FHA Mortgages
Mortgage rates may be dropping, but mortgage costs are not. According to Freddie Mac, the average required discount points on a conforming mortgage rate are higher by 0.1 percent since early-May.
A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
Mortgage rates are low and they likely won't stay that way. If you've been thinking about a refinance, talk to your loan officer as soon as possible.
A mortgage approval is never final until it's funded. A host of things can "go wrong" while your home loan is underway. Some are in your control, many more are not. And just being aware of some potential pitfalls could help save your loan down the road, and your peace of mind today.
If your pre-qualification and/or pre-approval letter is more than 8 weeks old, it would be prudent to have your lender "re-pre-approve" you. Mortgage guidelines have been in flux and your original lender letter may now be invalid.
There's just 30 days remaining to use the federal home buyer tax credit. The credit ranges up to $8,000 for first-time homebuyers, and up to $6,500 for existing homeworkers who have lived in their main home for 5 of the last 8 years.
Starting Monday, April 5, 2010, getting an FHA mortgage will be more expensive. That means you'll want to give a full mortgage application before the weekend so your lender can register your loan in time for the deadline.