Mortgage News

Found 4 blog entries about Mortgage News.

If you are in the market for a condominium, one of the important questions to ask BEFORE you decide to write an offer is the current investor ratio in the community. Sometimes referred to as "Non-Owner Occupied", investor-owned condominiums are typically rented out to tenants and thereby considered non owner-occupied.  In most cases, Fannie Mae guidelines require at least 50% of condominium units be owner-occupied in order to provide traditional financing.  Exceptions can be made but the approval process can be a lengthy process and potentially delay your settlement. 

The best advice for a potential condominium purchaser is to inquire about the investor ratio from the listing agent or management company before preparing your offer. In situations where

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1. Know Your Score

One of the most important factors in your loan application will be your credit score so it is best to review your credit report before you speak with a lender.  Once you have access to the report, review it carefully for any mistakes or unpaid accounts. You will want to address any credit issues early in the process. Multiple factors impact your score including payment history and the amount of credit being used compared to your available credit limit - or your credit utilization ratio.  

2. Know Your Numbers and Organize Your Documents 

In order to get pre-approved, the lender will require specific information to verify your assets and liabilities and it will be an easier process if you have everything prepared in advance.

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The average weekly 30-year fixed rate mortgage is up over a quarter of a point to 4.22%. According to Freddie Mac, "The Federal Reserve did not hike rates this week, but the market views future hikes as a near certainty. The expectation of future Fed rate hikes and increased borrowing by the US Treasury is putting pressure on interest rates." The 30-year fixed rate has increased over the last four weeks and are higher than where they were last year at this time. 

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Some good news for home buyers this first week of 2018 as Freddie Mac reported today the average rate for a 30-year fixed-rate mortgage fell to 3.95% (with 0.5 points). 

According to Freddie Mac's Len Kiefer, “Despite increases in short-term interest rates, long-term interest rates remain subdued. The 30-year mortgage rate is down a quarter of a percentage point from where it was a year ago and the spread between the 30-year fixed and 5/1 adjustable rate mortgage is the lowest since 2009.”

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