate quote assumes 80% Loan-to-Value ratio, single family home, 720+ FICO, no impounds. Quote is based on a 30-day lock, and yes, I can close in 30 days. (Please note...New Mortgage Insurance Requirements
In March, Mortgage Insurance (MI) companies for conventional loans cut their max Debt-to-Income ratio from 55% down to 41% max. I blogged about it here. Now, the new and more strict requirement, which is going into effect next week, is an increase in minimum credit...HVCC Petition
I am very much a “roll with the punches” kind of person. Things change, new laws are implemented, new disclosures are required… it’s okay, I get it and I roll with it, explaining the “what” and the “why” without being bothered and understanding the reasoning behind...Requirements for Buying a 2nd (Vacation) Home
With a few exceptions, the rules for buying a vacation home mimic many of the rules for buying a primary home (at least in conforming loan amount limits). Interest rates are the same (you don’t get “hit” in rate for buying a 2nd home) Must have a 720...Loan Calculator
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