Each year toward the end of the year, new year loan limits are announced for conventional and government loans. While VA loans have had their caps removed (a huge benefit for VA borrowers!), FHA and conventional loans are capped each year based on what median home values are doing around the country. Each county has it's own loan limit based on median home value, and limits can vary substantially between conventional and FHA loan limits.
Last year, new limits were announced on 11/27, so if history is an indicator, we should receive … (3 comments)
What's most important to a real estate agent when referring a buyer to a lender? Communication? Cost? Cobranded marketing offers? NOPE!
The #1 thing (get ready for the 'duh' moment) a real estate agent wants when referring a buyer is for that buyer to buy a home and get to the closing table, preferably with a smile on their face.
Day 1 Certainty (D1C) and direct-to-source data is allowing us to offer a happier loan process to buyers than they've seen since 2008 when they could do a "no-doc, you have … (5 comments)
Most times when I get a phone call and the person on the other end is asking for a rate quote, they want the “30 year fixed” option. While there’s nothing wrong with that type of loan, it doesn’t make much sense for a lot of people. It also inspires me to ask questions. “How long will you live in your home”? “Do you think you’ll rent it out or sell it when you move”? “Is your income expected to change in the future”?
Fact is, different types of loan products offer … (5 comments)
When you work in the mortgage business for a period of years, no matter who you are, you run into scenarios where borrowers come to you - perfectly fine borrowers, more than deserving of a loan - that have been denied at some other lender for some reason. When you are able to get these borrowers a loan, it's one of the best feelings in the business. Over time, you're also likely to encounter borrowers you just can't approve no matter how hard you try. When they go to another lender … (44 comments)
Yes, I am aware it's not Monday. Courtesy of the migraine from hell and the less than an hour of sleep I got last night as a result, this market forecast is coming to you as a Tuesday Special Edition!
The good news is, we didn't really miss much. It's been a very quiet start to the week, and although today saw some volatility (if you've read my recent forecasts and market wraps, you're probably getting used to that word), rates looked to be heading worse and then … (21 comments)
Whew! I'm glad this week is over, at least so far as the rate sheets are concerned. It figures that during the first week I do a Monday Forecast, we see more craziness than we've seen in the markets for quite some time. I almost immediately regretted the forecast, but should've had more faith, because in the end, the week ended up doing pretty much exactly what I thought it would.
Tis' the Season (For Increased Loan Limits)
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