Temporary Conforming Loan Limits are Expiring Sooner Than Expected
The temporary conforming loan limit of $729,750 in high-cost counties was set to expire at the end of the year, but banks are pulling back on that and requiring all loans at this loan amount range to close by December 1st – NO exceptions. With rates having dropped...Market Talk
The market has swung wildly since last week. Fed Day last Wednesday brought the expected .5% rate cut, bringing the Fed Funds Rate (the rate at which banks lend money to each other) to 1.0%. As consumers, this will affect and decrease Prime Rate. Rates saw great...What is an Impound Account?
An impound account, sometimes referred to as a “Reserve Account” is when your property taxes and homeowners insurance get collected monthly along with your mortgage payment. In California, you have a choice as to whether or not you want an impound account, although...Paying Points – Does it Make Sense?
I’ve been asked a few question about the use of paying points the past few weeks, so I’d like to comment on this a little bit. Whether or not you should pay a point to buy down the interest rate takes both math and speculation. On average, 1 point buys down the...Loan Calculator
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