Archive for the 'Uncategorized' Category
Financial/Mortgage Update
0 Comments Published by Elaine Carlson November 7th, 2008 in Buyer Advice, Financial, Getting a Mortgage, Mortgages, Uncategorized. by Elaine Carlson
The news today from the Federal Housing Finance Agency was that conforming loan limits will remain at $417,000 in the continental United States for 2009. There are higher loan amounts for certain counties. These are known as ‘High Cost Areas” and we are one of them. Our conforming loan limits will be $625,000 (In 2008, we enjoyed a higher limit of $729,750). Any loans above $625,500 will be at the higher Jumbo Rate shown above.
This has been such an interesting week for our Country. With the elections over, there seems to be more focus and forward movement. There was so much excitement by so many at the possibilities of our desires like peace and equality. This can only translate positively for us in the future.
Financial/Mortgage Update
0 Comments Published by Elaine Carlson September 26th, 2008 in Buyer Advice, Financial, Getting a Mortgage, Mortgages, Uncategorized. by Elaine Carlson
30-year fixed interest rates are down today compared to the beginning of the month. Jumbo loans actually went down 1/2% today (30-year fixed). The remainder of the loan products quoted above are up one-eighth of a percent since the beginning of the month.
There are many changes in the wind for mortgages. The word is that by December jumbo conforming loans will be gone. No income verification loans are forecasted to be obsolete any day making it harder for self-employed borrowers to get loans. There will also be less choices in loan programs as the current financial chaos settles. For example, negative amortization loans and interest only loans are currently illegal in some states.
It is more important now than ever to get the counsel of a knowledgable, well-connected loan officer who can get you the loan.
Above loan information is provided by Jim Kurata, Peninsula Mortgage/Chase.
