What Does It Mean to “Recast” Your Mortgage?
Just in the past week, I have had two clients approach me to check on interest rates and if refinancing makes sense since they now have an influx of cash from a rental property sale. For both of them, their goal was to pay down their primary home’s mortgage with the...Higher Rates for Vacation Homes and High-Balances Mortgages Are Around the Corner
The Federal Housing Finance Agency (FHFA) has announced that pricing of interest rates for vacation homes and high balance loans will be increasing. The implementation date of these increases will be April 1, 2022, which means lenders are starting to roll the...Interest Rates are Rising
Well, we knew it wouldn’t last forever. Rates in the high 1% (10 or 15 Year Fixed) and 2% range quickly have become a thing of the past. There are two main reasons for this: Rising InflationThe Federal Reserve started tapering its mortgage stimulus program, with the...Introducing a New Low-Income Refinance Program
Have you tried to refinance in the past year or so into historically low interest rates, but did not get approved because you didn’t qualify due to low income? It’s so disheartening to know you can save so much money, but don’t fit within...What is the Difference Between Fannie Mae and Freddie Mac?
Most people have heard of Fannie Mae and Freddie Mac, and usually in conjunction with one another. And if you have ever received a home loan, it is highly likely that your loan is or was owned by one of these two government-sponsored enterprises. Fannie Mae and...New “Refinance Fee” has Resulted in Higher Interest Rates. Here’s What You Can Do:
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...Coronavirus and Forbearance Agreements
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...Can I Buy a House for My Parents and Is It Considered Owner-Occupied?
Yes, you can, and yes, it can be! Under this Fannie Mae program that I am highlighting, the home is treated as an owner-occupied loan, even though your parents will be the ones living there, not you. This means you get a better interest rate and qualify for lower down...Your Fixed Rate Term Options
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...Loan Calculator
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