Mortgage News
The Dow Jones and its Effect on Mortgage Rates If you follow the stock market (Dow Jones Average) on a regular basis you will notice we are closing in on 14,000, and the all time High of 14,093 which was set back in October of 2007. It is hard to imagine or even remember that [...]
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Will Deferred Student Loans Affect My Mortgage Approval? Many people these days find themselves graduating from College with a boatload of student loan debt. Most assume that deferred student loans will not come into play when it comes to qualifying for a mortgage. Here is a brief breakdown of what you need to know: Fannie [...]
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Large Bank Deposit Policies Are Finally Clarified Finally we have some good news trickling down to the consumer in this age of strict & rigid underwriting. Many of the banks have updated their large deposit policy recently, which has been a sore subject for quite some time. Background on the Large Deposit Issue With Mortgage [...]
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2012 Wrap Up – Low Mortgage Rates Continue Housing values in Michigan appear to finally be back in the black and 2012 has been dominated by refinance activity. Fannie Mae predicts that 71 percent of all mortgage originations will be refinances in 2013. Why Is The Market Share Of Refinance Activity So High? Government influence [...]
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Black Friday Can Help Or Hurt Your Mortgage Approval It is that time of year again. Holiday music is playing non-stop on the local radio stations. Phone calls and text messages are being made to family members about the schedule for Turkey day. Shopping trips are already being planned and mapped out for Black Friday. [...]
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How does Hurricane Sandy affect my mortgage approval? Are you just about ready to close on your new home? Are you scheduled to close on a refinance of your home? If you thought it has been a challenge getting to this point in the process, get ready for even more fun! Whenever there is a [...]
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Relaxed HARP 2.0 Refinance Program Guidelines for Income Verification and Deposits into your Accounts Fannie Mae and Freddie Mac are at it again. They have just announced a number of enhancements to the Making Home Affordable Refinance Program (HARP). The changes are designed to help assist more homeowner’s obtain lower mortgage rates with an EASIER [...]
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What Is An Overlay And Why Are They Needed? The majority of all Home Loans today are insured or backed by Fannie Mae, Freddie Mac or HUD. These agencies set the minimum rules and guidelines that a Lender must follow. The originating Lender assumes the liability on any credit decision that is made, and if [...]
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Lenders and Mortgage Insurance companies continue to open up their parameters and this has now trickled down to investment property purchase transactions! Typically most lenders require a 25% down payment for a purchase of an investment property, but we now have a 15% down payment option for your clients. This is huge because with the [...]
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There continues to be significant discussion by our legislators to help home owners take advantage of the historic low rates if their loan is NOT backed by Fannie Mae or Freddie Mac. Although there is NO formal program in place for many folks, FHA has finally stepped up to the plate to assist people that [...]
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