Mortgage rates feel like they've reached a bottom. The economy continues to show signs of improvement and rates will likely increase as deflationary pressures wain. Don't forget, FHA rates were at 6.5% just 8 months ago... that's 1.5% higher than todays range. They go down slow but they sure come up quickly.
Are you working with a bank or are you working with a mortgage broker. I've worked in both entities. Banks offer very little recourse if a file encounters 'trouble'. With a bank you get a single bite at the underwriting apple. One bank's underwriting overlays may not be the next bank's overlays. By working with a skilled mortgage broker you increase oportunities and options for borrowers. What about fees? A skilled mortgage broker shouldn't be any more expensive than a bank. After reviewing a few bank good faith estimates this week, I can safely say a broker can easily be less expensive.
Good News From Gil...
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