Mortgage Update

Mortgage and Lending - LX Financial LLC
Mortgage Update - Mortgage financing news and topics, and meaningful advice for real estate professionals and consumers.



Construction/renovation loan options are limited at the moment. Below is a synopsis of the current landscape. Meanwhile rates are back to May levels, purchase volume is up, affordability is up, and prices are still declining - Sounds like the basics for a good market are here. Make it a good week...
It is time to create new financial beginnings. Roughly 25% of mortgages are underwater, real estate markets may have bottomed, and loan modification possibilities will soon dwindle. For those negatively affected, and who have not already done so, this is might just be the time to make definitive ...
Seller concessions are not used enough. All too often people are tight for money at time of close, PMI could have been avoided, or buyers could have benefited from the use of lower payments by way of a (2/1) buydown. More below. // Market alerts seem to point to higher rates. Consider locking now...
Prequals are not enough. Prequals serve their  purpose, namely to confirm approximate mortgage loan qualification - Probably ok as a first step. To support an actual offer to purchase, I now recommend full (property specific) pre-approvals - to eliminate ever possible upfront doubt. There are too...

Paul Luykx

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