Archives for May 2008

JUMBO RELIEF

It looks as though Fannie and Freddie have decided to lower the rates on those “jumbo” conforming loans.
Remember that Fannie and Freddie increased conforming loan limits–in certain geographic areas–so that borrowers with larger loans could benefit from lower, conforming interest rates and, to some extent, conforming loan underwriting qualifications.
However when these jumbos came out the […]

25 May 2008 | First Time Homebuyers, Programs, Interest Rate | No Comments

MORTGAGE APPLICATION: A CHICKEN AND EGG THING

Many borrowers, especially first time homebuyers, ask about the mortgage process.  Basically:  “So what do I do?”
First, to make an offer to purchase a property, the listing agent (or homeowner if it’s a FSBO) will likely want a pre-approval letter. In order for the loan officer to write the letter, he or she must have […]

21 May 2008 | First Time Homebuyers, Pre-Approval, Loan Officers, Credit (Score) | No Comments

ANGRY ABOUT YOUR MORTGAGE OPTIONS?

I read this recent blog post and got angry myself. For a different reason than the writer.
He seems to be upset because banks/lenders are using systems to offer higher rates to current, valued clients. Hmmm….. At first glance I would agree and be upset. Yes, you want to give your best customers your best products […]

8 May 2008 | First Time Homebuyers, Loan Officers, Interest Rate | No Comments