Congratulations to Chuck & Robbin and Carolyn on their new home purchases and a very Happy 9th Birthday to Abbie!!
Well, it has been about a month since my last blog entry and the mortgage world continues to dominate the news! The fact that it has been a month since I have blogged is a direct result to being busy thankfully!
For me, September showed an uptake in business with some people assessing their refinance options while many buying new homes. I think the general public may be realizing that homes are priced very low and that financing has been getting more complicated and those that were on the fence as to when to buy, have jumped off the fence.
One significant change in mortgage underwriting guidelines affects those who wish to rent out their current home and purchase a new home. In order to do this and to have the rental income offset the monthly mortgage payment you must have at least 25% equity in your current home. If you do not have that much equity, then you must qualify for both mortgage payments included in your debt-to-income ratios. For many, this will be important to know.
Overall, it is still business as usual and those loans that make sense are being improved. I have not had any loans denied due to recent changes. Interest rates are still at 40 year lows. The inventory has never been better.
The most important piece of advice I have right now is don't believe the hype or assume anything either positive or negative. Email or call and ask me what the real facts are and how they will apply to you, if I don't know the answers I will find out for you! There are so many false assumptions and misconceptions out there.
Be well! Be safe! The days are long but the years go by quickly!
NorStar Mortgage Group
Gary@GergiaBankLoan or 404-936-5601
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