Ever wonder why there is such a disparity from lender to lender when it comes to rates and fees? It really comes down to two things, marketing and their compensation. You see, most lenders are compensated by the companies they sell the loans to and therefore the higher the rate, the more compensation they receive. [...]
Category | Fixed Rate Mortgage
Ever wonder why you can get a better deal going through a mortgage broker than you can if you go directly to a lender? After all, the mortgage broker just turns around and sells it to a major national lender anyway? So logic dictates that cutting out the “middle man” should yield you a better deal, [...]
It used to be that a 720 was considered an excellent credit score, however that’s no longer the case. The new benchmark for excellent credit when it comes to mortgage rates is now a 740 or better. When we obtain a credit report, we go off the middle score (not average) when there’s only one [...]
Although the President’s “Housing and Affordability Plan” was announced on February 17th, it wasn’t until yesterday that we got the details of what it actually means to homeowners. We are finally seeing some changes in guidelines, starting today with a major announcement by Fannie Mae. It was announced that over the next two months, significant [...]
