Home Buying Information

Mortgage Application Drop December 2018

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Applications Decline Nearly 10%: According to the Mortgage Bankers Association mortgage applications dropped 9.8% (seasonally adjusted) in the their most recent survey; a significant decline even for the holidays. Despite mortgage rates moving down to nearly 1 year lows; homeowners and homebuyers seemed to shy away from starting a new loan application. Un adjusted it dropped 46% compared with two … Read more

Government Shutdown

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Should You Be Concerned?: A concern is growing among homeowners, homebuyers and realtors – will this current government shutdown prevent borrowers from closing their mortgage on time? The quick answer is not yet. If you are closing in the next week or two you should be fine because your mortgage company has probably already received the 4506-T report back from … Read more

Mortgage Rates For January 1, 2019

Happy New Year For 2019

Happy New Year! From our family to years we wish you the very best for 2019. Markets are closed today and will re-open on Wednesday. There are no important economic reports on Wednesday however on Thursday we have the ADP National Employment Report for December, ISM New York Index for December, ISM Manufacturing PMI, ISM Manufacturing Prices Paid for December (an … Read more

Fannie Mae Loan Guidelines Update December 2018

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Important Fannie Mae Update: On December 8th, 2018 the mortgage giant Fannie Mae will be updating its Automated Underwriting System which will adopt some new guidelines for conforming mortgages. Significant changes will come to loan programs that deal with borrower’s that have “debt-to-income” ratios that are looking to take cash out from their property. All conforming loans go through either the … Read more