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If You Have A Jumbo Mortgage, Get Ready To refinance and save Money Or if you have a 1st and a second Mortgage its time to combine them

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Mortgage and Lending with The Savings Bank NMLS ID # 40276

 

House leaders have struck a deal with the White House to increase Fannie Mae and Freddie Mac loan limits from $417,000 to a maximum of $730,000 during negotiations on a $150 billion economic stimulus package.  The stimulus package, which Congress is expected to pass in a few weeks, also increases the Federal Housing Administration loan limit permanently. This increase reflects an agreement between the House and Senate banking committee chairmen to increase the FHA and GSE loan limits to 125% of median area home prices, with a $730,000 cap.Treasury Secretary Henry Paulson

 

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Anonymous
Sarah
I'm glad the government thinks they've struck a stimulus plan.  How about a plan to raise home values, so that we can actually refinance.  As it stands now, if your in an over equity position, it doesn't matter what the maximum loan limit went to, we still can't refinance - we don't have any equity.
Jan 30, 2008 05:02 AM
#1
Anonymous
Paoli Pete

Sucks to be you.

 

I am sitting with a $500K ARM with 20 months to rate reset, at 5.25% currently.  with the new ceiling I should be able to refi at 4.75%, no points, 15 yrs.   Sweet. Cant wait for the new limit to become effective.

Feb 07, 2008 04:47 AM
#2
David Keslar
Americas Largest Bank - Portsmouth, NH

Hello Jeff,

 Based on your prfessional experience do you forsee that this increased loan limit is good for the mortgage industry?  Also I understand that the government is going to start to purchase loans.  Do you think we are in trouble? 
How are the mortgage rates for a $523,000 mortgage.  I would like to find out your rates.  I have been looking at several companies and their rates are horrible for the new conventional loan limits.

 I think I met you at your educational class at Harvard last year.  Great course.  Your a great speaker.

 

 

Mar 28, 2008 01:43 AM
David Keslar
Americas Largest Bank - Portsmouth, NH

Hello Jeff,

 

When are these rates going to drop.  I have been checking your website and notice that the jumbo rates are still fairly high.  Even though you have the best rates, they are still high.

 

Please educate us.

May 07, 2008 05:17 AM
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Using the Internet for Mortgage Approvals, has come such a long way. I am able to have my customer do their mortgage application through my web site, and get an approved loan within 24-48 hrs. It is fantastic because the borrower can check the status of there loan. I have made it fairly easy by having several web addresses. www.andovermortgages.com www.northandovermortgages.com, www.methuenmortgages.com www.tewksburymortgages.com www.chelmsfordmortgages.com www.billericamortgages.com www.westfordmortgages.com

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