Changes to Guidelines on Adjustable Rate Mortgages (ARMs)
Adjustable Rate Mortgages (ARMs) have been extremely competitive in rate; often, a 5/1 ARM is a good 1.0%-1.25% below the 30 Year Fixed Rate mortgage. There are advantages and disadvantages to every loan, and as long as you fully understand the loan program you’re...Things to Consider If You’re Thinking of Refinancing
I just got a phone call yesterday from a 45 year old single mom of three. She heard that rates have gone down and she was excited about potentially refinancing. She has had her current loan (a 15 Year Fixed) since 2003. In 7 more years, her mortgage will be...Interest-Only Loans
Surprisingly, Interest-Only (I/O) loans are back. They carry higher interest rates than fully-amortized (principle & interest) loans, but recently, they have become quite competitive. I’m surprised that they’re available because these loans are a big reason why...Interest Rates are at Near-Bottom Levels
I saw some unbelievable interest rates this week and they’re still going strong. My experience is that they don’t last long, so if you can, I definitely recommend taking advantage. And remember, if you can’t refinance traditionally because you have...Temporary High Balance Loan Limits are Extended for 1 More Year
Congress voted and approved a one-year extension on the temporary FHA, Fannie Mae and Freddie Mac loan limits. The loan limits vary by county, but are established by taking 125% of the county’s median home price and determining that as the upper limit, with $729,750...Loan Calculator
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