Mortgage Insurance providers have announced that all loans that require above 97% LTV will not be given mortgage insurance - effectively killing the Flex 100 Program.
I have a program for certain areas (see my earlier blog topics) that will overcome this further tightening by the Mortgage Insurance providers and offers very competitive rates with 115% of the HUD Median Income Limits! Contact me for details!
Interest rates were steady today despite the Dow plunging as the 10 yr bond made stand.
Here is the calendar of Economic Events for March 28, 2008:
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3/28/2008 8:30 | Personal Income | FEB | 0.30% | 0.30% |
3/28/2008 8:30 | Personal Spending | FEB | 0.10% | 0.40% |
3/28/2008 8:30 | PCE Deflator (YoY) | FEB | 3.50% | 3.70% |
3/28/2008 8:30 | PCE Core (MoM) | FEB | 0.10% | 0.30% |
3/28/2008 8:30 | PCE Core (YoY) | FEB | 2.10% | 2.20% |
3/28/2008 10:00 | U. of Michigan Confidence | MAR F | 70 | 70.5 |
Lock advisory:
If you are closing within the next 7 days.
CAUTIONARY TALE:
A friend of mine called today and asked about 30 year mortgage rates. He had already been working with another lender regarding some financing on a new home but wanted to 'give me a shot' also - how nice of him to think of me after I have given him free advise all these years, hmfph.
Well, the other lender was quoting .50% origination with 6.375% - which I guess doesnt seem bad to someone with a 8.50% rate from two years ago. After running scenarios and asking about down payment (10%) I asked him why he had contact the other lender before me...well, the listing agent gave me a contact name and number as I was not prequalified yet.
I retraced his steps up to talking to me and turns out that the agent had also referred my friend over to an agent in their same office. How nice, right? They too encouraged my friend to use the lender and assured him that they use him for the best rates and closing costs around...
My client has decided to buy the home but not use the mortgage person referred - why? 5.75% on a 30 year fixed with 10% down with no origination since my client has near perfect (720+) credit...
I'm glad that my friends know what I do and that I take pride in representing them in a professional and efficient manner.
By the way, you could be my next friend, client and success story - it would be my pleasure to make your home buying experience smooth and stress free!
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Great info and great little story - good job on snagging a new client. Any word on those handouts that you might be able to email me? Thanks!! Have a terrific weekend and keep on blogging.