Two days till the new year! …I hope you had a great 2013! Mortgage Backed Securities are trading 1.8bps lower today than they were a month ago. …Hence, mortgage rates are higher. Get used to it. Mortgage rates will likely creep higher as the new year goes on. I want to pull back the curtain…
One last post before Christmas! As you may have heard the Fed announced last week they will begin to cut back on their bond purchases. The stock market loved it. The bond & mortgage backed securities market = not so much. The inevitable outcome will be that mortgage rates will begin to rise over time. So, if…
As I write to you this morning I’m having trouble remembering the last time we had good news coming out of the mortgage industry. …and this morning comes another tid bit from Fannie Mae that I would have to put into the “bad” category. As of April 1st of 2014 Fannie is increasing their loan…
Ho, Ho, Ho! I hope you are able to spend time with your family this Christmas season! Few things… The Fed is scheduled to meet this Wednesday. With a new chairwoman this meeting should be interesting. …and, could be a market mover. I’ll keep my eye’s out for ‘ya. If you own your home free…
Have you been told that your credit is good enough to get a loan, but your debt to income ratio is too high? In other words you either need more income, or less bills. Here is one possible solution to that. FHA loans allow you to include a non-occupying co-borrower on the loan. …This would…
Ice Armageddon in Dallas this weekend. I managed to survive. …Back at work today. For those of you who were in it – I hope you and your family made it through safely. Mortgage backed securities have taken a beating over the last 2 weeks resulting in higher mortgage rates. Last weeks jobs report…
Did you know you can build a home from scratch using an FHA loan? It’s true! However, you should know that you can only use it for manufactured and modular homes. Our One Time Close program provides construction financing, Lot Purchase and a Permanent loan, all wrapped in one. Here are some of the benefits…
This time of year property taxes are due on your property. There are two issues I see every year with regard to property taxes. …Issues that put people in tough spots. 1) Some people just don’t have the money saved up to pay their property taxes. …They might have had the money, but had to…
I hope this is a great Thanksgiving week for you! Quick Thanksgiving Trivia: Did you know that only male Turkey’s gobble? It’s true! Female Turkeys just make a clucking noise. (There’s an extra joke here that I’ll stay away from) Automated underwriting tip… Getting mortgage loans approved in Fannie Mae’s automated underwriting system can sometimes…
Be careful about what your Realtor puts in the earnest money contract. Keep in mind the buyers mortgage underwriter will scrutinize the contract. …and, sometimes what’s written in the contract can get you in trouble with the underwriter. Here’s a true example… On a purchase contract I saw recently the Realtor made the mistake of…