How to Choose a Lender Part 2 – Harold Smith – Episode #91
Part 2 – Too good to be true & Get what you pay for
View other parts of this series: Part 1 | Part 2 | Part 3 | Part 4
How do you choose a lender? That is exactly what we are discussing in this four part series. We were able to bring in Harold Smith with Cornerstone Mortage to tell us more about the main criteria everyone needs to be using when picking a lender. The right lender will ensure the best possible experience.
This four part mini-series is packed with great info that you will want to know. Feel free to forward a link to this vlog to any of your family, friends or neighbors or whomever you think might find this of value.
For more info:
The Matteson Group
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted real estate advisors providing a joy filled experience!
Here is Harold’s info:
The Harold Smith Team | Cornerstone Mortgage Company
5600 W. Lover’s Lane, Suite 204, Dallas, TX 75209
Toll Free: 1.877.890.5055 | Office: 214.350.5055 | Fax: 214.350.5008
Pre-Qualify Online: www.HaroldSmithTeam.com
E-Mail: harold@houseloan.com
How to Choose a Lender Part 1 – Harold Smith – Episode #90
How do you choose a lender? That is exactly what we are going to discuss over the next few days. We were able to bring in Harold Smith with Cornerstone Mortage to tell us more about the main criteria everyone needs to be using when picking a lender. The right lender will ensure the best possible experience.
Part 1 – Get a “personal experience” reference
View other parts of this series: Part 1 | Part 2 | Part 3 | Part 4
This four part mini-series is packed with great info that you will want to know. Feel free to forward a link to this vlog to any of your family, friends or neighbors or whomever you think might find this of value.
For more info:
The Matteson Group
Coldwell Banker Apex, Realtors
214.405.3640
Your trusted real estate advisors providing a joy filled experience!
Here is Harold’s info:
The Harold Smith Team | Cornerstone Mortgage Company
5600 W. Lover’s Lane, Suite 204, Dallas, TX 75209
Toll Free: 1.877.890.5055 | Office: 214.350.5055 | Fax: 214.350.5008
Pre-Qualify Online: www.HaroldSmithTeam.com
E-Mail: harold@houseloan.com
FANNIE, FREDDIE INCREASING FEES
Effective April 1, Fannie Mae and Freddie Mac will increase the “delivery” fees they charge lenders based on FICO scores, down payment amounts and other loan characteristics.
Under the new guidelines, even applicants who assumed that their FICO credit scores would get them favorable rates will be charged more unless they can come up with down payments of 30 percent or more.
For example, a buyer with a 699 FICO score who brings a down payment of about 25 percent to the table will be hit with a 1.5 percent delivery fee at closing under the new guidelines. A buyer with a FICO score between 700 and 720 will pay an extra three-quarters of a point. Someone with a 739 FICO — once considered a platinum guarantee of the best rates available — will get dinged with a quarter-point add-on.
Condominium buyers who cannot come up with a 25 percent down payment will be hit with a three-quarter point add-on penalty, no matter how high their credit score.
Source: Washington Post
Read MoreKEY RATE CUT TO NEAR ZERO
The Federal Reserve today cut its key interest rate to a range of between 0 percent and 0.25 percent, marking the first time the Fed has cut rates below 1 percent.
The rate had previously been at 1 percent, and most investors were expecting the Fed to cut rates to either 0.25 percent or 0.5 percent.
The Fed said it expects to keep rates near that unprecedented level for some time to come.
Other central banks, notably the Bank of Japan, have taken rates down to near 0 percent in the past. Last week, the Swiss central bank cut its key rate to 0.5 percent.
Source: CNNMoney.com
Read MoreMORTGAGE APPLICATIONS MORE THAN DOUBLE
Mortgage applications more than doubled last week as government bailouts led to sinking interest rates that made refinancing especially attractive, the Mortgage Bankers Association reported this week.
The Market Composite Index — the organization’s measure of mortgage loan application volume — surged 112.1 percent on a seasonally adjusted basis from the week earlier.
On an unadjusted basis, the index increased 51.4 percent from the previous week, down 21.9 percent from a year earlier. Results included an adjustment to account for the Thanksgiving holiday.
Rates plummeted following the Fed’s announcement that it would buy debt and mortgage-backed securities from mortgage finance companies Fannie Mae and Freddie Mac.
The Mortgage Bankers Association said 30-year fixed-rate mortgages fell to 5.47 percent this week, down from 5.99 percent last week.
Rates on 15-year fixed-rate mortgages fell to 5.13 percent from 5.78 percent.
The report’s Refinance Index increased 203.3 percent to 3802.8 from the previous week, and the seasonally adjusted Purchase Index increased 37.4 percent.
Source: CNNMoney.com
Read MoreMORTGAGE RATES FALL
Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five weeks.
Mortgage giant Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.04 percent this week, down from 6.46 percent last week. The decline pushed 30-year rates down to the lowest level since they stood at 5.78 percent the week of Sept. 18.
Analysts attributed the decrease to an easing of inflation concerns, which now have been replaced with rising worries that the country could be headed for a prolonged recession.
Source: Austin American-Statesman
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