By myfirstcho6600809, Feb 9 2018 09:36PM
TRENDS WE'VE BEEN WATCHING!
Mortgage Lending is Loosening Up. According to Fannie Mae, today's competition among lenders has relaxed lending requirements, which is great news if you need home financing. If you've been turned down previously, it's time to give it another try!
ARMs Can Open Doors. Adjustable rate mortgages (ARMs) are becoming popular for Millennials. Low initial rates keep payments affordable early on and make it easier to qualify. While 90 percent of home loans are fixed-rate mortgages, ARM pricing could make sense for your unique situation or for your adult kids who are tired of paying their landlord's mortgage!
Getting Creative with Co-Borrowing. Nearly one-fourth of all mortgages today involve a co-borrower, according to real estate information provider, Attom Data. If you're thinking of enlisting a helpful family member or possibly wanting to help a family member gain an edge in the approval process, contact our office. We'll walk you through it!
Rates Appear to Be Rising. Strong economic data and comments by the outgoing Federal Reserve Chair left many anticipating higher rates, according, to Freddie Mac. Delays could cost you.
We stay on top of daily (sometimes hourly) market trends so you don't have to! As long as you stay in contact with us, you never have to worry about missing your chance to make a smart home financing decision.
Let's face it: Between juggling work, family, and life's demands, you don't have the time or energy to bury yourself in fast-changing mortgage rules, new loan programs, and economic forecasts. We do that for you!
"HOME APPRAISALS" ARE NOW CLOSER TO BUYERS' EXPECTATIONS!
Naturally, lenders want to know the "value" of the property tied to a new mortgage before they lend you money.
The new trend toward more accurate home appraisals is clearly a positive change in today's marketplace...and we wanted you to know about it!
Following widespread concern over inaccurate appraisals in the recent past, the process of delivering home values has improved.
As a result, appraisals are becoming more representative of a home's true value. And, luckily, low appraisals are less common.
More accurate home valuations are likely to reflect more solid equity in your property. That means more attractive home financing opportunities for you!
Bottom-line! The lender is going to expect you to put down the difference between the purchase price and the appraised value. Now, you can feel more confident about your home's value and avoid the need to bring in more cash or reduce the selling price to make the numbers work!
So how low did they go?
Let's face it: That coveted home appraisal can be the deal breaker... riding on a single document. Ugh... the dreaded "low" appraisal.
During the housing crisis when prices plummeted, home value estimators were increasingly being challenged. So new regulations required lenders to use independent appraisal management services for more objective home valuations.
The downside was the potential for using less experienced appraisers who were unfamiliar with the local market.
That was then..this is now!
Since housing has stabilized, it's a whole new market and a great time to find out how much home you can afford.
For all of the latest mortgage news, stay informed with a call to our offce right now!
CALL US FOR YOUR MORTGAGE ANALYSIS TODAY!