Mortgage Update

Rates are at a 25-week high. They increased again by 0.25% approx on Friday, peaking at just under 6.00% (no points) ///  Reminder that FHA loans with 560+ Fico and stated loans to max 70%LTV are still available /// Make it a good week folks! - Paul   Opportunity: multi-family development and co...

Rates are up 0.25%+ So much for my comment of last week about flat trend lines! Read more. ///  Rates may be higher now but still very good. Particulary first time home buyers should not delay. /// Refinances that like to wait for the better rate should get fully approved and try a short lock on...

Rates to remain flat? Rates are now controlled by the Fed through Treasury purchases. Judging by the trend lines, it looks like they want to keep rates roughly where they are now (30-yr fixed around 5%). For rate shoppers - the way to get the lowest rate is to get the loan approved, set for fund...

Using the tax credit as a down payment may shortly be an option. This could potentially be even bigger than the now extinct down payment assistance programs! Read more. /// Same day mortgage approvals (subject to verifications) and 30-day closes are now available to serve you better! /// Note the...

The lending criteria for residential investment property (1-4 units) have tightened up and rates are relatively high. Prequal of both the borrower and the property is recommended! /// Few lenders are still prepared to advance loans for investments in residential property (1-4 units) in a company...

"Cash is King" and it's a buyer's market. I have clients with high yield, short-term (2-6 month) projects that are looking for financial partners. If you have cash to invest (or if we can raise $$ with a heloc on your property) this may be a smart high-yield, mortgage-secured, short-term option....

I hate to bring it to you, but the cost of borrowing has gone up. I am referring to add-ons (read about it), and credit scores. Just a reminder that Prospect Mortgage is a direct Fannie, Freddie, FHA lender: Great pricing and quick approvals (30-day closes anyone?). Make it a good week folks!  -...

This week I joined Prospect Mortgage, the nation's largest independent direct lender. What this means: More options than any single source, faster turnarounds, excellent pricing, and niche mortgage programs. Loan modification service is unchanged. My commitment to excellence and ridiculous work ...

Rates keep coming down, more purchase money applications, and no upward pressure on rates. Loan mods are closing faster, and signs of optimism everywhere. Life is good >>> well ok, getting better then :))  - Paul   Households say now good time to buy Prices and other factors are said to have fir...

The big news this week was the 1 Trillion mortgage investment by the Feds, resulting in a drastic reduction in mortgage rates, in turn resulting in another wave of refinances, and even purchase money applications! - Paul   Making Home Affordable Progam website The Obama administration has a new ...