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...The Jobs Report # versus the Unemployment Rate
Have you ever wondered where Jobs and Unemployment Rate unmbers come from? The short answer is “surveys,” but you may find this interesting. Economists were expecting a Jobs Report number of 520,000 jobs lost for the month of May. Everyone was pleasantly surprised...First Time Homebuyer Tax Credit up to $8000
I have to first preface this post by stating that I am not a tax advisor and cannot guarantee any of the following information. But I can let you know some of the requirements and stipulations for qualifying for the First Time Homebuyer tax credit. First time...Interest Rate and Market Update
The mortgage bond market got pummeled yesterday and we got multiple interest rate increases. From yesterday morning to this morning, interest rates went up by a full quarter percent (.25%), which is a significant day-over-day increase. From Thursday of last week, they...Reminder on Loan Amount Limits
Up to $417,000: Conforming Loan Limit (the best interest rates and most “common-sense” underwriting). $417,000-$729,750: High-Balance Conforming loans (this reverted back to a $729,750 loan limit, but it is temporary. It will go back to $625,500 at some...What it Means to “Lock in” on an Interest Rate
When a mortgage professional quotes you an interest rate, you can decide to “lock” it in at the terms and fees quoted, or you can decide to wait and see how the market goes. Remember that if you do not lock in, that quoted rate and cost scenario cannot be...Loan Calculator
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