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bc@smarterborrowing.com
617.771.5021
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Refinancing
How to Raise your FICO credit score
The credit scores of millions more Americans are sinking to new lows. According to FICO, nearly 43.4 million people now have a credit score of 599 or below. And that makes them poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use. Here are some ways you can improve your score.
Time to Refinance? Jumbo Mortgage Rates Plunge
Nearly two years after the credit crunch virtually froze mortgage markets, high-end borrowers are seeing some relief: Rates for “jumbo” mortgages on pricier homes are at their lowest since 2003.
Just a year ago, the average rate on a 30-year jumbo mortgage—a loan of more than $729,750 not backed by government-sponsored agencies Fannie Mae or Freddie Mac—was 6.86%, according to Greg McBride, a senior financial analyst at Bankrate.com. Now it is 5.48%—a rate that rivals those available during the height of the credit bonanza.
A Tough Time for Self-Employed Borrowers
MOST borrowers are facing a much tougher mortgage environment than a few years ago, but for those who are self-employed or own small businesses, maneuvering through a loan application can be even more arduous. Before 2008 these borrowers, many of whom have difficulty documenting their income, often used what are known as stated-income loans. Lenders focused on credit histories and earnings estimates, circumventing the need for pay stubs or W-2s.
Mortgages: Why It May Be Time to Refinance Your Loan
Refinancing provides great opportunities for homeowners. Through refinancing, it may be possible to lower your monthly mortgage payments, enjoy the security the security of a fixed-rate mortgage, as well as to consolidate other debt to a lower interest rate and a single payment.
Mortgage Rates go from 2010 Low to High in 4 Hours
Mortgage Rates had been sitting around near all-time lows for a few months, but not any more. Mortgage Rates rose on Wednesday the 24th more than they have all year in 2010. Inquire within for current mortgage rates.
125% Loan to Value Refinancing Extended One More Year
Government refinance program gets one-year extension, This program is for those current home owners whose home’s value has decreased, increasing their loan to value (ltv). Allows borrowers who are current on thier existing mortgage to refinance when home values may have declined and/or Mortgage Insurance may not be available
10 Rookie Home Buyer Mistakes to Avoid (U.S. News & World Report)
U.S. News & World Report – It was supposed to be a momentous occasion for Brian, who was about to close on his first home. But after signing a thick stack of documents–and taking part in the ceremonious passing of the keys–something felt off for the then 26-year-old Montgomery County, Md., resident. There wasn’t even a chilled bottle of bubbly or a housewarming gift to punctuate this pivotal moment. “My Realtor told me that I can take him out for a steak,” recalls Brian, who prefers that only his first name be used to guard his privacy. …
FHA Tightens Mortgage Requirements: Lending Costs To Rise
On January 20th, the Federal Housing Administration (FHA) announced it would tighten certain lending requirements and guidelines with the purpose of reducing risk and improving its weakening financial health.
December Jobs Report Amazing for Homebuyers and Mortgage Refinancing
Decembers Job Reports is bad new for the Workers and Unemployed but very good for Homebuyers, Refinancing Clients and current Mortgage Interest Rate shoppers
Yes, Mortgage Discount or Origination Points are Tax Deductible
I would suggest buying Mortgage Origination Point(s) if you could use the write off, can afford it, and will be in your current home for greater than 3 years… Plus Mortgage Interest rates are near all time lows!
