Mortgage refinance costs

Conventional mortgage refinances just got more expensive

Posted Posted in Economic Market News, General Commentary, Mortgage Knowledge

That’s right, conventional mortgage refinances just got more expensive. Both Fannie Mae and Freddie Mac issued bulletins on August 12,2020 announcing the implementation of a new “Adverse Market Refinance Fee”  which will apply to all conventional refinance mortgages closed on or after September 1, 2020.  The bulletins state that the new fee of 0.5% of […]

Economic impact payments

Economic Impact Payments fall short for many

Posted Posted in General Commentary

The Economic Impact Payments are eagerly awaited by many of us in the US. However, the way the policy is written, the payments will leave many out in the cold, or at least a bit chilly. But first, please note that I am NOT a tax expert and you should consult a tax professional or […]

empty mortgage payment assistance

Is the offer of mortgage payment assistance an empty gesture by the banks?

Posted Posted in General Commentary, Mortgage Knowledge

The offer of mortgage payment assistance was received with great enthusiasm as the financial impact of COVID-19 continues to grow. The idea of losing your home, ruining your credit or even incurring a late fee is something most Americans would like to avoid. But is it really what you think it is? Did the banks […]

FHA issues COVID19 guideline changes

Posted Posted in Community information, Mortgage Knowledge

FHA issues COVID19 guideline changes in the latest Mortgage Letter in an effort to assist the mortgage industry in continuing operations. FHA is the latest agency to adjust its appraisal and employment verification guidelines as the chaos from the the COVID19 pandemic continues. With many states, such as California, issuing shelter in place orders, conducting […]

Covid19 and appraisals blog header

Exterior only appraisals allowed due to COVID19

Posted Posted in Loan Progams, Mortgage Knowledge

The world has been turned upside down by the COVID19 pandemic and the mortgage industry has not been immune to those changes As an industry we been on a rollercoaster ride with interest rates as the market adjusts with every bit of information that comes out about the pandemic. We have also had to quickly […]

Mtg rate and the fed rate

Why mortgage rates didn’t drop more after the Fed rate cut

Posted Posted in Economic Market News, Mortgage Knowledge

Why is it that mortgage rates didn’t drop more after the fed cut the rate? Because the Fed rate is NOT what mortgage rates are based on.   I will try to explain. Please try to stay awake,  it’s not the most exciting topic for most people. Let’s start off by explaining the Fed rate. The […]