What is the best fit when comparing FHA loans and conventional loans? Based on my opinion over the years, the loan officer should focus on your credit scores and down payment that you can afford, when comparing mortgage programs. But keep in mind, the main focus should be what you can afford regarding your monthly mortgage payment. Overall, one needs to understand how mortgage insurance works and the guidelines for mortgage insurance in order to put you into the best mortgage program for your situation. FHA loans in many areas make up about 35 percent to 50 percent of … (7 comments)
We keep hearing reports that Mortgage interest rates are still be very low, ranging from 4.00% to 4.50% for a 30 year fixed rate. This is all dependent on your credit scores, your down payment (usually just on a conventional mortgage), the size of your loan amount, and the type of mortgage program. And if you want 3.875%, you just have to pay some points. I am sure many of us have been extremely use to the low rates in the last 6 months, to where we have reached record lows since interest rates were … (2 comments)
FHA loans have been the major talk in the news as of lately. One loan officer e-mailed me the other day, asking if FHA is going away. I asked, how did you come up with this? Because three realtors had mentioned it to them. I have not heard a thing, but let's use common sense. If FHA loans would go away, then the housing market would crash for good. Just my opinion. Just the other day, a realtor made a comment stating that the buyer was better off putting their 20 percent down with a conventional mortgage and not with a FHA … (56 comments)
Mortgage interest rates continue to still be very low, ranging from 4.00% to 4.50% for a 30 year fixed rate. This is all dependent on your credit scores, your down payment, the size of your loan amount, and the type of mortgage program. And if you want 3.875%, you just have to pay some points. I am sure many of us have been extremely use to the low rates in the last 6 months, to where we have reached record lows since interest rates were first recorded back in 1971. But don't get to comfortable, because what comes down … (3 comments)
FHA loans have been one of the main focal points in today's real estate transactions. Two main reasons for this is that it comes to the down payment and the credit scores. In the past, some loan officers were using other types of financing that were easier for them, but not suited best for the borrower. What I do hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true at all. This statement is very misleading. Many subprime loans should have gone FHA and that is just a fact. But why … (5 comments)
Mortgage interest rates continue to still be very low, ranging from 4.25% to 4.75% for a 30 year fixed rate. So why are interest rates so low? Some investors on Wall Street fear a double dip recession approaching. And these investors will seek more stability in buying bonds, such as the MBS's, Mortgage Backed Securities. By buying more MBS's, this can control the interest rates. Another reason is because earlier this week Treasury auction bids rose to 18% to record as investors surpass bond dealers.
Interest rates at one point this week hit … (8 comments)
FHA loans have certainly become more popular over the last several years. In the past, some loan officers were using other types of financing that were easier for them, but not suited best for the borrower. That use to get under my skin and I witnessed it first hand in some cases. What I hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true at all. This statement is from those that are inexperienced in both the mortgage and the real estate industries. To many subprime loans should have gone FHA … (5 comments)
There is some news out there from realtors and so-called experts advising buyers to maybe wait for a year or so. This kind of stuff angers me for many reasons. Here is a question I just read from a potential home buyer: "Where do you think home prices will be by the end of this year and by next June 2011 in New Jersey."
Answer by a realtor : "I'll go with down 3% end-of-year and 5-6% by … (15 comments)
I am sure many have been hearing that mortgage interest rates are historically low in the last few days. It seems like in the last few years we have heard this and in many cases, it was just a marketing ploy to get the phones to ring. Well, as of this week, they have hit their lowest peak since interest rates have been tracked as far back as 1971. So why are interest rates so low? Some investors on Wall Street fear a double dip recession approaching. And these investors will … (9 comments)
Mortgage interest rates can be very complex. It's a question that is harder to answer today more than ever before. There are just to many variables that can go into a specific interest rate. Yes, you will still see many advertisements on the tv, on the internet, on Facebook, or hear them on the radio that give out low interest rates. How many times do you see the fine print appear and last for only seconds. This is where some of your detailed information is … (12 comments)
FHA loans have become very popular in the last 2 years and there are several reasons for this. What I hate hearing is that FHA mortgages have taken the spot of the subprime loans. This is not true at all. This statement is from those that are inexperienced in both the mortgage and the real estate industries. To many subprime loans should have gone FHA and that is just a fact. But why are FHA loans getting bad press now, stating that they are the most defaulted loans recently? Read this : We should ABOLISH FHA loans...
Mortgage Interest Rates have been on the rise. People need to be aware of this, especially if you are shopping for a mortgage and you are already tight on your mortgage payment. When your loan officer pre-qualifies you, they should always show you a comparison with rates about 1/4% higher than today's market. Just that 1/4% in rate could make a difference in regards to your housing budget or just for the fact that you might not qualify now. Overall, I think too many … (26 comments)
Mortgage Interest Rates - When people shop for mortgages, one of the first things they want is to know the interest rate. Not only that, they want the best and lowest rate. When your average loan officer hears this, they usually don't want to lose you as a client, so they might low ball the rate a little. It doesn't matter if they put this quote on the good faith estimate. It's just an estimate on a piece of paper that until you have a property and have locked into this rate, some loan officers won't honor this … (14 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
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