19 JanRecord Low Interest Rates…The Whole Story
You may have seen recent news clips talking about RECORD LOW RATES like this one: Housing struggles despite mortgage rates hitting new low or this one: Fannie Fees Fail to Offset Record Low Lending Rates: Mortgages or this one: 30-year mortgage rates at new low I think you get the idea! You might be thinking [...]
Read More ...10 JanHigher Mortgage Rates Coming April 1, 2012
No, we don’t have a crystal ball but we do know that rates are going to increase on April 1, 2012. The Wynn Team is always monitoring the real estate and mortgage industries for news that can impact our customers and real estate agent partners. News about a guaranteed jump in rates is something we [...]
Read More ...04 AugDoes Refinancing Really Make Sense? Calculate It!
Refinancing always sounds like a good deal when you can reduce your interest rates and monthly payment son your mortgage but does it always make sense to refinance your mortgage? Not always, which is why you should do some calculations before hand to make sure it will really benefit you in the short term and [...]
Read More ...15 JanDrop Your Rate from 5.5% to 4% – NO JOKE!
Would you like to drop your mortgage rate from 5.5% to 4%? Crazy question, right? In Colorado, qualified homebuyers can apply for the Colorado Housing and Finance Authority (CHFA) Mortgage Credit Certificate (MCC) to do just that. That was a mouthful! Everyone knows that their monthly payments for the first several years of their home [...]
Read More ...11 JanThe Lender that Could – I Knew I Could
The mortgage business can be a confusing industry to understand. There are different types of loans, different types of lenders and different paths for loans after closing. All of these can impact your ability to get approved for a mortgage loan, the terms of the loan or how smoothly the process goes. I bring this [...]
Read More ...04 JanMax FHA Origination Fee – ELIMINATED
Effective January 1, 2010 the Department of Housing and Urban Development (HUD) who runs the Federal Housing Administration (FHA) modified their policies surrounding the maximum amount a mortgage lender may charge for “origination” fees on FHA mortgages. This is no surprise due to the recent changes the the HUD and GFE that went into effect [...]
Read More ...29 MayTo Lock or Not to Lock Mortgage Rate
Anyone who was recently “floating” their rate in the hopes of another dip in rates can tell you the answer they would now have in hindsight. As they say, hindsight is 20/20. But if only we all had a crystal ball, would we trust it or still try to out guess the market? When [...]
Read More ...08 MayGood Faith Estimate Explained
The Good Faith Estimate, also known as a GFE, shows the interest rate, term, loan amount, and all settlement costs on a particular loan. The Good Faith Estimate is divided up into several categories: The loan fees, the Title and closing fees, prepaid interest and fees and reserves for the borrower’s escrow account. The 800 [...]
Read More ...09 JanMortgage Rates at ALL-TIME Lows!!
Rates are incredibly low…how low? Well, I was curious, so I decided to check it out and I figured I would pass on the information I found in my research. I checked out a few websites that provide historic rates, but I figured I would go straight to the source, Freddie Mac to gather my [...]
Read More ...06 JanWhat is APR or Annual Percentage Rate?
One of the most common incorrectly explained and misunderstood topics within the mortgage business is the definition of APR. I will do my best to unravel the mystery and explain it in a way that is clear and understandable so that next time you ask your lender about APR, you can correct their explanation about [...]
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