The latest easing of FHA underwriting, which usually means trouble - but don't fear, they have 'levers': Excerpts:...
FHA Taking More Risks
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Mortgage News
Rates Under 4%
If you are thinking about selling your house this year, call me tonight! Rates are idyllic, and so is the weather which makes for a great combo! Mortgage rates fell again today, just barely inching to the lowest levels since early 2018. Keep in mind, that factoid is...
No Payments for Eight Years
Those who pay their bills on time will cringe at how people can work the system successfully. Hat tip to SM who sent in this story told by a mortgage rep in Orange County: My client had both a first and second mortgage on his Southern California home. He fell on hard...
Jumbo Rates at 52-Week Lows
Wow - look at those jumbo rates with no points! It would be a great day to buy the Best View in Carlsbad! We'll be open 12-3pm Saturday AND Sunday. https://www.zillow.com/homedetails/4275-Clearview-Dr-Carlsbad-CA-92008/16649973_zpid/
Heading for Flatsville?
Appreciation is slowing down, and though it looks like San Diego slammed the brakes on between February and December last year, it's nothing compared to San Jose where sellers went through the windshield, figuratively. The year-over-year increase in our December...
Mortgage Business Shrinking
Reader SM sent in this story on a mortgage company shutting down - and this one had a Carlsbad office: https://www.ocregister.com/2019/02/14/provident-savings-bank-to-shutter-mortgage-banking-arm-cut-133-jobs/ Provident Savings Bank, the largest community bank in...
Exotic Financing, 2019
Everyone who is financing a home purchase should strongly consider the standard 30-year fixed-rate mortgage. Though I recommend you move every 6 to 12 months (it's good for business) these days most people are in it for the long-term. Even if you knew it wasn't going...
Mortgage Rates Should Stabilize
It sounds like mortgage rates will be rangebound for the foreseeable future, which is good for buyers - but not necessarily for sellers. Without the threat of rates going higher, buyers will be even more patient: From MND: It's true that markets...
More Exotics?
Hat tip to both Rick and Richard sent in this article from the WSJ on alternative underwriting for mortgages, which is on the rise: https://www.wsj.com/articles/no-pay-stub-no-problem-unconventional-mortgages-make-a-comeback-11548239400 Excerpted - bold added: Aryanna...
5% Mortgage Rates
After today's NFP report, we can say that 5% mortgage rates (no points) have arrived - sellers can offer to buy down the rate to help ease the pain for buyers. Yesterday's thoughts from MND: So is it possible for bonds to see such a reversal? Yes, but it's equally...
