You’ve probably even heard me say “historically low rates” before. Now, a weekly industry survey by Freddie Mac, the government-sponsored mortgage enterprise, is reporting an average 2.98% on a 30-year fixed-rate mortgage. That’s the lowest average rate in the 49-year history of their data collection and the first time their reported average rate has dropped below 3.00%. Of course, actualRead More…
Hello and Happy Monday! A common misperception in the mortgage process; Applying for a home loan will hurt your Credit. This is a Mortgage Myth. Many fear to have their credit pulled for when applying for a home loan. Note; a consumer credit pulls vs. mortgage credit pulls. When one has their credit pulled for a car, department store, etc the score will drop significantly more than a mortgaRead More…
If you’re trying to decide between a brand new home or one that’s new to you, think about this: New homes are livable and lovable from the start. When you purchase new, you can select the design, style, and finishes you love. Your home will reflect your personality on move-in day, no changes needed. A new home is likely to “live” bigger than older homes of similar size. Modern designs Read More…
HAPPY MONDAY! Many assume a PRE-QUALIFICATION is the same or as good as a PRE-APPROVAL. This is a mortgage myth. Fact: A pre-qualification means a lender has verbally taken your information and calculated some payments to see how much of a mortgage you would qualify for. This is merely a skin and bones approach to see if a borrower may be in line to obtain a mortgage. However, no merit wRead More…
Good afternoon, I wanted to take a moment and update everyone on the new mortgage guidelines that go into effect today 5-6-2020. As I have predicted, the mortgage forbearance program is going to hurt millions of homeowners across the country. New Agency Guidelines were handed down last night on how lenders will treat forbearance. In April 3.5 Million homeowners took advantage of skipping a Read More…
May 7th Realtors are back to work for their buyers and sellers! We are here to serve you and your clients ensuring a smooth and satisfying transaction. For your information regarding our current mortgage rates: In the last 7 days, interest rates have leveled out. Currently, a buyer looking at a 30 year fixed Conventional home loan interest rate can expect anything from 3.25%-3.75%. 15 year fRead More…
Hello and Happy Monday! A common misperception in the mortgage process; Applying for a home loan will hurt your Credit. This is a Mortgage Myth. Many fear to have their credit pulled for when applying for a home loan. Note; a consumer credit pulls vs. mortgage credit pulls. When one has their credit pulled for a car, department store, etc the score will drop significantly more than a mortgage Read More…
As we are coming up on the sixth week of quarantine here in Michigan, it is taking a toll on the Real Estate and Mortgage industry. Where does it end? Last week Chase Bank announced it will require any borrower to have a minimum of a 700 credit score and will require a 20% down payment to purchase a home. Today I read a report that Chase will also suspend its HELOC or (Home Equity Lines ofRead More…
The COVID-19 Coronavirus has led to some challenging times for all of us. The Government has created the CARE Act, to assist homeowners whose income may have been adversely impacted by the coronavirus. One of the components of the CARE Act is the possibility of mortgage forbearance. Forbearance is often misinterpreted. And while it is intended to help, it can have some dangerous repercussionRead More…
The mortgage world continues to tumble with no end in sight. Lenders are eliminating loan programs, raising interest rates, and making borrowing even more difficult. COVID 19 is not only having an effect on our health but now begins to take a toll on our prosperity. Interest rates on conventional type lending continue to raise then drop-in pockets. Some days we get some very low rates, we caRead More…
