Archives for the 'Fixed Rate/ARM' Category

SHOPPING FOR THE BEST INTEREST RATE? HOW ABOUT 11.5

As you may know, I published a book called It’s Not About Rate…OK, let’s stop right there. It’s not about the interest rate?  Then what can it be about? You don’t have to read my book to have a good idea what are the critical factors in being approved for a mortgage.  Still….there are companies that […]

3 April 2008 | First Time Homebuyers, Pre-Approval, Fixed Rate/ARM, Programs | No Comments

NEW FHA LOAN LIMITS: HOW MUCH IS A LIMIT WORTH?

I have waited to write a post about the new FHA loan limits. (See my reasoning below.)
The good news is that the limits for lending have increased for many areas. As outlined in the Allregs guide:
“The Act provides that the mortgage limit for any given area shall be set at 125% of the median house price […]

12 March 2008 | Down Payment, First Time Homebuyers, Fixed Rate/ARM, Income, Credit (Score), Reserves/Assets, Programs | No Comments

CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY

The US Congress passed a stimulus package.  We all need stimulation right now. 
Regarding the mortgage industry, one item stands out.  If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.
It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an […]

12 February 2008 | First Time Homebuyers, Fixed Rate/ARM, Programs, Interest Rate | No Comments

Attention Mortgage “Shoppers”: Interest Rate Is The Last Thing To Discuss

I know, I know. You want to know the rates for today (aka rates du jour).  I can’t tell you that. And: I won’t tell you that. Not on the phone, not without meeting with you and reviewing your financial documents, and not without discussing programs and how to structure the loan (and there could be […]

24 June 2007 | First Time Homebuyers, Fixed Rate/ARM, Interest Rate | No Comments

Spring Mortgage Planning

Spring is here. (And here in Chicago that means…well…call me in four weeks.)
But for homebuyers, once the weather breaks the plans to buy a home that have been growing all winter now become reality. Everyone is out walking and driving with their real estate agents, pounding the pavement, and, eventually, negotiating terms for the purchase of a property.
Lately, […]

15 April 2007 | First Time Homebuyers, Fixed Rate/ARM, Real Estate (Agents) | No Comments

Why Not A Sexy ARM? Here’s Why

Everyone wants them.  They are attractive, confidence-boosting, and something to talk about. Those who get them, talk about them to everyone. ARMs (adjustable rate mortgages). Why ARMs? In general they have lower interest rates than fixed rate products, and, sometimes, much lower rates.
Not too long ago borrowers with perfect risk factors were getting 3-year ARMs for […]

22 March 2007 | First Time Homebuyers, Fixed Rate/ARM | No Comments