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low: What is a Teaser Rate? And Questions You Need to Ask.
- 06/06/12 02:14 AM
We have all seen the advertisement on the internet of a woman in a bikini and her quote “mortgage rates are at 2%”. Any time you see an interest advertised that is too low to believe, it is called a Teaser Rate. That lender is advertising that rate to get you to call and then give you a higher rate. Teaser Rates can be found anywhere, even advertised by a local lender. Here are 4 questions to ask yourself before you believe a Teaser Rate:
1. Does it sound reasonable?- If other lenders are quoting 4% and you found a … (0 comments)
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low: Property Condition Grading Has Changed on all Appraisals. Know your C’s!!!!!
- 12/21/11 09:56 AM
Recently the condition assessment on appraisals has changed. Before the condition options were Excellent, good, poor, etc. That has now changed, they are now rated with letter “C” and a number 1 thru 6. It is important to know these ratings or grades and how it can affect your client. Here is the short explanation of each grade:
· C-1 This is a brand new constructed home that has not been lived in
· C-2 This home has no physical depreciation, deferred maintenance or needed repairs. And all work has been done recently and is similar to that of a … (18 comments)
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low: If Your Credit Score is Under a 640 You May Still be able to get a FHA Mortgage!
- 10/11/10 07:18 AM
Many mortgage lenders and banks have recently gone to a minimum score of 640 for FHA loans(down to 620). At Schmidt mortgage we are still doing mortgages for clients who have under a 640 credit score. Obviously, these loans are done on a case by case example. On these loans an underwriter wants to make sure the borrower is a strong client even thou their scores maybe lower. Here are the requirements needed to help you get approved for your mortgage with a score under 640:
A Debt to Income Ratio of 45% of less. This is a calculation of your … (0 comments)
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low: Super Low Jumbo Mortgage Rates are Helping the High End Home Market
- 08/25/10 11:23 AM
By now you have heard that conforming rates are at all time lows. But, Jumbo mortgage rates are also super low right now. Jumbo Loans are considered any loan over $417k. Recently CNBC did a great article on how the lower Jumbo Rates are helping higher priced homes sell. CNBC points out this great fact, "Sales volume for homes worth more than $1 million across the country are up more than 35 percent from last year at this time," says Walter Maloney, spokesman for the National Association of Realtors (NAR). "Homes between $700,000 and a million are also on the rise … (1 comments)
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We have all seen the advertisement on the internet of a woman in a bikini and her quote “mortgage rates are at 2%”. Any time you see an interest advertised that is too low to believe, it is called a Teaser Rate. That lender is advertising that rate to get you to call and then give you a higher rate. Teaser Rates can be found anywhere, even advertised by a local lender. Here are 4 questions to ask yourself before you believe a Teaser Rate:
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