Archive for 'All Mortgage News'

Over the past year we have seen the inventory level of available homes on the market decrease and the demand for homes by potential buyers increase.  The law of supply and demand has definitely been positive for sellers and we have seen home prices rise as a result of it.  This sudden increase in property value has affected the type of mortgage loan that some potential buyers will obtain when financing a property.  In other words, as homes become more ...

The national unemployment rate was released this past week and the results were positive.  We learned that the rate dropped to 7.5% which is a 4 year low.  The last time unemployment was lower than it is now was in December 2008, when it was 7.3%.  The economy seems to be benefiting from a resurgent housing market, rising consumer confidence and the Federal Reserve’s stimulus actions, which have helped lower borrowing costs and lift the stock market.  There are some ...

There are several changes that went into effect at the beginning of April that may affect you the next time you purchase or sell your home.  Let’s start with the bad news: FHA has once again increased their monthly Mortgage Insurance (M.I.) premiums by .10%.  This means that starting April 1, 2013 all new FHA insured loans will carry a monthly M.I. of 1.35%.  Just to put things in perspective this M.I. rate was only .55% at the end of ...

I wrote an article about this topic exactly one year ago and I have received numerous responses ever since from people who confirmed that they have also been victims of identity theft.  As some of you may recall, I mentioned in that article that my identity was stolen back in 2010 and I had no idea until I went to file my tax return in April 2011.  I remember my accountant calling me when she went to file my tax ...

I would first like to start off by saying “thank you” to everyone who used my services in order to purchase or refinance their home in 2012.  I am honored that you put your trust in me and my company to help you achieve the American dream of home ownership or save money by obtaining a lower interest rate.  Priority Lending Corp experienced record growth in 2012.  We are passionate about providing the best service to our customers and it ...

This question is becoming increasingly popular from past and future clients as 2012 comes to a close.  The answer to the question depends on what type of new loan and home you are seeking when you decide to purchase again.  If you are looking to purchase a primary residence and plan on putting less than 20% down, then the answer is three years.  As long as three years have passed since the completion of your short sale and your credit ...

Most Americans who are getting ready to purchase a home or refinance their existing home are concerned with the Election and what impact it will have, if any, on mortgage rates in the near future.  It’s apparent that the main two questions on the minds of mortgage people are:

•              What are the current mortgage rates?

•              Should I hold off until after the presidential election to purchase or refinance?

Many experts have different opinions but I think one thing is clear: It’s ...

WASHINGTON – Sept. 21, 2012 – The average U.S. rate on the 30-year fixed mortgage touched its record low this week and the rate on 15-year mortgage hit a new record.
The declines followed the Federal Reserve announcement last week that it would buy bonds to try to push mortgage rates lower and stimulate the housing market.
Mortgage buyer Freddie Mac said that the average rate on the 30-year loan declined to 3.49 percent from 3.55 percent last week. That ...

Over the last 14+ years, I have received numerous questions from homeowners regarding different mortgage scenarios.  The answers to some of these questions have changed over the years due to underwriting changes in the mortgage and banking industry.  I thought a little Q & A would be insightful to a current or potential homeowner so I have included the top 5 that I have received in 2012.

1)       What is the minimum credit score needed to obtain a mortgage loan? A: ...