Refinance

InstaMortgage Announces $937,500 High Balance Conforming Loan Limit

InstaMortgage, one of the fastest-growing mortgage companies in America, announced that they are increasing the high balance conforming loan amount to the anticipated 2022 loan limit of $937,500 in several counties in the country. Other mortgage lenders are still offering the 2021 loan limit capped at $822,375. The new loan limits are effective immediately and borrowers applying to InstaMortgage can avail of the new loan amounts right away. The higher loan limits are now live for high-cost counties in the states of California (CA), Idaho (ID), Maryland (MD), New Jersey (NJ), Pennsylvania (PA),…
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What is Streamlined Refinancing?

Refinancing is a popular way for homeowners to free up some cash for other purposes, or just to lower their monthly payments through a new interest rate. Refinancing is a common process and most lenders will be able to refinance a home for you. However, in 2008 when the recession spurred by the mortgage crisis hit, lenders came under a little more scrutiny than usual, which includes their refinancing practices. They ultimately had to tighten their lending practices.   Now, with interest rates at all-time lows and lenders open to refinancing more than…
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Fixed Rate vs Adjustable Rate Mortgage (ARM)

Whether you are buying a new home or planning to refinance, you may be asking the question - Adjustable Rate Mortgage (ARM) or Fixed mortgage rate - which one is better? When you are trying to make a decision on whether to take an Adjustable Rate Mortgage or a Fixed Rate, you should consider two factors: How long do you plan to stay in the property? What is the difference in the interest rate between an ARM & a Fixed? Let me elaborate this: Rates on ARMs are usually lower than fixed-rate loans.…
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Mortgage Originations May beat 32 Years’ Record in 2020

2020 may just turn out to be a classic year for mortgage originations, feels Fannie Mae. Refinancings, riding on the back of low mortgage rates along with unexpectedly high activity in new and existing homes may see to this. Fannie Mae believes that mortgage originations in ‘20’ are likely to be close to $3.87 trillion, beating any number Fannie has tracked for the last 32 years. Doug Duncan, Fannie Mae’s Chief Economist stated in a press release that "As expected, the pace of economic recovery is slowing, but housing remains highly supportive. The…
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What Could Possibly Go Wrong On Your Refinance Appraisal?

  Did you know that the appraisal definition of a homes' market value is the price a willing buyer and seller agree to on the open market? That's exactly what happens when you buy a home - a willing buyer and seller have agreed to a price. But what's the market value of a home if you're refinancing and there's no buyer and seller? Get a live rate quote for your Refinance Maybe you're refinancing for a lower interest rate, called a 'rate and term,' or to borrow more money than the existing…
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7 Reasons Why You Should Refinance Now, Even If You Think You Can’t

If your rates are below the current market rate and you thought you couldn't refinance - think again. There are several reasons to refinance. In some cases, even if you get rates higher than your current rates you could still end up saving a ton of cash. Stay with me and you will find out how. Below are 7 reasons why you should refinance. Whatever your current situation is, chances are you can find at least one reason for your benefit. Move to a Shorter Term: I wrote a blog post sometime back…
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Mortgage Rates Trend Lower – Opens Short Window For Refinancing

Mortgage rates for California and rest of the country continue to trend lower. Its at a point where a 30 Year-Fixed rate under 4% can again be a reality. Last week mortgage backed securities (MBS) improved 95 basis points. Whenever MBS prices go up, mortgage rates go down. Weaker than expected Employment data caused a large increase in MBS prices again this morning. Against a consensus forecast of 180K, the economy added just 148K jobs in September. The Unemployment Rate unexpectedly dropped from 7.3% to 7.2%, the lowest level since November 2008. The…
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After The Shutdown, What’s In Store For Mortgage Rates?

The government shutdown has come to an end, but how does the House's last minute deal and the post-shutdown environment impact mortgage rates? With the debt ceiling stalemate in Washington resolved at least until February 7, 2014, rates could dip in the short term. In fact mortgage backed securities (MBS) climbed 95 basis points last week. When MBS goes up in price, mortgage rates go down. The week saw another .125% improvement in rates and brought the average 30 year fixed rate closer to 4%. Home builders stalled by the government shutdown will…
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MBS Blood Bath – Worst Week For Mortgage Rates On Record

Mortgage rates just witnessed the worst week on record. During last 3 days, rates were changing on an hourly basis. Just when I thought I have seen it all, we get a week like this. Its a loan officer's worst nightmare come true. In last seven days I had already written two posts on mortgage rates. I had no plans of writing another till next week. But I couldn't let a news like this go unreported. Mortgage Backed Securities (MBS) that directly impacts the mortgage rates went down by a jaw dropping 314…
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Mortgage Rates Rise To The Highest Level In 18 Months On Bernanke Statement

Mortgage rates continue its relentless rise. After reaching historical lows at the end of April, the rates have increased for 7th straight week. Today's statement by Fed chairman Ben Bernanke further worsened the market. By end of the day, rates were at a 18 months high with outlook of more worsening in sight. Mortgage rates rise and fall based on how mortgage backed securities (MBS) trade on Wall Street. After Bernanke's statement the MBS went down by a whopping 120 basis points - one of the largest single day drop in recent times.…
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